The Internet of Things (IoT) is a hot topic right now. A lot of the buzz is stemming from the fact that manufacturing businesses across the globe are being encouraged to embrace the IoT in order to remain competitive as the industry evolves at a rapid pace. But what does this mean for the future of ERP systems?
The Internet of Things refers to collecting and analyzing data from machines, software, and people in order to identify patterns, track trends, and even predict behavior. Let’s say you walk by a coffee shop and your phone pings with a discount offer; or your wearable fitness monitor realizes you’ve been behind a desk all day and haven’t met your fitness goals for Tuesday so it checks you into a kickboxing class at your gym; that’s the ‘internet of things.’ But can it be translated into a more industrial environment? Yes!
Through the IoT, businesses can use their data (often combined with public data) to better understand their customers, market, and products. Every business will be able to capitalize on the IoT in different ways. For example, a retailer could match revenue and weather to predict sales on a rainy day or a hospital could reduce MRI downtime with preventative maintenance based on accumulated machine data. The point is, the doors are wide open for anyone willing to embrace the change and opportunity.
How does ERP fit into all of this, though? Our society craves deep demographic data, information, and statistics and that’s where ERP comes in. Without the capabilities of our ERP systems, the useful data we gather from the ‘internet of things’ is all but pointless.
ERP and IoT Were Built For Each Other
Some ERP software systems such as SYSPRO are already moving towards this vision of a “smart industry” brought about by the increasingly popular IoT. The latest version of SYSPRO is modeled after Windows 10 technology and highlights the increasing influence of the ‘internet of things.’
Mobility is a key element of both the IoT and SYSPRO and in an effort to aid adoption of the IoT, SYSPRO has also developed its own DataSwitch tool which can seamlessly integrate data and connect systems, “ to generate one single version of the truth throughout an enterprise.” By doing this, companies can trace and analyze data and trends they may have been previously unaware were even linked to their industry.
The obvious benefit of embracing the IoT and connecting your company to this new stream of data is that it can provide opportunities to exploit peaks in demand and maximize profits. However, industry experts such as K3 SYSPRO’s managing director, Cathie Hall suggest that businesses talk to technology experts first in order to fully understand the IoT and utilize it to its maximum potential.
That’s solid advice regarding most any action you take in in the tech industry. Regardless of whether or not you’re ready to embrace the IoT, it’s here, and Edgeware will be waiting to help you fully understand the capabilities of your SYSPRO ERP software when you do. Got questions? Get in touch with us today.