As a research and development manager, your main responsibility is to collaborate with your team members to perform effective experiments and provide your company with practical insights that can be used in the development of innovative products. To do this, you and your team need the autonomy and flexibility to collaborate and document processes and formulas used at every stage of your research and development.
While the task of managing formulas and recipes during research and development may appear simple, it can be quite challenging if you don’t have the necessary tools. This is why you should implement a reliable enterprise resource planning (ERP) system in your organization that’ll offer you a safe way of recording and managing formulas in research and development.
There’s also an ERP for repair and maintenance projects and an ERP for property management. In research and development, an ERP system becomes a catalyst that helps you manage data that’s necessary for creating innovative products and generate more revenue. The system provides you with a robust basis to manage formulas and carry out effective experiments.
How an ERP Solution Improves Innovation
While an ERP system offers numerous technical capabilities, it’s also perfect for integrating functions and processes in your organization to improve the productivity and creativity of your research and development team. This system will have a direct effect on your company’s innovation. For instance, with SAP S/4 HANA Cloud Public Edition, your company will work smarter and complete complex projects rapidly.
Here are other practical ways to drive innovation with an ERP system that’s tailored to research and development:
Supporting Business Systems
ERP systems help research and development organizations by providing a centralized platform for managing various processes and functions, such as financial management, human resources, customer relationship management, procurement, and inventory management.
By integrating these functions into a single system, ERP can help organizations streamline their operations, reduce manual effort and errors, and gain real-time visibility into key business metrics.
Supporting R&D Operations
An ERP system, in its essence, can assist with managing formulas and designs in a secure manner, ensuring access and reference with ease while monitoring and preserving any changes made to the formula. This, in turn, fosters a culture of real-time information sharing across the organization, enabling the team to work together seamlessly.
ERP systems also have the power to streamline research and development processes, offering a centralized database that makes it simple to retrieve any necessary information, all while eliminating the need for manual processes and increasing team flexibility.
Furthermore, ERP systems can help research and development organizations gather and analyze data rapidly, enabling access to accurate and useful information that can inform strategic decision-making.
By providing robust data analysis capabilities, ERP can help organizations gain insights into customer preferences, industry trends, and emerging technologies, which can help drive innovation in product development.
Streamlined Research and Development Processes
Research and development is a critical function that directly affects the core of your business. So, it has to be done effectively and promptly to ensure that your company’s efficiency and productivity remains at its peak. An ERP system is equipped with essential tools and functionalities that will streamline your research and development processes for seamless workflows.
Because your ERP solution creates a centralized database, it’s very easy for your team to find the information they need for their research and product development tasks. This improves their proficiency in making serious decisions. With the right ERP system, you’ll eliminate manual processes and improve your team’s flexibility for improved productivity. This system will provide every member of your team with real-time updates on any subsequent changes to formulas and recipes thus eliminating the risk of duplication of data and errors.
Better Data Gathering and Analysis
The success or failure of your company’s research and development department depends on its access to the right data. The overall productivity will also be affected if your research and development team doesn’t have access to the right information. Fortunately, an ERP solution will automate the process of gathering and analyzing data.
Its Artificial Intelligence (AI) capabilities enables it to collect large volumes of data from multiple sources and analyze it rapidly to ensure that your team has access to accurate and useful data. It analyzes different versions of data and documents without losing important updates.
Your ERP system should help you to securely collect, record, and manage important data that your research and development team can use to develop formulas and perform safe experiments for better products. NBS can help–reach out to our experts for a consultation today!