ERP as a differentiator in the manufacturing industry
Posted by Niamh Vaughan
7 Trends and developments in Industrial Manufacturing that manufacturing companies should respond to.
'Bring new products to market faster'
According to a number of studies, including the one by Gartner1 and McKinsey & Company, manufacturing companies revolve around bringing new products onto the market as quickly as possible in order to remain competitive. While cost reduction used to be the most important argument for a modern supply chain management (SCM) system, an extremely rapid ‘time to market’ has now been added. Technological developments today are the drivers for new trends in the field of supply chain management. Only those manufacturing companies that keep investing in their ERP systems by upgrading them and enriching them with new functionality, or stepping over to a complete new system where necessary, can win from their competitors. The rest will see over the course of time how their outdated ERP places too much of a burden on their overall IT budget, while this could be better spent on innovation.
7 Trends that have an effect on ERP for the manufacturing industry
The 7 trends and developments mentioned below are topical at the moment for companies in the Industrial Manufacturing sector, and have a significant impact on the supply chain. Either directly or indirectly, they can contribute significantly to the acceleration of innovation and time to market, and must therefore be supported by the ERP system used. These trends are:
Nearshoring & Reshoring
Mergers & Acquisitions
Internet of Things
Actionable Big Data
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