To the list of greatest inventions of the world like the wheel, compass, steam engine, concrete, automobile, railways, airplane add 21st century’s offering the Internet of Things or IoT. Gartner estimates the total economic value-add from IoT will reach US$1.9 trillion worldwide in 2020. Other reports claim close to half the companies in sectors like oil, gas and manufacturing industries are already using IoT devices.
The major benefit of IoT is the ability to track any asset in any location from anywhere at any time. At its heart IoT involves dealing with data streams from a wide variety of connected sensors. For example Pirelli went from being a type manufacturer to a service provider, helping its business customers to optimize fuel consumption and maximize the lifespan of each tire. Pirelli does this by collecting and analyzing data from smart tires – tires with sensors.
That’s just one example of the Internet of Things (IoT) at work, as it changes the very nature of businesses. The Internet of Things holds great promise for manufacturers especially if it is linked to their Enterprise Resource Planning systems and the business processes they support.
Complete Process Control
IoT and ERP will give you total control and oversight of your facility, even when you’re not in the office or on the shop floor. Once you have internet-enabled sensors embedded, your machinery can broadcast production data to teams in your quality and compliance departments, and to you wherever you need it. Furthermore, because IoT technology allows these interactions to happen in real-time, you can also access information to make decisions on the spot and keep your business moving forward. Leveraging both the capability of IoT and ERP’s management powers means you will have unprecedented control over your business, wherever you need it.
Lean Scheduling Capability
For manufacturers looking to streamline their production processes, the Internet of Things is great news. An interconnected IoT and ERP manufacturing environment allow machines to work in tandem with the others. Say one particular production line is experiencing a slowdown due to maintenance issues—that line can communicate the problem to your employees and to related production lines. That way, the demand can be redirected down a line that can handle the workload. This means less inventory, less unnecessary work, and ultimately less money wasted.
Benefits for Customers
You can even make IoT a unique selling point for your client base. IoT and ERP will allow you to innovate based on customers’ needs and how they are interacting with your current product. For example, you can install in-product sensors that will know if a product needs maintenance or is coming to the end of its life-cycle, and sell maintenance services or a replacement product.
Naturally, your IoT network can include online interaction with your customer base, including their purchase history. Once you have this history, you can predict future demand and schedule production accordingly, so that the right quantity of product is available when your customer needs it. This kind of coordination allows your brand to build meaningful relationships with them. Give your business the edge over competitors.
One thing to keep in mind before going in for an IoT implementation is if you have the required infrastructure to handle and make sense of all the data that flows from IoT. Having an ERP solution that can be customized to an IoT implementation is the way to go. So if you are looking to integrate the many benefits of IoT into your business with easy to use & innovative ERP solution click here.