Inventory management: Why manufacturers need to optimise it
Good inventory management can result in improved cash flow, while giving your manufacturing firm a reputational boost. Learn how to improve your processes.
Enterprise Resource Planning (ERP) is a type of software that connects core business processes, including inventory and order management, accounting, human resources, and customer relationship management (CRM). Using an ERP allows you to run your entire business from one system.
A company-wide ERP system gives you access to real-time data, making long-term planning and day-to-day operations more streamlined and efficient. It provides essential insights into your company, including areas for improvement, as well as giving you an overview of your finances and automating accounting tasks. Using ERP software also allows you to improve workforce management by tying all the key areas of your business together in one single system. This makes efficiently collaboration across departments straightforward.
Before undertaking an ERP implementation, it's vital to understand the requirements and pain points of your business, and the ways in which the new system will help you address them.
Implementation involves installing the software, migrating your financial data, ensuring information security, setting up users and processes, and - finally - training your staff to use the software.
Using recognised organisational change management practices can streamline the implementation process because it takes into consideration the needs of the people using the software, not just the technical aspect of ERP integration.
Good inventory management can result in improved cash flow, while giving your manufacturing firm a reputational boost. Learn how to improve your processes.
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