Tag Archive : Digital Transformation

/ Digital Transformation

Business agility, productivity, and resilience are key success factors for any organization, no matter its size. A well-planned digital transformation strategy is critical to capitalizing on technological advancements.

 

Digital transformation is the way to go if you want to change the way your company operates and does business. But the question is how? As with any new technology solution, digital transformation has pros and cons. So how do you ensure that best practices are applied when researching and deploying digital transformation services in your organization? The answers to these questions are very simple – a digital transformation strategy. 


What is a digital transformation strategy?

A digital transformation strategy is a detailed roadmap of the practices you want to adopt in order to easily transform your business into the digital age and remove any obstacles along the way.


Why do you need a digital transformation strategy?

Digital transformation isn't just about implementing new technologies, modernizing existing systems, or spending money on fancy gadgets.

 

To be competitive, you must anticipate changes and innovate on your own. You can't just react to it. To do this, companies must plan visionary and actively shape the future.

 

A digital transformation strategy enables leaders to answer the following questions: B. Where are they now, where do they want to go, what do they need to do to get there, and more?

 

Businesses must possess three essential capabilities, including awareness, informed decision-making, and rapid execution, to protect themselves from digital disruption and successfully master digital transformation.

 

Additionally, organizations need reliable data and resources to make decisions to seize opportunities and mitigate risks.

 

Finally, organizations need agility to implement these strategic decisions quickly and accurately. Otherwise, the opponent will overtake you and overtake you. Your digital transformation will falter if these talents are not integrated into your organization's culture and business processes. You can successfully build and leverage these capabilities through a digital transformation strategy and roadmap. Here's how to get started. 

 

What are the most important strategies for digital transformation?

 

Create a clear Digital Transformation vision

The first step in digital transformation is to create a vision that aligns with the company's growth strategy and communicates a sense of urgency. The benefits of transformation are creating a vision of the future, communicating it across the organization, recognizing the potential synergies of silos, and giving everyone the opportunity to unlock their potential. 

 

Find world-class tech talent

Technology plays a role in transformation, but so does bridging the talent gap between what an organization needs in terms of IT skills and where it can be found.

 

Value Chain Assessment

The design, development, and manufacture of products and services create synergies with the latest technologies. Value chain analysis drives digital innovation and helps understand your company's needs beyond what it offers. Before starting the transition, you should carefully examine the value your company is delivering. Value chain mapping often improves user experience, accelerates innovation, and identifies the need for new technologies. The combination of all these factors leads to digital transformation.



Integrate digital into your overall transformation strategy

Digital integration into the overall business strategy is a key digital readiness parameter for success. Digital Transformation starts by answering key questions, including what, how, why and who. Using processes, data, technology, information, human factors, and more, a digital transformation strategy links the current situation and desired long-term goals.

 

Create a new IT operating model

Rather than focusing on different initiatives within organizational units, businesses need to consider how their operations can deliver unique customer experiences. The easiest way is to move to a next-generation IT operating model that focuses on the customer journey and internal processes.

Businesses need to integrate the customer experience across all channels and departments. Most traditional operating models cannot cope with constant change. However, the NextGen IT operating model is having a major impact on the business. Therefore, they may have to change their basic business model to survive.

 

Use agility effectively

As you embrace digital transformation to gain a competitive advantage, your business model may need to change. Agile organizations achieve their goals by continually iteratively approaching their goals. Today's “agile" methods are heavily integrated into the technology of most companies and project management teams, However, this strategy is equally beneficial when deployed at the organizational level.

 

Agile means trying new things, figuring out how it works and evaluating whether the results are what you want. This strategy is of great benefit to organizations striving to be digitally ready in today's marketplace.

 

Addressing Risks and Challenges

Addressing risk and developing a risk management strategy is critical during the migration process. The behavior of individuals and groups within an organization determines their approach to risk-taking in a robust risk management culture.

 

Understanding risk before implementing digital transformation is critical, whether the failure stems from unauthorized use, outdated technology, inadequate operational controls, or mishandling of sensitive information.

While IT is a key driver of a digital transformation strategy, it is everyone's responsibility to put it into practice and adapt to the dramatic changes that come with it. Digital transformation initiatives often change workgroups and business processes.

 

In Conclusion

Digital transformation is more about business strategy than technology. It's about people, processes and data. So transformation won't happen overnight; it will. By developing a strategic roadmap, you can gradually begin to transform key business areas and ultimately achieve all goals. Embracing digital is the only way to thrive in the digital age.

