Enterprise Resource Planning (ERP) software is a backbone for OEMs. The ERP software integrates and streamlines diverse business processes into one unified system. Good ERP software can help you manage processes like productivity, real-time data, inventory, quality control, human resources, and even customer services.
More than 70% of large OEM enterprises already use ERP to enhance their operations, and over 53% of them report a positive ROI. But, to future-proof their business, OEMs need to step up their game and integrate IoT asset monitoring and asset tracking with their ERP. This is more crucial now than ever before.
In this article, we’ll take you through the benefits of IoT asset monitoring integration with ERP, strategies for IoT asset tracking integration, and the metrics you need to measure after integration.
Benefits of Asset Monitoring Integration with ERP for OEMs
First up, what exactly do OEMs stand to gain from integration of IoT asset monitoring with their existing ERP system? Turns out, quite a lot.
Cost Savings and Improved ROI
Think of your IoT asset management integration with ERP as a lynchpin that’ll have ripple effects throughout your OEM company. The central dashboard oversight lets you track assets and get overviews to enable a standardized asset lifecycle management protocol that’s accessible to the right people anywhere in the world. You can then redeploy assets to secondary uses as needed and maximize ROI from each asset.
In addition, IoT and ERP integrated asset management can reduce downtime and prevent issues from escalating. The aggregated asset management data points can also help you utilize your budget effectively and plan better.
Real-time Tracking to Enhance Predictive Maintenance
IoT asset monitoring integrated with ERP lets track and visualize complex data in real time. With the integration of IoT sensors in your equipment, ERP systems can enhance predictive maintenance with the large volume of data available. For instance, by integrating IoT asset monitoring with ERP, your systems can now crunch large amounts of data to accurately predict wear and tear. It’ll notify the right personnel who can proactively schedule repairs and prevent downtime.
Improved Forecasting Accuracy from your ERP System
OEMs can now pull the right production data directly from their equipment by integrating IoT asset management with ERP systems. With AI-driven analytics, and the accuracy of data from IoT sensors, your ERP system gets enhanced forecasting accuracy. This lets you use your assets optimally and meet customer demand, even as your company continues to scale up.
Enhanced Data-Driven Business Decisions
With the integration of IoT asset management and ERP system, the sheer wealth and complexity of data generated can give key business decision makers a holistic view of the entire operation. Additionally, detailed production data can highlight areas in need of improvement, fix bottlenecks quicker, and identify opportunities for automation faster. All this gives you a strategic upper hand to make the right business decisions at the right time.
Top Strategies for Successful Implementation
But IoT asset monitoring integration with ERP is not without its fair share of problems. Here are some key strategies you can’t afford to miss to make it a seamless transition for your OEM. Custom software development for your integrated IoT asset management and ERP system is likely the best bet.
Get Detailed with Your Business Requirements
Before getting in touch with an IoT solutions provider, get clear on your business requirements and how your IoT asset management integration with ERP is going to help you. For instance, is your main goal to improve asset management and visibility or do you also plan to streamline your inventory management? A skilled IoT vendor can build off your requirements and customize the right platforms to integrate with your ERP systems.
Select the Right Software
The next step is finding the right software that’s customized for your OEM company in mind. You’ll need to consider factors like time to market, total cost of ownership, scalability, interoperability issues that might crop up, and enhanced IoT platform security on all levels.
Emphasize Scalability from the Start
Your IoT enabled ERP system has to be built to scale and remain flexible and adaptable. This is not just to handle more connections and data, but also to add new locations as you scale. Even if you’re not planning on expanding your company immediately, this step is crucial as flexible solution architecture will help you reap the benefits of your investment, even when your current needs expand.
Collaborate Extensively to Prevent Issues
IoT enabled ERP systems require specialized know-how and expertise in the OEM niche. Most companies see the benefits when collaborating with an IoT development company to share knowledge and even onboard your staff after the integration. Before choosing an IoT provider, make sure to ask about their approach to project management, resolving bugs and bottlenecks, their security protocols, and their methodology for testing and deployment. Finally, get clear on your expectations in terms of customer support and training.
These strategies can help you get started with your integration and avoid bottlenecks down the line.
Find the Right IoT Integrated Asset Monitoring Partner
Partnering with the right IoT partner is crucial to OEM’s continued success in Industry 4.0. At Bridgera, we bring close to a decade’s expertise in serving OEMs like you. You can start small, and scale fast with our flexible architecture. Our two-week IoT Proof of Concept (PoC) will help you visualize your transition without heavy upfront investment.
Get in touch with one of our in-house IoT experts today with the link below.
About Bridgera: Bridgera effortlessly combines innovation and expertise to deliver cutting-edge solutions using connected intelligence. We engineer experiences that go beyond expectations, equipping our clients with the tools they need to excel in an increasingly interconnected world. Since our establishment in 2015, Bridgera, headquartered in Raleigh, NC, has specialized in crafting and managing tailored SaaS solutions for web, mobile, and IoT applications across North America.
About Author: Krishna Varma is a writer and researcher, who enjoys writing about technology, IoT, and lifestyle. When she isn’t writing and reading, you’ll find her relaxing with a quiet cup of tea over the weekends.
