An ERP Software Market Report published by Allied Market Research states that the global ERP Market of ERP is all set to touch US$41.69 Billion by the year 2020. ERP systems have been around for many years now, assisting businesses to organize and simplify their complex business processes. This has led to a tremendous evolution of the ERP technology in the past few years with a good number of organizations joining the bandwagon.
So are you still wondering if you should implement an ERP system? Well then read on to discover why every manufacturing business must opt for it.
ERP for Manufacturing Industry
Whether it is Inventory Management or Production, a manufacturing business is always on the lookout for options that drive efficiency across many critical operations. This needs smooth coordination across the organization right from backend to the production unit. With cut-throat competition in the market, manufacturing businesses are looking to spruce up their operations in order to stay ahead of the curve. Therefore, it is time for manufacturers to wake up to the notion of leveraging actionable Business Intelligence (BI). Here in this article, we discuss the ways ERP for manufacturing can help manufacturing businesses to harness the power of Business Intelligence:
Organize Business Processes with greater Flexibility
A complete ERP for manufacturing process solution organizes and automates the business processes and drives automation for manufacturing organizations. Automating the processes makes all the data available together in one place with complete insight in all the functionalities like R&D, Finance, Sales, Inventory, Order-Fulfilment, Materials Management and more. Moreover, any of the personnel can analyze the status of Production in real time without depending on an individual or a team. Therefore, automating processes with the help of an ERP System helps the company to reduce its dependence on manual processes. This will not only improve the Production Process but also minimize errors and enhance profitability considerably.
Swifter Response to Market Conditions
ERP Systems provide real-time data analysis that helps businesses estimate, adjust, plan and respond to the changing market requirements in the most efficacious manner. The decision makers can make use of the ERP System generated reports frequently to get a better understanding of the varied market demands and thus, capitalizing on customers’ different purchasing patterns.
Well Thought Out Decision Making
An effective ERP solution enhances the decision-making ability of an organization by providing thorough insights into every department and business process, thus assisting the company in taking informed, spot-on and faster business decisions. Moreover, the complete visibility of internal processes and departments helps the management optimize their day to day operations.
Cutting Down the Costs
ERP software helps manufacturing organizations in cutting down on the overall operational cost as the manual and time-consuming processes are replaced by automated and streamlined processes with real-time business information. An ERP solution also helps to minimize labor expenses, and the augmented precision curtails the losses. Lastly, an improved organizational visibility helps the management to make and implement necessary savings decisions wherever possible.
Ameliorate Customer Satisfaction
A meticulous Production Planning, an enhanced Inventory Control, and better coordination with the distribution channels enable a manufacturer to ensure on-time delivery of products. Delivering the products on time is very crucial in creating and sustaining customer satisfaction and loyalty. Also, since an ERP Solution provides the real-time view of all functions including inventory and finished goods, the management can make and fulfill realistic delivery commitments, thereby increasing sales revenues.
To conclude, an effective ERP for manufacturing when chosen after careful evaluation and implemented meticulously can do wonders for your manufacturing business irrespective of its size or segment. Above all, it is very important to choose the correct ERP Solution with a proven track-record to commence a successful ERP journey for your business.