Do you want to learn more about digital transformation? Great Innovus provides digital transformation consulting services. Book a digital transformation consultation today.

The term “digital transformation” has attracted many manufacturers around the world. Digitization is leading to an increase in the latest trends and innovations. In manufacturing, this leads to Industry 4.0, smart manufacturing and smart factories.


By using the latest technology, you can improve your business processes, offers and services. It's about how to transform your business to make it stronger and more efficient to drive business growth.


At the forefront of digital transformation are cloud-driven manufacturing ERP solutions. By using these ERP models, you can experience excellent connectivity and distributed workloads.

 

Why choose Microsoft Dynamics 365 Enterprise Manufacturing Solutions?

Microsoft Dynamics 365 is a true leader in manufacturing ERP. It gives you the flexibility to fully customize your business applications to the unique needs of your manufacturing organization.

 

Whether you're interested in process, repetitive, discrete, or lean manufacturing, with Dynamics 365 you can gain real-time visibility into your manufacturing operations.

 

It can help you build more cooperative and productive partnerships with your suppliers. You can use critical business intelligence to empower your people and build deeper, more productive relationships with customers.

 

Most importantly, Microsoft Dynamics 365 helps you streamline your manufacturing solutions more efficiently while improving quality and ensuring compliance.

 

Benefit today from a fully integrated end-to-end ERP and manufacturing CRM solution from Microsoft Dynamics 365. Learn how Microsoft covers every aspect of corporate governance and manufacturing! 

 

How is Microsoft Dynamics 365 changing manufacturing operations?

Here's how to use Microsoft Dynamic 365 to ensure smooth operations throughout the manufacturing lifecycle.

Supply Chain Management

Benefit from the best manufacturing tools, accurately forecast demand and manage inventory across all your warehouse and manufacturing locations. You can also create unique strategies for distribution, inventory management, material sourcing, purchasing and quality control. Additionally, Microsoft Dynamic 365 is equipped with useful tools to improve your supplier relationships and boost sales.


Production Control 

From market demand to supply chain, Dynamic 365 provides an easy-to-use interface to help you manage the different variables of your production schedule.

You can use visualization tools to quickly create different planning scenarios and adapt production plans to changing circumstances. 


Sales, Marketing and Service

By using this efficient platform, you can combine your ERP and CRM operations into one comprehensive solution. From identifying lead opportunities to lead management to analyze customer behavior, you can simplify your sales, marketing and service efforts in one fell swoop.


HR management 

When you have a lot of workers it becomes difficult to manage them. With Microsoft Dynamics 365 for Manufacturing, you can ensure smooth financial and legal processing, right down to payroll.


It facilitates talent and workforce management, helping you identify your employees' talents and leverage their expertise accordingly.


Business Intelligence and Reporting

Transform your enterprise manufacturing solutions from embedded business intelligence while gaining insight into your financial health.


Plus, monitor your production performance and supplier and dealer network with AI-driven analytics and Power BI reporting. It helps in making key business decisions to increase your business growth and revenue.


Microsoft Dynamics 365 is a unified solution for manufacturing. As your business grows, you need to find unique solutions to meet new demands and overcome challenges. The lack of unity in the system can be called the difference.


With a seamless implementation of Dynamics 365, you get a modern, cloud-integrated platform that simplifies all departments in your organization.


Microsoft Dynamics 365 addresses unique manufacturing needs

At Great Innovus, we see custom processes, hybrid environments, and discrete operations for manufacturing. No matter your industry, process, and goals, you can always rely on support from Microsoft Dynamics 365 for Manufacturing.

 

Whether you're a food, chemical, paper or steel manufacturer, you can rely on Dynamics 365 for exceptional process manufacturing production.

 

It offers some amazing tools to help you control your operations and maximize your assets while reducing additional costs. It also helps to easily monitor the impact of decisions on production, orders, distribution and inventory.

 

Food industry

The specific challenges facing the food industry go well beyond independent distribution and manufacturing.

It needs to enforce certain regulatory standards that require attention, such as expiration dates, special handling, etc.

That's where Microsoft Dynamics 365 comes into play. It helps food and beverage manufacturers meet these challenges while meeting their optimal inventory levels, demand and quality control requirements.

