The top challenges Hong Kong manufacturers will face in 2019
Many manufacturers are facing challenges like compliance, lack of oversight, and increasingly complex supply chains in 2019. The good news? With the right ERP software for the manufacturing industry, you can:
Protect your business against catastrophic recalls
Recent legislation in many parts of the world has given government agencies greater power to intervene with manufacturers’ operations, and to demand product recalls and withdrawals more easily. Consumers have also become much more demanding of manufacturers, ready to react when their expectations aren’t met. In addition, thanks to communications technology and social media, they’re able to raise their concerns instantly and very publicly.
Put an end to poor decision-making
Getting detailed insight into your business can be a challenge at the best of times, and manufacturers who lack complete, accurate, and up-to-the-minute data can face significant obstacles to 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 you could invest in growing your business? Without the answers to these questions, many businesses end up making poor strategic decisions, resulting in costly mistakes.
Stay in control of entire supply chain, no matter how complex
Managing supply chains is a constant challenge for manufacturers. In addition to staying on top of the key factors, such as 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 communicate, you might not be able to avoid production downtime or plan an alternative manufacturing schedule without hurting your business.