Internet of Things and ERP – A Combination to Multiply ProfitabilityInternet of Things and ERP – A Combination to Multiply Profitability https://i0.wp.com/www.noitechnologies.com/wp-content/uploads/BAKS-Clothing-Co.-e1597939319995.jpg?fit=462%2C260&ssl=1 462 260 Visvendra Singh https://secure.gravatar.com/avatar/0e675e9b7fca446afd5ff8a5c60343b9?s=96&r=g
Enterprise Resource Planning (ERP), the system enables companies to manage their resources, and improve data visibility, and decision-making processes.
According to the Panorama Consulting Solution Research Report, 81% of companies will adopt or have already implemented ERP solutions for operational excellence and customer services. That means most companies are already working on ERP solutions. And if your company is one of them, then you need to figure out what makes you stand out from the competitors? We all know that implementing the ERP helps you achieve good ROI, but it won’t help you stay ahead of your competition. The best facet to stay ahead in this cutthroat competitive world is to use the latest versions of the ERP system and keep integrating the latest technologies like the internet of things and ERP. The amalgamation of ERP and IoT can be highly beneficial for companies- for both back-office and customer-services processes. So let’s dive deep into the benefits of integrating the internet of things and ERP.
Advantages of Integrating ERP and IoT
IoT solutions let you share the data in real-time from all kinds of devices into a company’s internal ERP system. Now companies don’t struggle in transferring external data into internal applications. Data analysis and collection from these IoT devices will help your company to gain business-related insight in real-time.
Generally, from the time products are made until the time it is delivered to the customers; it involves many people. Companies keep track of detailed information about the product that has been sold. When manufacturers are in direct touch with customers, it is easy for them to keep a record of every product. But when vendors or dealers are involved, it is hard getting the exact information about the sales and users’ details.
After the emergence of IoT, all details are automatically stored in real-time and sent it directly to the ERP systems. Therefore, it strengthens the communication between people and simplifies the process of strategic planning.
ERP, when integrated with IoT, assists companies to fetch business information promptly. The continuous process of fetching the data lets companies analyze the errors in real-time, which helps them make instant decisions that increase companies’ revenue. Along with integrating IoT and ERP, companies can also incorporate ERP tools with Artificial intelligence and Machine Learning, to make optimal decisions.
Quantity and Quality Data
While every company is trying its best to achieve success in today’s digitally driven world, success hugely depends on the quality and quantity of data collected by them. Integrating the internet of things and ERP enables the ability to collect the relevant data, an ability that any change in the process directly showcases in the ERP system instantly. All the issues are immediately notified in the system which helps you take immediate action, and eventually streamlines the whole process.
ERP solutions are built to reduce the complexity of business processes, enable team collaboration, and offer real-time data analytics for making the most appropriate decision. Each department of a company can work together on one platform; it reduces the paperwork and enhances employees’ productivity, reducing human efforts.
The basic ERP system can do so many tasks and is now combined with these new advanced technologies like IoT, AI, and ML to run the business process more efficiently. While ERP helps companies increase accuracy, advanced technology like AI and ERP, AI, and IoT, when integrated with ERP, allows companies to produce innovative products and achieve their sales goals.