 

Papermaking

Paper manufacturers also strive for excellence in all other areas. With this great platform, they can also streamline production, sales, inventory control, finance and delivery.

 

Process and Hybrid Manufacturing

Use Dynamics 365 to handle production and sales processes with integrated capabilities. It helps to better plan and manage production, accounting and sales.

 

Iron industry

To survive in the industry, steelmakers need to stay one step ahead of the competition.The industry is increasingly competitive as raw materials and suitable resources become scarce and manufacturing costs increase.

 

Whether you're running a startup or owning a large multinational corporation, it's important to have a 360-degree view of your business processes. Microsoft Dynamics 365 for Manufacturing gives you real-time visibility into all business operations from start to finish.

Key Features of Microsoft Manufacturing ERP Solutions

Let us examine the industry-specific key features of your ERP and CRM platform to maximize your business growth

 

♦ Supplied by an approved supplier, plus maintenance

♦ Multi-dimensional inventory capabilities

♦ The purchase price is subject to the actual effect

♦ End-to-end visibility

♦ Commodity price management

♦ Recipe management

♦ Product management

♦ Performance management

Identified stock and attribute price management

♦ Expired item management

♦Discount and trade promotion management

♦ Bulk order

♦ Container packaging

♦ Set up and maintain supplier batch details

♦ IoT Legacy

♦ Batch balancing of power formulas

♦ Consolidate orders

♦ Grab the weight

 

If you're ready to take the next step and wonder how to digitally transform your manufacturing operations. Connect with us and take the next step towards a more connected and efficient manufacturing business.

Microsoft Dynamics 365 Finance and Operations is a cloud-based ERP system focused on managing all finances and inventory, designed for large companies.

Why choose Dynamics 365 Finance and Operations?
Research leaders predict that the ERP market is expected to grow steadily as systems now focus less on on-premises solutions and more on cloud platforms, artificial intelligence (AI), and the Internet of Things. While the market share of ERP is undoubtedly on the rise, there is a lot of debate as to which ERP has the largest market share and is therefore the market leader. Some of the major players in cloud ERP solutions, such as Microsoft Dynamics 365 Finance and Operations, Epicor, SAP and Oracle, are going all out to win the competition for your business.

If you're new to using cloud-based ERP, here's how it can help your business

* Improve competitiveness
* Improve operational processes
* Participate in organizational activities
* Help manage resources efficiently

Dynamics 365 Finance and Operations (F&O)
Microsoft Dynamics 365 Finance and Operations is a cloud-based ERP system focused on managing all finances and inventory, designed for large companies. It's a complete set of visionary tools that provide complete transparency and insight into your business. Since its release in 2016, Dynamics 365 for Finance & Operations has continued to evolve alongside the entire suite of Dynamics 365 applications.

Dynamics 365 Finance and Operations comes with two different license options:

* Dynamics 365 Finance (for budgeting, finance, accounting and project management)
* Dynamics 365 supply chain management (for design, manufacturing, warehousing and distribution)

Licensing options can help you select and set user access rights based on business processes. It can give you a competitive edge with a modern ERP with a new user interface, new features and integrations. No matter what industry you're in, Microsoft Dynamics 365 Finance and Operations is one of the best solutions your business could possibly need.

As a major competitor in the ERP market, Dynamics 365 for Finance & Operations promises to reduce costs and simplify setup. In addition, it connects seamlessly with a variety of other Microsoft business applications. One of the main benefits of Dynamics 365 is also user training.While every ERP system requires training, Dynamics 365 for F&O has a relatively short learning curve. It has some of the best features to manage your account and works like a dream. According to Forrester, organizations that create a data-driven culture have seen a three-year ROI of 366 percent in Microsoft business intelligence.

Dynamics 365 Finance and Operations at the forefront of the growing ERP market:
Microsoft's Dynamics 365 for Finance and Operations product leads the 2020 ERP Technology Value Matrix. No matter the industry, Microsoft Dynamics 365 provides financial, manufacturing, logistics, supply chain, and regulatory compliance capabilities.

However, the future trends of ERP systems play a unique role in today's growing market trends and demands. Relentless development efforts and significant investments in the Dynamics 365 application suite, including blockbuster acquisitions, have made Microsoft a leading provider of cloud applications.

Microsoft Dynamics 365 was released in a short time and climbed the market share rankings, quickly surpassing Salesforce and Oracle. This certainly makes it clear that future Microsoft Dynamics 365 projects will include more intelligence and cognitive services, proactive use of data to transform your business, and digitally future-proof your business.

