Manufacturers have faced challenges for years, such as the inability to extract insight from data and a lack of real-time access to vital processes.
Cloud technology lets you overcome these and replace them with significant strategic benefits.
If you use the right strategy, you’ll almost certainly see an increase in a market that’s still primarily focused on cost reduction.
Here are some pain points that cloud can easily address:
1 No real-time view of your financial position
In most cases, on-premise IT systems are unable to process financial data in real-time. As a result, your financial teams make decisions based on frequent (typically monthly) reports that provide an inadequate view of your present condition.
Real-time financial data aren’t the only benefit of cloud technology. It makes them more accessible than they’ve ever been. And as time goes on, these functions will become even easier to use, quicker, and more advanced.
This means you can automate time-consuming, error-prone financial procedures like expense filing while also processing data as soon as it becomes available for real-time analysis.
2 Siloed data, reduced adaptability
Combining data sets for improved business insights is considerably easier when you move to the cloud. It can also easily obtain the computational capacity that Big Data requires without incurring unacceptably high infrastructure expenses. This means you have a lot more discretion when it comes to making decisions based on facts rather than speculation. This move to a “data-first” mindset opens up a lot of opportunities for responding to your clients’ buying habits while also spotting broad trends for long-term strategic success.
Manufacturing firms generate, collect, and store more data than ever before. In order to extract insights from this data and compete effectively in today’s marketplaces, the ability to combine diverse datasets for analytics is vital.
3 Poor visibility into the supply chain
Cloud technology can provide you with a lot of information about global supply chains. Manufacturers who want to increase income, enhance operational efficiency, and maintain high levels of customer satisfaction may benefit from this. Supplier quality management skills give real-time data on recent shipments, as well as cost reductions, quality assurance, and higher customer satisfaction. Cycle times are reduced by process optimization using cloud-based corporate analytics.
Compliance criteria (especially those connected to importing) can be automated to save time and reduce the possibility of costly human error. By spotting issues early in the case of a product recall, real-time track and trace capabilities assist to reduce losses. With cloud-based warehouse management, order management and production planning are optimized across all warehouse locations.
4 Lack of clarity on inventory levels
Cloud technology gives you the reporting tools you need to stay on top of your inventory and forecasts. Using a single system for all warehouse sites eliminates data silos, allowing you to always know what you have in stock. It also goes a step further by assisting you in automating previously error-prone manual procedures in order to decrease losses due to inefficiency or inaccuracy.
Picking, packaging, and stocking procedures in warehouses may now be done utilizing a range of automated techniques, ranging from RFID (radio frequency identification) scanners to warehouse robotics.
5 Slow time to market for new products
Cloud supply chain technology enables you to ensure that your items reach the market on time. Customer patterns and behavior may be identified using real-time analytics, which can be used to guide future product launches. Internal processes become more efficient as a result of automation, allowing you to develop, create, and sell faster. However, there are a few other cloud-based tools that might help your team interact, produce, and ship goods more swiftly.
Internet of Things (IoT) sensors are used in cloud-based predictive maintenance to collect data on your equipment. As a result, it can warn you ahead of time about possible malfunctions, allowing you to promptly resolve problems. This can avoid hours or days of unplanned downtime and ensure that new product production runs smoothly.
