We can pretty much guarantee that for any successful business owner these are the key areas they’re constantly trying to focus and improve upon – opportunities, challenges and future prospects. In an ever-evolving digital landscape, it has become more imperative than ever before for firms to constantly smoothen and streamline cross-channel business processes and improve their operations in all industries, to establish and maintain their dominance.
ERP and its Role in Industry
This is where Enterprise Resource Planning or ERP plays a critical role. ERP helps in the integrated management of core business processes. With cloud-based ERPs, you even get access to a suite of integrated applications that collect, store, manage, and analyze data for your organization’s unique requirements in real-time. Additionally, it must be noted that the advent of the latest IoT (Internet of Things) technology has marked a sure and seamless shift with colossal data inputs continuously broadening the scope of ERP services. Together, next-gen cloud-based ERP and IoT tech has introduced new possibilities for operational excellence and workflow automation for almost all firms and businesses.
At Aspire, as an Oracle Partner, we know a thing or two about cloud integration, automation and ERP solutions. So, take a quick deep-dive with us into the current ERP landscape, the opportunities and challenges of synergy between ERP and IoT, and the role of wireless connectivity in its integration.
Current ERP landscape: Opportunities and Challenges
IoT and enterprise software integrations have the potential to be a one-stop-shop to fuel data, drive customer engagements and tackle human resource management for firms engaged in business process consulting, application integration, human resource solutions or other web technologies. Or even for businesses associated with manufacturing, energy and utilities, lumber, supply chain logistics, transportation, or more.
The current ERP landscape is complex, to say the least. This is due in large part to the sheer speed at which technology evolves today and, in some part, also due to the wide variety of businesses that benefit from it.
ERP implementation can take anywhere between three months to two years, depending on the scale of the project. One must also factor-in low-cost cloud computing and SaaS solutions, especially for smaller businesses. No hardware setup costs, shorter installation time, and no hassles with server hardware or power backups lead to a drastic slash down on expenses. On the other hand, for larger businesses, traditional on-premise ERPs might just prove essential since, cloud-based ones often do not fulfill all features and functionality requirements, plus customization can also prove challenging.
As for its industrial applications, ERP services are essential when it comes to managing large-scale applications and centralizing information as more business consolidations result in enhanced oversight through a higher degree of automation and the reduced need for manpower. This is where IoT fits in, by reducing the time required to implement system monitoring and data collection technologies. As a wireless solution, it is easy to deploy, provides affordable access to data and hence, brings in higher revenues.
Although, when it comes to challenges, as with any new and constantly-evolving technology, data security remains a primary concern. For example, for all Oracle SaaS and cloud-based applications, data security is guaranteed with Access Controls. Companies remain wary of the accuracy and reliability of the data they receive from an IoT system integrated with their ERP services (a heavy investment of its own). Comparatively, ERP systems have been around for decades, reliably supplying business owners with data worth millions.
It’s All About the Data
Data integration forms the backbone of your organization but system connectivity is what makes fast and seamless data flow possible for all ERP layers. This is boosted by Artificial Intelligence (AI) that thrives on data and IoT is the key to unlocking and aggregating massive data. In fact, not just that, IoT connectivity simplifies data transmission and allows you to tap into previously inaccessible data, fueling a vast array of analytics and AI applications.
All of this is in keeping with a simple and basic rule in ERP – the better connected you are, the less business logic and system engineering work you need to do.
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