ISMR July / August 2023 | Page 26


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As manufacturing embraces digitalisation and Industry 4.0 , Enterprise Resource Planning software is a valuable tool for streamlining and automating the activities needed by manufacturers and offering real-time access to intelligence .

“ The global Enterprise Resource Planning ( ERP ) software market size is projected to grow from US $ 46.86 billion in 2023 to US $ 71.34 billion by 2030 , says Fortune Business Insights .”

The increasing digitalisation of manufacturing and favourable government policies for digital technology software implementation have spurred the adoption of manufacturing software packages . Manufacturing software solutions can provide real-time access to accurate business intelligence to help ensure better resource planning , scheduling and tracking , as well as supporting lean manufacturing operations . Robust , scalable , modular tools for process , material and throughput optimisation enable manufacturers to align production goals with cash flow and profitability objectives .

Manufacturers all over the world are focusing on improving their business processes to improve operational efficiency , while keeping track of operating expenses . They want a centralised solution to manage a variety of business processes including finance and accounting , sales and marketing , and procurement and supply chain .
From engineering and planning to production and quality control , manufacturing software packages offer the tools a business needs to create ‘ the best possible product in the most efficient and cost-effective manner ’. These suites can be used to streamline product design and configuration ; track and manage product components ; automate production scheduling ; accelerate the manufacturing process and improve product quality .
Enterprise Resource Planning ( ERP )
ERP ( Enterprise Resource Planning ) is an information system designed to coordinate the resources , information and processes within an organisation . It comprises a common database that provides interfaces and information to every department within the business . ERP is a category of business management software — typically a suite of integrated applications — that an organisation can use to collect , store , manage and interpret data from many business activities , including product planning , purchase manufacturing or service delivery ; marketing and sales ; inventory management ; shipping and payment .
According to analyst Fortune Business Insights , the global Enterprise Resource Planning ( ERP ) software market size is projected to grow from US $ 46.86 billion in 2023 to US $ 71.34 billion by 2030 .
“ The need for transparency and operational efficiency in business processes have forced companies operating globally to adopt various business models . Advances in technology minimise the complexity of ERP planning software systems and allow third party apps to maintain corporate processes more efficiently ,” said the analyst .
According to Grand View Research , ERP implementation in an organisation can
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