How can Dynamics 365 Finance and Operations help your business?
Microsoft Dynamics 365 supports the digital transformation of many companies and industries. Here are some key advantages that prove that Microsoft Dynamics 365 definitely has a competitive advantage over other ERPs on the market.

Financial and Operational Benefits of D365

Reduce costs: It combines your company's expenses and IT perks to create an intelligent cost management program.

Flexibility: Dynamics 365 Finance and Operations applications give you complete freedom to customize and develop on any platform.

Deep-rooted integrations: Dynamics 365 provides deep-rooted CRM, BI, and other third-party integrations to keep your entire organization in sync.

Built-in analytics: Dynamics 365 has built-in analytics mechanisms to help you make better decisions faster.

Azure AI: The availability of intelligent Azure AI provides accurate predictions, tells you what's likely to happen, and provides predictions and recommendations.

Use Dynamics 365 Finance and Operations for your business!
Dynamics 365 F&O has much more than what we reviewed today. If you're evaluating ERP for your company, Dynamics 365 F&O should be at the top of your list. With its advanced features and wide range of benefits, it may be the best decision you can make to help your business succeed.

Great Innovus helps you identify, analyze and figure out the right strategy for a successful implementation of Dynamics 365 Finance and Operations.

Our Microsoft-certified experts can help you learn more about what's possible with Dynamics 365 Finance and Operations and help you identify the right strategy for success. Schedule a call with our experts today!

QuickBooks is the primary accounting software package for roughly 29 million small businesses. On the other hand, Dynamics 365 Business Central is a new type of accounting software that is rapidly gaining popularity. It's a cloud-based application and a great alternative to QuickBooks.

While Dynamics 365 Business Central is designed for small and medium businesses, QuickBooks is best for small business startups. However, each provides a comprehensive set of monetary and operational tools that square measure simple to use and accessible anyplace. 

Most small businesses start with QuickBooks and then migrate to Dynamic 365 Business Central as their needs increase and their business grows. So, is Dynamics 365 Business Central really the best alternative to QuickBooks?

Why consider switching from QuickBooks?

QuickBooks is excellent accounting software, but it has many limitations and cannot be customized to meet your specific business needs.

The best replacement for QuickBooks is Dynamics 365 Business Central. It's cloud-based, therefore you do not ought to install something on your laptop or portable computer. it'll be accessed from any place with an internet affiliation. you'll be able to customize the software to satisfy your specific business desires and needs.

The software gives you a unified view of your entire business. It has accounting, financial and point-of-sale system capabilities. As mentioned, you can also use it to manage customer relationships, track inventory and orders, and generate reports for your business.

Dynamics 365 Business Central vs. QuickBooks

 

Weaknesses of QUICKBOOKS:

– Accounting and Finance function only

– Limited reporting options

– weak audit trail

– Weak user roles

– Lower safety standards

– Businesses can quickly outperform Quickbooks

– Lowest business productivity due to independent platforms and databases

Strengths of BUSINESS CENTRAL:

– Complete ERP system

– Detailed and secure audit trail

– multi-language functionality

– Multiple currencies functionality

– user-friendly

– Cloud-based

– High data security

Capabilities between Business Central and Quickbooks

Feature capability Microsoft Dynamics 365 BC QuickBooks
Overall Functionality Very Good Good
Scalability / International Accounting Good Poor
Deployment SaaS Only. however, see business Central (on-premise) SaaS or On-Premises
Payroll Yes, Through the Apps Yes, As an Add-On
Integration Offers advanced opportunities Limited integration
Tenant Facility Offers No Provision
Reporting Very Good(web-based reporting) (Thirty party add-ons)
Security Roles & Auditing Good Poor

What is Dynamic 365 Business Central?

 

Dynamics 365 Business Central is a cloud-based business management software system that provides several features. His plans ensure more efficient business processes. As the business grows, Dynamics 365 Business can adapt to changes, giving organizations the flexibility to adjust requests to suit current business needs.

Dynamics 365 Business Central provides more than just financial needs:

★ Offer all-encompassing resources and workflows to connect all tasks in an organization,

★ integrate operations,

★ plan supply chains,

★ improve customer relationships, and

★ make decisions based on available data to accelerate development and increase revenue.

How does Dynamics 365 Business Central work?

