It’s no secret that technology is driving every facet of the world. This is the era where demanding market requires a cutting-edge technology that can support IoT capabilities and Business Intelligence functions.
Today, high-tech market leaders are aiming to create a smart manufacturing environment that has all the capabilities to deliver insights while reducing downtime and improving product quality.
High technology or high-tech manufacturing is the process that uses the most advanced and cutting-edge technology (which keeps on evolving with time) to build an innovative and out of the box product. Manufacturers in this field aim to manufacture big-ticket products such as connected cars, smart farming equipment, semiconductors, medical devices, robotics and more.
High-tech companies are leading the charge. Business owners are making headway to transform prospects into reality. They are creating the new possibilities to foster advanced aura. As this sector is moving at warp-speed, simply gaining the visibility of the operations will not suffice. Robust intelligence engines need to be deployed along with this to ensure every stock keeping unit in the supply chain planning is stored properly.
Undoubtedly, the manufacturing of high-tech products is a tough task that involves complicated processes such as heat treatment, testing, inspection, fabrication, machining and so on. High-tech manufacturing is associated with some unique set of challenges –
1. Complex BOM – In the quest for excellence and innovation, companies are continuing to face challenges so as to manage the global supply chain. High-tech manufacturers aim to revolutionize the present version of goods into a better and smarter one. To create such products, high-end, complex assemblies and components are required that can be keenly detailed and maneuvered by manufacturing and engineering processes.
2. Obsolescence – The High-tech industry is the only sector that keeps on evolving at a fast pace. Demand for new & innovative product keeps on increasing and old versions are replaced by it. This leads to outmodedness.
3. Huge capital investment – Electronic components such as semiconductors, chips, hard-disk etc. are transforming greatly under nanotechnology. Smaller the components are, the more complex and expensive its manufacturing and QC is. Instead of running around in circles, it is better to adopt a state-of-the-art software that can bind every related operation together so as to make the most of investment done on creating the products.
4. Unpredictable demand – Absence of proper collaboration tools, tracking the quality of parts and exposure to foreign currency risk are a few challenges that high-tech manufacturing industry faces during the transformation process.
The fast-paced high-tech world is moving at an unprecedented rate. For agile high-tech manufacturers, it is mandatory to select a good and full-fledged ERP solution that can help them grow by consolidating every file, report, and data on a single database so as to ensure that every department is on the same page.
In this blog, we’ve briefly summarized how an ERP software can help you address the market opportunities in this sector and drive your business like never before. Let’s catch a glimpse of the opportunities that high-tech industry provides –
1. Demand for semiconductors, robotics, AI, nanotechnology, IT and medical devices continue to grow in the coming years. Obsolescence will anyway, not hinder the evolution of new technology and production of a great range of high-tech products.
2. The digital thread is creating a connected flow of information that brings together the processes and data that were once siloed. Digitization has given high-tech companies and manufacturers the opportunity to capture and scrutinize the amount of data to deliver dead-on vision and task in real time.
3. With the increase in demand for consumer electronics, instrumentation, and telecommunication segment, the semiconductor consumption is likely to increase. Investment opportunities are high in telecom products, Semiconductor Design, Industrial/ Consumer electronics and other electronic components.
Needless to say that precision and agility are paramount in the high-tech sector. Whether you are a manufacturer of semiconductors or original equipment of the most high-tech equipment in the industry, there is a specific set of processes that are ought to be followed. Most of the small and mid-sized businesses are inclined towards including a full-fledged and powerful Enterprise Resource Planning software that can align well with the business models.
How can ERP add value to your business?
ERP is a strong and powerful suite of business tools that lays emphasis on the fast-paced operations in a manufacturing unit. It creates an agile and nimble platform that handles ambit of tasks such as production, quality, finance, sales and marketing, warehouse management, supply chain planning and so on. Considering the fact that every business has a different style of working, it is better to take time to research about what ERP will fit your business and cater to its processes seamlessly.
Technology has bestowed us with ample of advantages. It has spurred globalization and encouraged development. The market keeps on evolving. From computers and desktops to MP3 players and play stations, every product in high-tech sector needs a revamp after a period of time. Designed to meet varied operational and business needs, ERP lets you automate data and knowledge transfers while managing departments such as sales and finance, production, quality check, accounting, purchase and procurement, project management – just to name a few.
Get through the competition
Every day, every week, every month, we hear about a new product launch. There will be innovative products hitting the market – you have to keep up with the competition and for this, ERP is the key- you can plan, manage, execute, track and gain control of every operation taking place in your organization.
ERP is an ideal solution that reconnects the disparate files and processes. However, it is very important to search for the most suitable software that can meet the entire range of organizational requirements.
Choose modern cloud ERP platform for better performance
Modern cloud eliminates the need for a cumbersome legacy architecture that acts as a barrier in the way of growth and innovation. As more and more companies are going on the cloud, small and mid-sized businesses are under pressure to migrate to the cloud solution so as to stay competitive, agile and innovative.
When your company uses state-of-the-art functionalities such as cloud, IoT connectivity, big data analytics and digitized supply chain, it will minimize the bottlenecks and roadblocks while enhancing effectiveness.
High-tech solution for the high-tech industry
High-tech manufacturers often seek better and more advanced solutions that can enhance customer satisfaction and retain them in a long run. OptiProERP is a ground-breaking ERP solution that has been carefully created by SAP certified consultants and technology partners to provide you with all the latest features and tech-driven functionality to drive business productive environment.
OptiProERP with SAP Business One builds a digital and compelling workplace that lets your employees accomplish the work in a streamlined manner. It is embedded with inventory functionality that supports serial and lot tracking, checks the usage of primary and secondary BoM, manages subcontracting transactions and what not. Modules of OptiProERP with SAP Business One include – finance, sales, and accounting, purchase, production, warehouse management, supply chain planning, quality assurance, project management, business intelligence etc.
Download this whitepaper on An Overview of High-Tech Industry if you wish to learn more about High-Tech ERP solution and how it can help your High-Tech manufacturing business with its functions