The future of ERP systems with Internet of Things
Headquartered in Redding, United Kingdom, Invenio Business Solutions is a provider of solutions for industry-specific enterprise resource planning (ERP) focused on SAP, tax and revenue management, business intelligence & big data, mobility, CRM, eCommerce and Enterprise integration services.
These days there’s a buzz among companies and enterprises to hop on to the IoT bandwagon. Almost every discussion will boil down to focusing on technology and maximizing output by embracing IoT. But not many have a clear understanding of what IoT actually is! The Internet of Things (IoT) refers to connected devices and systems that typically gather data via embedded sensors or actuators in machines or other physical objects. The interconnection of these embedded devices is expected to usher in automation in nearly all fields. It is a perfect augmentation of the physical world with its virtual counterpart, making it a perfect connected world. The Modi-led government is giving special preference to young entrepreneurs adopt updated technologies by initiatives such as setting up Venture Funds specifically directed to support companies in IoT related domains.
Just as IoT, one ERP’s key objective is to serve customers better. The notion of ‘servitization’ binds these two dynamic tech offerings to merge into a robust output for organizations across verticals. Machine to Machine (M2M) technologies across a vastly expanded internet are the next step in information and data management. This is a concept that envisages a world where machines, people, enterprise resource planning (ERP) and customer relationship management (CRM) are all tied up with other information sources like social media, and the capabilities to analyze and use that data where it is needed.
The future of ERP systems
To maximize the potential gains from this huge mass of data, ERP systems must be flexible, intelligent and act in real time. While data runs were consigned to silos and ran at intervals during the day in the past, new systems will live and die by their ability to process, analyze and show important data in real time.
The Internet of Things will play a vital role for ERP and it will help in developing it into a far superior offering in terms of multiple user access via laptops, tablets, mobile devices, and even watches, IoT strengthens ERP because of its ability to assist with data gathering.
For example, shelves which can detect the amount of inventory and send that data back to the ERP system strengthen the functionality of inventory management. Another example is that IoT enables products to send back the customer’s satisfaction level to the ERP. By creating an interface between Internet-connected devices will provide ERP platforms greater flexibility in developing viable uses of the data gathered by IoT.
Why organizations need ERP platforms to enhance operational efficiency in the dynamic IT environment?
As new technologies continue to multiply throughout the enterprise, IT leaders must cope with constant changes as they feel the pressure to deliver new services, improve performance speed and manage complex environments. In this dynamic environment, companies need to protect their investments by deploying flexible IT architectures that allow employees to access information faster for insightful decisions. Companies can achieve more by improving system performance, increasing throughput capacity and turning data into insights faster. The big advantage of having ERP is the fact that people in different departments can all see the same information, and update relevant information. Apart from the low cost of ownership and savings achieved by standardizing one application to manage multiple business functions, usage of ERP promises much more. Among countless other advantages, implementing ERP software can improve productivity, increase efficiencies, decrease costs and streamline processes.
IoT – dynamic game-changer in the IT scheme of things
IoT is a technology in which uniquely addressable, physical objects are connected to the internet to identify themselves to other devices based on certain network protocols. Identifiable, autonomous, adaptive, responsive, and self-configurable entities continuously interact and cooperate with each other to ensure ubiquitous communication with peers and servers on the internet. In this automated communication model, devices become context aware, organize themselves, transfer information, and respond to changing, dynamic circumstances
Key developments in the light of existing industry context
The Internet of Things (IoT) has the potential to transform both the business and the IT infrastructure of the insurance industry. The data captured and transmitted by multiple sensors and devices – each attached to an associated, insured risk – will redefine existing processes of underwriting and pricing. Traditional removable SIM cards are being replaced by dynamic embedded ones. The Role of the IoT in smart Grid deployment.