Accordance with ERP FOCUS article, the manufacturing industry charges headfirst into Industry 4.0, predictive analytics has quickly transitioned from a convenience to a necessity for manufacturers of all sizes. Enterprise Resource Planning (ERP) solutions have already become commonplace in the manufacturing sector, their ability to provide a slew of data in real-time, yet not enough manufacturers are taking full advantage of ERP to improve predictive analytics for their businesses.
By applying past data to real-time analytics, an ERP system can create forward-looking models to guide decision makers. Here’s how manufacturers can maximize their ERP solutions to advance their predictive analytics in Industry 4.0.
- Leverage Big Data to guide decision making
- Leverage estimated times of arrival to manage supply chains
- Leverage predictive maintenance to reduce downtime and repair costs
ERP takes predictive analytics to the next level
Industry 4.0 is raising the bar for predictive analytics, and manufacturers must rise to meet that bar. With the increasing intelligence and connectedness of technology, competitive manufacturers are already strengthening their predictive analytics to make highly calculated and informed decisions with quick turnaround.
The digital tools for this are already available in the form of cloud-based ERP solutions and IoT devices. With improved predictive analytics, manufacturers can identify patterns and outliers in customers and products; foresee and account for disruptions or changes in the supply chain; and manage assets to optimize production schedules and limit equipment downtime. Utilising cross-organisational platforms with user-friendly dashboards allows for internal collaboration and informed decisions that can increase output exponentially. Considering the rapid pace at which digital transformation is occurring, manufacturers cannot thrive in Industry 4.0 without reliable and real-time predictive analytics to stay ahead of the curve.