How ERP Can Provide Global Supply Chain Visibility
By Katie Foley
Managing the global supply chain has never been more challenging or critical for manufacturing companies. Challenges include fluctuating demand, supply disruptions, and rising transportation costs just to name a few. This is where ERP companies can help manufacturers meet these challenges.
Demand Forecasting and Inventory Management
Predicting demand with accuracy is critical to optimize inventory management. Low inventory can lead to lost sales, production delays, and customer dissatisfaction, while too much inventory can cause increased storage fees, tied-up capital, and potentially wasted material if it becomes expired or obsolete. Modern ERP systems come with advanced forecasting technology that can predict demand based on historical data and market trends. Improving demand accuracy can allow manufacturers to plan scheduling and inventory more efficiently.
Data Driven Decision Making
Large amounts of data is meaningless without the tools to analyze that data. ERP systems can generate reports that allow decision makers to be proactive instead of reactive. By analyzing trends, ERP systems can improve efficiency and reduce risk for manufacturing companies.
In today's fast paced, global environment, manufacturers will often have materials shipping across state and country lines with multiple suppliers and distributors involved. A robust ERP system gives real-time visibility into inventory levels, tracking shipments, and looking at supplier history to allow for data-driven decision making and real-time visibility.
Enhanced Regulatory Management
In today's world, manufacturers need to stay on top of different customs requirements and regulatory standards in every country that a business is operating in. Not staying on top of these issues can result in legal issues, shipping delays, and unhappy customers.
How can ERP help with compliance and regulatory management? In a number of ways including offering a space for all documentation to be stored. ERP systems offer a secure home for all related documentation and data related to a supplier or a customer. This data also provides an audit trail for all financial transactions. ERP systems can also keep track of varying tax rates, customs requirements, and more. Depending on the industry, ERP systems also comes with quality control functionality and functionality to track environmental impact.
Conclusion
Modern ERP software provides much more functionality than just basic accounting and inventory functions; it has evolved into a powerful tool to manage today's quickly evolving global supply chain. If your organization is struggling overcoming supply chain challenges, Visibility ERP is the perfect partner to help you thrive in the global supply chain and beyond.
Reach out to one of our ERP experts to learn more about the power of getting Visibility into your business.
