NFT Auction: Metacask selling ‘The Angel’s Share’ NFT, a rare 1991 Macallan whisky cask valued at $2M
NFT Game: Gangstaroos new non-fungible token collection gives owners a chance to win $50,000 via play-to-earn game
Cryptocurrency: AMC theaters to begin accepting Bitcoin, Ethereum, Litecoin, Bitcoin Cash as payments
Why Today’s Manufacturers Need a Revamped ERP System
Manufacturing has been slowly rising in the U.S. Gross Domestic Product. According to Industry charts, the GDP increased to 2181 USD billion in the third quarter of 2016 from 2171.70 USD billion in the second quarter of 2016. As the manufacturing industry is expected to pick up steam in 2017, many manufacturers are paying attention to areas which they had neglected previously. One area which requires a major revamp is manufacturing investment in modern ERP systems. These applications have always helped manufacturers manage growth and reduce costs, streamline their processes and gain a competitive advantage. ERP integrates different areas of business into a single unified database and here are top five reasons why manufacturing firms need a revamped ERP system:
Manufacturing processes have grown complex with the growth of the company. ERP software automates all business processes and provides accurate real-time information. Manufacturing ERP is responsible for increasing efficiency and productivity. It also makes it easier for business users to navigate easily and learn complex processes. ERP helps in eliminating redundancy in data entered into the financial books of the company and improves planning, production and sales strategies. With the plethora of benefits, Manufacturing ERP systems drive the revenues and increase profits.
2. Cost Reduction:
As a single centralized source of information, cloud ERPs greatly reduce the costs involved. In a Cloud ERP implementation, the operating expenses increase but the initial capital investment decreases. All the infrastructure for the cloud ERP from the servers to the security applications is paid for by the vendor. Cloud ERPs also offer per-user subscription options making it easier for businesses to scale up or scale down as and when required. Cloud ERPs are also easier to implement and they take less time for an end-to-end implementation when compared to traditional ERP systems which are expensive and also time consuming.
Cloud ERP systems are very flexible. A lot of manufacturing companies are using them in combination with traditional ERP systems in a hybrid model and this trend is predicted to continue for a decade. Cloud ERP vendors invest in easily configurable code which makes it easier for companies to customize and build on the existing code. Cloud ERPs also offer updates frequently and the security solutions offered by these vendors are top notch. Cloud ERPs combine a reduction in cost with an increase in benefits and they are quickly emerging as a powerful alternative to traditional ERPs.
Manufacturers cannot afford to let the competition move ahead. Most manufacturing companies are rapidly adopting manufacturing ERP systems and the adoption to the cloud has been growing at a very fast rate. Companies that lag do so at their own peril. They risk losing out on the benefits offered by the cloud and their business ultimately suffers because of their slow reaction. The surge in the popularity of cloud ERPs has seen manufacturing companies across the world rushing to switch to the cloud and competition is definitely driving companies to reconsider their strategy and plan on adapting to modern ERPs.
Every enterprise in the industry is different and the business processes involved in the operations also varies. It is impossible for a standard ERP to cater to all the needs of the enterprise. Manufacturing companies have been impacted by the rising tide of technology as every other industry and it is important for companies to learn how to adapt. The faster they get comfortable with adapting to rapid changes, the better they will be able to survive in the market. Companies that shrink from the uncertainty instead of boldly embracing change are bound to be failures. The future, at least for now, depends on those embracing the changes that come with a revamped ERP system.