Manufacturing ERP software (enterprise resource planning software) brings a plethora of advantages to organizations of all scales and sizes, from data protection to task automation and cost reduction. ERP systems offer advantages for data analytics and reporting, making them ideal for the manufacturing industry.
With ERP solutions, data analysis, storage, and reporting become so much easier. This enables you to eliminate manual calculations and report generation and leverage the benefits of streamlined, automated data analytics procedures.
Read on for a detailed introduction to manufacturing ERP system data analytics and reporting, why your manufacturing business needs it, and the benefits it can bring.
Manufacturing analytics refers to using operational systems and machine data to improve the functioning, productivity, and efficiency of the manufacturing process.
Manufacturing data analytics is a fundamental component of this industry and can ensure product quality, optimize decision-making, and help cut costs. In today’s globalized market and cut-throat competition, utilizing manufacturing ERP data analytics can mean the difference between irrelevancy and success.
By creating a constant stream of collected and shared data, ERP analytics empowers greater flexibility, agility, and efficiency across all levels of your business. Here is a detailed look at some of the top ways manufacturing ERP analytics boosts your business:
With increasing competition in the market, customer expectations have rapidly evolved and become more particular in recent years. To stay ahead of such change, customer intelligence and data are more important for manufacturing businesses than ever. It is essential for manufacturers to produce high-profit yields, optimize supply change management, and timely meet customer demands—data analytics makes this possible.
With immediate insights, data analysis allows manufacturers to forecast customer demand and future trends based on reportings of market trends, seasonality, and more. ERP data analytics tools can sift through large amounts of complex data within seconds, analyze key figures and results, and compile invaluable reports to help improve your service and output.
For instance, you can use AI-generated data analytics reports to identify how long a specific task takes, the material and costs needed, and use this information for improved estimates and planning.
This simple mechanism can bring enormous benefits in terms of heightening customer expectations. When you better understand your customer’s demands, needs, and consumption patterns, you can respond to their changing needs, meet heightened expectations, and enhance the quality of your services.
Advanced analytics tools enable you to quickly identify opportunities to cut costs across all business procedures. Your organization can leverage this technology to cut costs through predictive maintenance, improved safety and efficiency, and also uncover new revenue from value-added services.
Data analytics can also pinpoint areas primed for automation. Implementing ERP systems of process automation for manufacturing can reduce waste, improve productivity, and lead to higher satisfaction rates and cost savings in the long run.
Modern manufacturing requires people and machinery to operate side by side, and for successful output, each machine and person must work according to plan. Even the slightest error can impact your entire production and negatively impact your bottom line.
With the right ERP software data analytical tools, however, you can leverage remote monitoring and constant notifications to guarantee an uninterrupted and error-free workflow. Cutting-edge predictive maintenance tools can allow you to enhance production systems and achieve maximum productivity like no other.
The enhanced productivity data analytics brings is linked to its role in predictive maintenance. With predictive maintenance, edge technology and IoT-enabled sensors can warn your team of a potential or existing issue before it begins impacting productivity, helping them implement solutions early on.
By using predictive maintenance, manufacturers can also avoid unplanned downtime by scheduling maintenance conveniently rather than waiting for an equipment failure to occur and interrupt workflow. This improves the manufacturing process's overall reliability and efficiency, reducing costs associated with unplanned maintenance and equipment failure.
If you’d like to understand how much all of these benefits would cost, you can check out our ERP system cost breakdown here.
ERP software can be used to streamline your manufacturing business’ data analytics and reporting practices. By using ERP software, you can reduce your costs, enhance your operation’s productivity, and stay on top of your maintenance practices easily. For more information about implementing ERP software, contact NBS today!