5 Signs Why Manufacturers Should Review Their ERP SolutionMember News
Costs and Time
Everything within the business we know is to make a profit. But for every product and/or service you provide do you know exactly the profit you are making? Are you fully aware of your operating costs per product, as well as the time scale of each product?
Without a clear view of costs, businesses are unable to acknowledge a precise profit margin. From time to time you may have experienced an unprofitable job because of a missed costing during quoting, or even an incorrect estimation of time, which can hinder businesses. Through an efficient ERP system, you are able to acknowledge all expenses and time relating to each job, thus allowing you to quote, winning jobs confidently and preventing a financial concern to your cashflow.
How transparent is your business? Within each department do you know the status of each job?
Different departments may have different work processes, with some storing valuable data on spreadsheets. Different processes prevent businesses ‘singing from the same hymn sheet’ and this results in a lack of communication and integration with duplication of work. Whatever the product or service you provide, a clear view of the status should be easily accessible. Your ERP system should allow you to track and account for every product and service. This allows the business to stay efficient by having full visibility of your business processes which helps increase workforce productivity.
How many times have you had to tell a white lie within your supply chain or said “I’ll get back to you” because you’re unable to quickly provide them with an answer?
In today’s age, we can all appreciate how tough competition is, how more demanding our customers are and how quickly our relationships can change with the flip of a coin. When departments are interlinking and having full visibility, you’re able to answer honestly to your customers, and even better communicating the process before they even think to raise it as a concern. Your ERP system should be agile so you’re able to clearly communicate with customers on demand. This results in being seen as reliable and keeping to timescales which will help increase your customer loyalty.
How streamlined is your process management?
Having the right ERP system can benefit each role individually. Through automated processes, you can speed up jobs and productivity, whilst lowering human error. Through manual process management, every employee can automate repetitive processes (whilst having the ability to manually adjust) cutting out any repetitive work. The ability to raise alerts prevents processes from being missed or delayed, increasing efficiency and again lowering human errors.
Plan and Forecast
How accessible is your Business Intelligence (BI) data? Can you generate any insights reporting on demand, and is this accessible for those key decision-makers?
It’s probably fair to say we have experienced first-hand how business can change over-night and how some things can have an escalating effect on businesses. With the correct data presented in a timely matter, alongside performance analytics and trends, a business can forecast, plan, analyse and execute. BI interlinks with the last 4 points and it becomes part of the core of growing your business to stay ahead and competitive in your game. Your ERP should be able to provide you with valuable insights into your business processes, your customers and trends.
As the core of your business, your ERP system should be the foundation of growth. From improving processes and interactions (internal & external) through to cutting costs in labour, supply chain and IT. As a support function of your current business, your ERP provides insights being a valuable asset to grow your business.