 

The Dynamics 365 Business Central application is managed online by Microsoft and requires no software to be installed on the device. Here's how it works:

● Access a full suite of financial management tools to help businesses manage their cash flow and balance sheet.

● Use a single, integrated platform to keep up with customer relationships, including CRM and analytics, that provide insight into how customers interact with your business.

● Have full operational support from overhead to forecasted sales, workforce planning and inventory management.

 

So, is your company upgrading from QuickBooks? Consider Microsoft's Dynamics 365 Business Central software. At Great Innovus, you can always learn more from us. For more in-depth information, please contact us.

Introducing an intelligent ERP software for financial management can maximize profitability and help drive your business into an intelligent enterprise. Here, in this article we have discussed the due advantages of implementing Microsoft Dynamics 365 Business Central for your financial management.

Enterprise resource planning is the cornerstone of all organizations, be it enterprise level or small business. ERP software makes it easier for companies ready to face challenges and looking for ways to incorporate digital solutions into their business practices. Specifically, in the accounting and finance department, it can facilitate various modules to share information and eventually boost productivity and speed.

ERP is the backbone of the most successful organization as it has proven ways to bring transparency and streamlines operational benefits. It integrates applications from various modules into one system like project management, human resources, inventory management, finance, and accounting. Due to its immense benefits, it has undoubtedly become a part of modern businesses. Let's dive into the benefits of using an ERP solution for accounting and financial management.

● An integrated solution like ERP brings all the critical facets of the finance department into one single view. The financial team can rest assured as ERP software takes responsibility for minimizing expense overhead and improving profit margin. It helps to streamline financial operations and elevates the firm's value. 

● ERP system consists of Customer Relationship Management (CRM), which helps monitor customer payment systems and manage and track credit across departments. You can quickly eliminate multiple window modules to make payments to vendors and employees whilst driving the cost expense of all business activities.

● As more companies are thriving, they are integrating all the business modules to have a deep insight into the functionalities. Finance forecasting can be done with the help of an ERP platform. Whether planning a long-term or short project, you can forecast your financial expenditure using the ERP tool. You can have a tab on your business financial goals, from calculating budget to allocating and assessing cash flow.

● As the finance department's responsibility is to ensure the smooth functioning of financial assets, the ERP system is designed to monitor your complex monetary policies. It helps prevent fraud by accurately managing internal liabilities and your business's guidelines. In the case of small businesses, a finance manager might not be available, so the ERP system helps verify financial solutions and the company's policies and laws.

● An ERP finance module eliminates huge volumes of spreadsheet and manual work by automating data across departments. It gives faster access to confidential data by safeguarding information from potential threats. You can generate financial reports from each department and have a cash flow projection of projects. 

● With an ERP solution in place, it helps to avoid data duplicity and redundancy. It enhances data consistency throughout your accounting module by improving financial and operational activities. 

Using a Modern ERP platform for accounting and financial management guarantees real-time decision-making and improves your business's overall efficiency and security. These features allow you to address your business's financial goals necessary. Furthermore, with an ERP, you can connect with your vendors or suppliers to keep an update on the price changes and have knowledge of profit margins. In this way, it will help you to minimize bottlenecks and make an informed purchasing decision.

Key Benefits of Using MS Dynamics 365 Business Central for financial management

We discussed above how a robust ERP solution for financial management can speed up time and be a game changer for your business process. And to meet your growing business needs, the best ERP solution to take charge of the financial aspect of your business is Microsoft Dynamics 365 Business Central. It is an integrated rich finance solution for small, midsize, and enterprise-level businesses. As a user-friendly platform with unique functionalities, you must consider MS Dynamics 365 for your financial sector.

● Process efficiency is increased using Business Central as it incorporates artificial intelligence (AI) and machine learning (ML) capabilities. Data loss is prevented by automating operational efficiency and enabling actionable insights into particular financial modules of different departments. Missing data can be easily traced, and the entire spectrum's security is under a single platform's watch.

● There are journal templates that can be used for monthly accruals. You can create transaction orders and the number of times transaction order has taken place. With accrual schemes, you can easily track payment records in detail, i.e., when the payment is completed or is pending. And you can do this activity by creating a debit and credit account.

● Business Central is so intuitively built that it can integrate with your other Microsoft Applications like MS Office Suite, Power BI, and many others. 

This implies that if you have data loaded on excel sheets and manage and exercise your finance capabilities from there, it's time for you to make the shift.

