Global Manufacturing Outlook
2018 was a strong year for manufacturing, proving that we’ve come a long way from the Great Recession to enjoy a period of growth and prosperity. But with rampant digital innovation and international upheavals, where is global manufacturing expected to head in 2019? Check out our shortlist of global manufacturing trends for the coming year and the role ERP software will play in helping businesses of all sizes navigate these changes.
Where is Global Manufacturing Headed in 2019?
Overall, manufacturing isn’t primed to be quite as strong this year. However, manufacturers around the world are expected to invest in digital transformation, taking innovative approaches to managing their enterprise data and weathering industry shifts. Here are some of the changes set to take place this year:
- American manufacturers are split as to whether the trade war against China will boost or hinder their processes. Many experts predict that tariffs and protectionism will delay production, increase costs and create foreign exchange turbulence.
- Cybersecurity will impact technology spending, as manufacturers invest in new solutions to protect sensitive data.
- Investments in Internet of Things (IoT) initiatives will generate ground-breaking insights, but manufacturers will have to figure out how to leverage big data to enhance decision making.
- More partnerships will develop between established manufacturers and SMBs, giving small manufacturers access to new streams of revenue and resources without sacrificing too much of their independence.
Where Does ERP Come In?
With instability and mass amounts of data on the horizon, manufacturers will need the help of an ERP platform now more than ever. ERP forms the backbone of your enterprise by creating a central hub of data and managing international processes through a variety of robust modules. Below, we’ve listed some of the many ways an ERP system can support your business through global manufacturing changes:
- Some ERP solutions, such as Epicor, include multi-currency management tools to help users track an unlimited number of currencies and automate buying and selling in multiple currencies. With Unity X, you can go the extra mile by getting accurate foreign exchange rates automatically synced from XE Currency Data API into Epicor every day, reducing manual data entry.
- ERP vendors are expected to improve their compliance and security measures this year, adding enhanced encryption and strict access restrictions. Epicor already includes governance, risk and compliance (GRC) tools to help global manufacturers adhere to local, national and international regulations and protect their data.
- When data from IoT devices is captured in your ERP, you can enjoy full visibility into your production lines, machinery and products. This transforms big data into valuable insights.
- As more global manufacturers deploy ERP in the cloud, they enjoy greater agility and scalability. That means a responsive enterprise that can make on-the-fly decisions at any plant, any time. Mergers, acquisitions and partnerships are simpler when you don’t have to mess with on-premises hardware and servers. Cloud ERP plans can be swiftly adjusted to account for new locations and users. It’s also easier to migrate and integrate data from multiple companies through the cloud.
The state of global manufacturing is one of constant change. Keeping up with these changes is impossible without up-to-date technology, such as ERP software. ERP software provides the functionality and insights to propel business success. With ERP, you won’t succumb to the pressures of a competitive marketplace; you’ll gain the agility and intelligence to capitalize on new, revenue-boosting opportunities.
At Datix, we’ll guide you through global manufacturing changes. An Epicor Platinum Partner, we’ve supported manufacturers and distributors for over 20 years. Our premier consultants specialize in ERP, CRM, eCommerce and software integrations, making us a one-stop shop for all your enterprise software needs. We work one on one with your business to align software with your unique needs, so you can gain the optimal solution to drive manufacturing growth.
Don’t fall behind in a fast-paced, global manufacturing environment. Contact Datix today to modernize your processes with ERP!