Top challenges manufacturers will face this year
Compliance, lack of oversight and increasingly complex supply chains are some of the challenges faced by manufacturers. Good news With the right ERP software for the manufacturing industry, you can:
Protect your business against catastrophic recalls
Recent legislation in many countries has given government departments increased power to intervene with manufacturers’ operations and easily demand product recalls and withdrawals. Consumers demand much more from manufacturers, ready to react when their expectations are not met. Plus, thanks to communications technology and social media, they are able to raise concerns instantly and publicly.
Put an end to poor decision-making skills
Knowing and understanding your business can be a challenge even at the most productive times. Manufacturers not having complete, accurate and on-the-spot, up-to-date data, face significant challenges with making timely decisions.
Which product is most profitable? Which supplier has the most delays? How much cash is tied up in inventory excess and how much should you invest in growing your business? Without answers to these questions, many businesses end up making poor strategic decisions, resulting in costly mistakes.
Stay in control of your entire supply chain, no matter how complex it may be
Managing supply chains is a constant challenge for manufacturers. In addition to staying on top of key factors like costs, demand forecasting, production downtime and inventory excess, supply chain partnerships are continually changing.
What happens if your supplier’s shipment is delayed? What if supply costs increase without warning? Without a fast and accurate manufacturing ERP system to track progress or to communicate, you might not be able to avoid production downtime or plan an alternative manufacturing schedule without negatively affecting your business.