India is one of the fastest growing economies of the world. This growth has been supported primarily by two sectors - manufacturing and services. The Indian manufacturing sector currently contributes 16-17% to GDP and is projected to grow to 25% by 2022. This growth is supplemented by support from the government through initiatives like ‘Make in India’. Recently the long waited GST bill had been passed by the government of India to enable an easy and a cost efficient flow of goods across the different states. In recent years the manufacturing sector has been the major focus for the government of India.
Realizing the importance of manufacturing sector and the amount of employment it can generate, many initiatives are being taken up to foster growth in this sector. Having the benefit of a high amount of educated population & skilled labour, there is enough scope for the manufacturing sector to further develop in the country. The ‘Make in India’ campaign started by the current government is one of the biggest initiatives taken by any government in order to attract foreign investors to invest and start manufacturing in India.
This massive growth in the manufacturing segment, brought in new process related challenges that any small to large scale manufacturers face. Few are mentioned below-
- Manufacturing setups are now becoming more global in nature. Having plants located in multi-locations and managing systems from one central location can pose as a challenge.
- With stringent rules and regulations in place, most manufacturers now have to maintain basic hygiene in terms of paperwork and audits. With bigger plants and warehouse setups, it can get difficult for the management to have all the required documents and information in one place with all the required data.
- The opening up of the economy and exposure to global markets makes it impossible for the manufacturer/traders to deal in the local currency. A system that can do business in a multi-currency setup is the need of the hour. Manually handling currency conversions and tax-related matters is time-consuming and erroneous.
- With the fast paced growth of the economy, the manufacturing cycle also had to speed up. To speed up an existing cycle, there has to be a backend system in place that tracks, stores, updates and analyzes real-time data and information, so that it can be accessed from anywhere and anytime.
Another interesting change is brought in by the advent of Industry 4.0, which is driven by a combination of emerging technologies like data volumes, digitization, Internet of Things (IoT), business analytics, artificial intelligence, simulation, advanced robotics, additive manufacturing, sensor-based technologies & cyber- physical systems.
For India, Industry 4.0 brings numerous opportunities, to leapfrog many stages of development, fast tracking its journey, towards becoming a developed economy. However, Industry 4.0 brings its own challenges which can be tackled by a robust ERP system.
All these issues presented the genesis of a new solution- a robust ERP system to streamline processes and make inter-department dealings hassle free. Multiple locations, currencies, processes and departments can be easily managed and tracked through a single smart dashboard. All information is captured real time in one place, aiding in fast and easy decision-making process.
SME’s today either have one or are in serious thoughts of getting an ERP solution, to bypass the challenges that come their way in a fast-growing manufacturing set-up.
If you are looking, to streamline your operational efficiency and eliminate the use of multiple software’s to manage the different processes, it’s time to gift your business with an ERP that matches your business requirements. The choice is yours, to step forward towards growth with a robust, easy to use, mobile friendly ERP solution that scales efficiently as your business grows or continue with solutions/ processes that prevents you from taking a step ahead!
Click here to schedule a FREE demo and experience our solutions live and make the big leap!