10 reasons why your manufacturing company needs a modern ERP system
Manufacturers today are facing more pressure than ever to streamline their operations, reduce costs, and increase efficiency. One of the most effective ways to achieve these goals is by implementing a modern ERP (Enterprise Resource Planning) system.
Saying that ERP systems help organizations manage day-to-day business activities is not only an oversimplification, but it doesn’t address the breadth and reach of modern ERP systems. Modern ERPs connect to virtually every facet of the business, and when done properly, can provide the in-depth data needed for stakeholders to make critical decisions to help the business scale.
70% of manufacturing companies use some form of ERP software, making it one of the most widely adopted software solutions in the industry. And with the continued boom of the global ERP software market in the manufacturing industry, ERP isn’t something your business should be sleeping on.
A question you may hear across the business may be, “Why is an ERP system better than what we’re using now?” Let’s look at some considerations why:
One of the biggest advantages of a modern ERP system is its flexibility. Cloud-based ERP systems offer the benefit of scalability and flexibility required to support growth and change, as well as lower upfront costs. Solutions such as Infor CloudSuite Industrial/SyteLine provide a multitude of highly specialized industry-specific capabilities such as specialized pricing, promotion and compliance features for manufacturers and distributors, straight out of the box.
Automated Materials and Inventory Management
By automating the tracking and management of materials and inventory, manufacturers can ensure that they always have the right materials and inventory on hand, while also reducing the risk of stockouts and overstocking, helping to reduce costs and improve efficiency.
Detailed Audit Trails
Keep track of all transactions and changes made to the system to provide a clear and accurate picture of the manufacturing process. This can help manufacturers identify and resolve any issues that arise and improve compliance and regulatory requirements.
Powerful Tracking and Reporting
Modern ERP systems offer powerful capabilities that can help manufacturers better understand operations, including tracking and reporting on key performance indicators (KPIs) such as production time, inventory levels, and costs. With all this data available at a glance, manufacturers can make better-informed decisions and improve overall operations.
Business Intelligence and Superior Data Analytics
ROI is always the key metric for business decision-makers, and modern ERP systems help teams communicate more clearly with executive stakeholders through business analytics, scenario planning, and financial impact analysis. Access real-time data and insights from interactive visuals as opposed to monotonous spreadsheets to help you improve your operations and make better-informed decisions. Improved team performance, collaboration and the advantage of a competitive edge for your business are easily attainable thanks to the enhanced user experience, navigation and access to information.
Production and Inventory Control Capabilities
A modern ERP system provides end-to-end solution for production and inventory control. Get real-time visibility to be able to make informed decisions and respond quickly to changes in demand and optimize the production process to maximize efficiency and minimize waste.
Tools for Contract Administration and Billing
Manage contracts and invoicing processes more efficiently, reduce the risk of errors and delays, and improve cash flow and overall financial management. Infor CloudSuite Industrial/SyteLine assists you in remaining up to date and accurate with respect to taxation, reporting, rules-based accounting, electronic banking and government messaging requirements. In addition, it also upholds the necessities of several countries with regards to financial operations of any kind.
Project Control, Collaboration and Execution
With tools for project planning, scheduling, and tracking, as well as collaboration and execution, you can ensure projects are completed on time and within budget.
Advanced Planning and Shop Floor Scheduling
Modern ERP systems offer features such as capacity planning, production scheduling, and shop floor control. By having these capabilities in place, manufacturers can optimize production processes, reduce costs, and improve efficiency.
Improved Customer Relationships
Infor CloudSuite Industrial/SyteLine gives manufacturers the ability to oversee installations as part of the operation, allowing them to create a wider set of services and maintenance agreements which in turn promotes healthy long term customer relationships. Another feature of Infor’s CloudSuite Industrial/SyteLine is its warranty which provides an all you need tool kit so you can cater to your customers’ needs better. This can be a great factor for differentiation by managing warranties, facilitating replacement parts, service orders, service and maintenance agreements as well as a complete unit history.
Ready to learn more?
The goal of a modern ERP system is to bring your people together with shared goals. Are you interested in implementing this new mindset? Our team at SolutionsX would be happy to help. We provide expert solutions for your organization’s ERP needs. With more than a decade of manufacturing industry experience our SolutionsX consultants are not only a point of contact but an ongoing personal guide in building and integrating a system that fits with your operations, goals and culture. Reach out to us at SolutionsX to find out more.