Manufacturers are facing intense global competition, increasing product complexities, logistics challenges, shorter product life cycles, and modern technology requirements. But driving growth in manufacturing is definitely possible with ERP.
An ERP system helps manufacturers improve efficiency, reduce costs, generate leads, boost revenue for them to grow and transform their business effectively.
In this article, we’ll outline eight strategies for manufacturing growth and the ways an ERP software can support them.
8 Ways to Drive Manufacturing Growth With ERP
To drive growth, manufacturers should be able to focus on what they do best. That is to design and create great products, and offer the best services to their customers.
The last thing they should worry about is their software or business applications. Accordingly, using the right ERP solution is key.
Listed below are eight strategies for manufacturing growth and how a modern ERP solution can help in every step.
1. Eliminate inefficiencies
Manufacturing is complex and can be filled with inefficiencies. In particular, machines or tooling are sometimes set up incorrectly resulting in excess scrap.
Production is slowed down when materials are not available and expensive equipment is underutilized. These may then lead to increased costs for rush orders, wasteful changes, and additional materials and labor.
And with prices driven-up, it can be difficult to compete.
In the Philippines, the Acumatica Manufacturing Edition offers an integrated suite of applications designed to eliminate inefficiencies. This is achieved through automation and actionable business insights ultimately driving growth in manufacturing.
2. Streamline processes with connected supply chains
Today, collaboration is important for manufacturers.
Customers now participate in product designs. Moreover, suppliers look for forecast data for the parts they deliver.
Manufacturers using legacy ERP systems normally use the phone, fax, email, and other disconnected systems for collecting essential information. These systems tend to slow down processes and negatively affect the decision-making in product design, production, purchases, and orders.
For this reason, Acumatica ERP connects your business with partners, customers, and dealers to boost efficiency in your operations.
With its embedded CRM, web portals, and external collaborations, you can then optimize your operations and serve customers better.
3. Generate more leads; close more deals
This may be stating the obvious, but product complexities make it hard for manufacturers to improve sales.
Some manufacturers heavily rely on estimates with a small percentage turning to quotes or actual orders. Old, disconnected technologies also affect processes that delay information needed for effective sales and marketing.
Manufacturers need to come up with better ways to work out business opportunities.
Acumatica Cloud ERP’s Manufacturing Edition gives manufacturers all the tools they need to sell more products and services. It offers marketing automation, matrix items, as well as product configuration.
4. Offer exceptional service
Aside from making great products, manufacturers also have to work on customer service to drive growth. Generally, customers today choose suppliers based on services provided around their products.
Given this, leading manufacturers nowadays offer services to complement their core product offerings. These cover installation, repair and maintenance, and other services.
Acumatica Cloud ERP solutions are embedded with CRM and field service applications to enable manufacturers to deliver world-class services.
5. Optimize inventory
Inventory may be a manufacturer’s largest asset, but it is also one with the highest costs.
Indeed, holding too much inventory increases carrying costs given the tendency for products to go bad or outdated. But too little inventory, on the other hand, may cause delays in shipments and scheduling problems.
As a solution, manufacturers should automate, optimize inventory levels, and implement prompt strategies to save time and increase inventory turns.
6. Reduce technology costs
Some cloud ERP providers in the Philippines have restrictive and pricey user licensing. Furthermore, manufacturers are locked into expensive long-term contracts with some ERP vendors.
With Acumatica ERP software, however, manufacturers don’t need to worry about the technology costs. It offers unique, consumption-based licensing with no hidden fees.
That means unlimited user licenses, free online training, and no-code/low-code customization — no special expertise and staff needed.
And the best part is: Acumatica is cloud-based requiring no upfront costs for hardware or software installation.
7. Get actionable insights
ERP systems revolve around data. And with so much data, it is often difficult to process them into something useful.
Acumatica cloud ERP software uses artificial intelligence and machine learning to provide actionable business insights. In this case, you can access and configure dashboards for more efficient reporting.
8. Invest in technology
Manufacturers today hugely benefit from innovative technology such as 3D printing, RFID, virtual and augmented reality, and the Internet of Things (IoT).
Prepare your business for the future with a modern ERP system, mature and rich in functionalities.
Acumatica promises no complexities with low-code or no-code capabilities. With its ease of use and scalability, manufacturers of all sizes are sure to discover more ways to grow their business.
Manufacturers Grow With the Right Technology
Manufacturing can be challenging with its many moving parts. That is why to jumpstart one’s growth, manufacturers should start arming themselves with better technology.
ERP solution providers continue to work on the most efficient software tools that manufacturers can utilize.
Acumatica ERP, for example, offers a full suite of adaptable and scalable business applications for manufacturers in the Philippines. It is built on a future-proof cloud platform and offers rapid integrations so your business can work better, faster.
Choose a customer-friendly technology provider with the right industry-specific solutions to do the heavy lifting. So that instead of spending time worrying about your systems, you can focus on what matters most: your core business.
For more Acumatica and ERP-related articles, you can browse over here.
Yondu is an official partner of Acumatica in the Philippines. If you’re looking for a Cloud ERP software provider, we might just link your business up with the best one yet. Contact our team of experts today.
Note: Content originally published by Acumatica. Click here to see the full version of this Solution Brief.