● An end-to-end viewpoint is available on Business Central. Whether you want to glance at your finance and sales from the home page or take a deep dive, it gives you real-time updates using business intelligence. With centralized data, the ERP solution breaks down data silos and helps you make intelligent decisions.

● Financial forecast on revenues and expenses can be smoothly carried out using Business Central. It helps businesses to reach their financial target by using intelligent documents with mentioned due dates. Its smart notification displays will assist you in setting up a comprehensive cash flow forecast.

● As Business Central's user interface platform is like its existing Microsoft products, employees would get started immediately. It boosts employee productivity by eliminating mundane tasks and gives ample time for them to learn more from the platform. It also allows employees to share and access data when requested from the customer, which serves the business better.

● The general ledger module of Business Central helps to stay vigilant on the assets and liabilities of your business. With an in-built general ledger module, you can track and manage your transaction and analyze each year's financial quarters.

Almost all businesses have accounting software, but a functionally rich ERP software that caters to all components of the different departments is immensely beneficial. Business Central delivers robust financial solutions that can facilitate your decision and streamline your business process. Additionally, it is cloud-based. Hence you can access it from anywhere, anytime.

Grow your Business with Great Innovus

Working with Microsoft Dynamics 365 Business Central will enable your business to meet industry-specific standards. We at Great Innovus ensure you put flexibility in your business and have the edge over your competitors. We will help you by providing tailor-made solutions and assisting you through your ongoing business requirement. 

If you want to know more about the power of MS Dynamics 365 Business Central, contact us here.

Power of Digital Transformation (DX) in Manufacturing Industry

Industry 4.0 has been a game-changer in the manufacturing space. It has brought innovative business solutions by integrating improved technologies like cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). Smart factories are built by deploying smart machines that make informed decisions to increase efficiency across the value chain. With the help of the Industrial Internet of Things (IIoT), manufacturers are blending in data from factory floors to achieve visibility in the process. They are rapidly switching assets from manual to automatic to reduce equipment downtime.

The rise of advanced sensors, no-code machine learning (ML) platforms, embedded software, and robotics has been a blessing for small and medium-sized businesses. Manufacturers can break down previously siloed informational data by consolidating data from production operations and operational data from ERP and enterprise systems to achieve transparency. This helps manufacturers gradually change the industry by avoiding colossal expenditure.

What is Digital Transformation in the manufacturing industry?

In the digital transformation across industries, there is no single silver bullet to race ahead of the competition. It is the strategic integration of digital technologies across businesses to have an efficient and effective impact on our daily lives.

Digital transformation in the manufacturing industry is a wholesome combination of:

  • Replacing legacy systems or obsolete assets.
  • Combining traditional manufacturing equipment with modern systems.
  • Improving flexibility and delivering real-time solutions.

The pandemic played a significant role in the playbook of manufacturers. Although it derailed production, distribution, and supply chain activities, it presented new opportunities for the manufacturing industry to explore. IDC's report stated, “There will be an influx in investment in digital transformation by 2024″. Digital transformation possesses the power to reduce workload, boost production, deliver consistent quality and enhance customer experience. It gives significant benefits to the manufacturers by improving bottleneck functions.

Bottleneck functionalities predict failures and prescribe AI-driven remedies like interpreting data to alleviate issues. Also, an advanced quality management system helps the digital journey for organizations much more manageable. It reduces operational error and solves problems faster. It also helps to cut down on specified inspectors by automating the processes. With advanced technologies and an intuitively built platform, digital transformation promises to disrupt the manufacturing segment.

What are the challenges in the manufacturing industry

Adopting digital solutions brings many benefits to the industry in terms of higher ROI and improved customer experience. Along with the digital game, it presents fundamental challenges to implementing advanced technologies. Let's look at some top challenges manufacturing companies face that hinder digital transformation.

Challenges in manufacturing industry - Digital Transformation

Digital transformation is done across each business process, from the front desk to factory floors. If the manufacturing company is not highly invested in its own company, implementing new technology in a project will eventually fall off. So, it is highly imperative to have organizational alignment within the company as it will help in the success of long-term projects, and proper evaluation will help to realize organizational gaps.

The bandwidth to engage with higher financial investment might not be an issue for larger enterprises. But small and mid-size manufacturers require meticulous budget planning before implementing digital solutions. It is imperative to lay out a financial guide addressing the bigger picture of project ROI. Without structured financial planning, there is a high risk of the project becoming a failed investment.

