Internet of Things
three main issues: supply chain disruption, material shortages and labour availability. Alongside the threat of a
recession, as well as the continuing effect that Brexit, the pandemic, and the war in Ukraine are having, manufacturers are also having to face the consequences of ongoing disruption at UK and international ports. As delays to overseas
imports and exports continue to be exacerbated by industrial strikes, raw material shortages are slowing the manufacturing
supply chain even further. Without access to the correct materials and sufficient labour availability, manufacturers are struggling to keep up with demand.
FUTURE FORECASTING It is inevitable that investing in new technology systems during challenging times can feel like a major decision. Many businesses may not want to interfere with their processes at this time, with one report finding that 65 per cent of manufacturers do not expect inflationary pressures to ease before the second half of 2023. However, if the last three years have taught us anything, it’s that there is no better time than the present to implement fresh ideas and processes. With the adoption of new technologies such as 3D printing, artificial intelligence (AI), blockchain, and
Internet of Things (IoT) now surging within industrial businesses, the competitive advantage of the most digitally mature companies widens. Almost eight in 10 companies are struggling with poor quality data, or worse, absence of data. In fact, 60 per cent of businesses do not actually know how much bad data is costing them because they are not measuring the impact. The need for manufacturers to have an efficient single point to manage data and processes is greater than ever before. In that context, the use of an ERP system remains among the top priorities to digitising manufacturing processes, cloud-based solutions today make the most cost-effective and beneficial way to support business. Even more so as they allow for continuous improvement, while removing the need to take care of it internally. The ability to build a single-view of data and
processes will also help manufacturers to be more innovative and respond better to external changes such as the pandemic, economic disruption, Brexit and rising costs. For some companies this will be an
opportunity to benefit from such market conditions, as these changes lead large companies to procure more parts locally. How much time does it take you to figure out whether you are able to fulfil a potential
contract? If more than a few minutes, you should most certainly consider changing systems. Not to mention that inaccuracies in data costs between 15 per cent and 25 per cent of revenue for a company.
Cloud-based systems simplify the installation
process and enable the systems to be used almost immediately, and manufacturers can save time ensuring all employees are trained correctly. Greater efficiencies across the business’ processes will save time and money, meaning focus can be put on responding to external forces. Ultimately, adopting digital solutions might not eradicate every issue a business faces, but it will enable more flexible financial forecasts, and support decision making when managing materials and labour availability. When a company has all of this in one ERP solution, they can ensure the system works for them and their industry, not the other way around.
Forterro
www.forterro.com
Instrumentation Monthly November 2022 69
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