Advanced technologies bring benefits like improving data analysis transparency, reducing operational downtime, and enhancing efficiency. But these benefits must be carefully introduced to retain and gain customers by investing wisely.

When it comes to digital skill challenges in the manufacturing industry, it is faced with two types of hindrances, i.e., acquiring the right talent and providing training to the existing employees. Although both are expensive, considering the opportunity cost and the benefits of digital solutions providers, bridging the digital gap is a must.

Manufacturing leaders must address this issue by partnering with third-party service providers to help train factory floor operators and managers. And hire the right set of skilled employees for the required project.

Digital technology is pacing at a higher speed, and organizations working with legacy systems are falling behind the organizations that are fast at digital adoption. When technologies grow old and outdated due to changes in customer preferences or the launch of new technologies, it becomes highly challenging to make the existing one compatible or let of existing employees.

The challenge can be combatted in two ways: retraining the existing employees and hiring a fresh batch of skilled employees, and carefully testing and integrating modern technologies in a completely digitized environment.

For example, ERP systems like Microsoft Dynamics 365 Business Central connect all systems across the organization and drive efficiency. It is essential to have a discussion to gauge the benefits of these technologies as it will help to draw a clear picture of whether traditional assets are more beneficial than digital solutions.

What are the benefits in the manufacturing industry

For transitioning from a traditional manufacturing organization to a smart factory, the initial cost amount and a well-planned strategy might be a stumbling block on your digital embarking journey. But we are here to tell you the significant benefits you can access when you have covered the challenges mentioned above.

Benefits in manufacturing industry

By introducing new technologies, manufacturers have prevented late deliveries and error-prone solutions. The technologies help to solve untimely production issues and adjust supply quantities accordingly. For example, an ERP solution can leverage your supply chain issues and enhance decision-making capabilities.

Digital adoption in case of customer satisfaction takes care of the availability of customized production. With the help of software solutions, manufacturers can forecast customer requirements based on region, demand cycle, and feedback. It also gives a window to have a different eCommerce platform which adds more value to the customer.

Manufacturing assets' operational value is beneficial when automated and optimized workflow. Real-time solutions like ERP, CRM, and intelligent logistics also help manufacturers manage their data efficiently.

Digitizing inventory reduces operational overhead and increases the efficiency of the workforce. Resources can be better utilized in a more productive form of work, reducing expenses and getting over mundane work progress.

What is Digital transformation with ERP

In a digital transformation landscape, a manufacturing organization must have an ERP system in its operations. A study by Gartner stated that 30% of organizations like manufacturing enterprises would deploy ERP business capabilities. Implementing an ERP system in a manufacturing process allows an organization to avail of benefits that come with Industry 4.0, including AI, cloud computing, ML, and robotic process automation (RPA). It helps manufacturers stay agile and quickly bounce back from potential risks and adversities.

For example, Microsoft Dynamics 365 Business Central ERP is flexible and adaptable to a dynamic technological environment. Its real-time solutions for inventory data and cloud-based functionalities act as a digital backbone for manufacturers. It is the steppingstone as a digital platform that allows manufacturers to streamline warehouse processes and control various supply chain activities.

The added benefits of adding ERP solutions to your manufacturing business are:

  • ERP system speeds up productivity by simulating machinery and optimizing warehouse processes. It not only has the capabilities to boost plant floor strategies but also improves workflow.
  • Disparate systems slow down managing processes, and data cannot be better utilized, so an intelligent ERP provides real-time access to business processes and KPIs. It allows easy data integration and flows within departments, resulting in better collaboration and communication.

In essence, it is a single source of truth for manufacturers by combining digital technologies and having a granular view of production cycles. So, ERP is the best ally of a manufacturer who aims to minimize costs, speed up the process of semi-finished goods, and have a good investment ROI.

How to embark on your digital transformation journey now

Digital transformation has cornered the traditional manufacturing industry. Deploying growing technologies has sped the industrial companies' progress through thorough engineering. It has connected IT with mechanical and electrical machinery and is changing the landscape.

We at Great Innovus will help you visualize your organization's digital roadmap and assist you in your journey towards it. Our skilled professionals will address any complex business solution and transform your vision into reality. We will guide you in advancing your evolution and assist you in automating solutions for a better future.

Let's get started here.