ERP

How to Create More Business Visibility in a Manufacturing Business?

How to Create More Business Visibility in a Manufacturing Business?
How to Create More Business Visibility in a Manufacturing Business? Manufacturing companies must have a clear visibility of their operations and processes. Good visibility provides the ability to ensure timely procurement, right inventory, smooth production, efficient supply chain process and gain a competitive edge. In this article, we will discuss what is visibility in manufacturing, its significance, areas that require maximum visibility, and how ERP system can help achieve improved visibility. What is visibility in a manufacturing business? Visibility means the ability to capture rea...
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Purchase Best Practices for Manufacturing Companies

Purchase Best Practices for Manufacturing Companies
Purchase Best Practices for Manufacturing Companies Purchase or Procurement expenses comprise a sizeable chunk - sometime even up to 60% of  all manufacturing company expenses. The cost of materials is market driven and manufacturing companies have minimum control over the same. Profitability of a manufacturing company therefore depends on having efficient & effective purchase practices. Implementing Purchase Best Practices is the way forward to achieve smooth-running purchasing process that focuses on cost efficient purchasing. What are Purchase Best Practices? Purchase best practices...
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Importance of Sales KPIs For Manufacturing

Importance of Sales KPIs For Manufacturing
Importance of Sales KPIs for Manufacturing I think you will agree that your manufacturing company wants to boost its sales performance & improve profits.  Right? Do you have a systematic sales performance measuring & tracking system in place? As they say, what you can measure, you can improve. Have you defined the sales goals & targets for number of leads, lead conversion rate, sales pipeline, customer acquisition cost and so on. Are you keeping a close watch on your target vs actual performance by monitoring the sales key performance indicators? (Sales KPIs)?  KPIs essentia...
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Inventory Management Best Practices in Manufacturing Industry

Inventory Management Best Practices in Manufacturing Industry
Inventory Management Best Practices in Manufacturing Industry Adopting Inventory management best practices plays a crucial role in the success of any manufacturing industry. Ensuring proper inventory control and inventory optimization enables manufacturing companies to increase efficiency, improve productivity, reduce costs, avoid stockouts, ensure timely deliveries, improve customer satisfaction. Implementing the following inventory best practices, can help manufacturers streamline their operations and ensure smooth production processes. Accurate Demand Planning: Accurate demand plannin...
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Reorder Point | Optimize Inventory with Reorder Point

Reorder Point | Optimize Inventory with Reorder Point
Reorder Point | Optimize Inventory with Reorder Point What is a Reorder Point? Before we get into the details of Reorder Point, what is the definition, formula, importance, benefits of Reorder Point, let me share a small anecdote. One manufacturing company that produced rolled steel products, ran out of stock of a commonly used bearing. It took almost 12 hours for the company to arrange for the common bearings and production came to a grinding halt till then! Now, if you consider it carefully, the cost of the bearing was minor, but the resultant impact of production coming to a halt wa...
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Credit Control | Credit Policy | Credit Control Policy

Credit Control | Credit Policy | Credit Control Policy
Credit Control | Credit Policy | Credit Control Policy Credit Control which is also referred to as Credit Policy; is a business strategy adopted by companies to encourage the sale of goods or services by providing better payment terms and extending credit to customers. Simultaneously, companies set up well defined guidelines for the terms and conditions of extending credit, and course of action in terms of late payments, to safeguard their own interests. What are the advantages of extending credit? What are the important points to focus on while extending credit? To whom should companies e...
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Goods Received Note | Goods Receipt Note | GRN Format

Goods Received Note | Goods Receipt Note | GRN Format
Goods Received Note | Goods Receipt Note | GRN Format Every company receives as well as supplies goods; whether it is in the form of raw materials, consumable items, or finished goods. Hence, Goods Received Note / Goods Receipt Note / also referred to as GRN is an essential document for every purchasing company. It is a vital record maintained by the purchaser. Goods Received Note (grn) serves as the internal document for the basis of clearing invoices against goods received and making payments thereof. Let us now understand every minute detail of what is a Goods Received Note / Goods Rece...
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What is a Purchase Indent? | Purchase Indent Format

What is a Purchase Indent? | Purchase Indent Format
Purchase Indent | Purchase Indent Format Purchase Indent presents a formal requisition for the purchase of items/materials needed by an organization. Creating a Purchase Indent & setting up a workflow for its approval are crucial elements in defining the purchase process of an organization. What is the purchase process like in your organization? Do you have a defined workflow for purchase requisition? Do you create a Purchase Indent and approve it before creating a Purchase Order? In this article, we will cover the following topics : What is a purchase Indent? Why the need for...
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Benefits of ERP | Benefits of ERP System | Benefits of ERP Software

Benefits of ERP | Benefits of ERP System | Benefits of ERP Software
Benefits of ERP | Benefits of ERP System | Benefits of ERP Software Implementation | ERP Benefits We observe that companies are tentative to embark on a journey for ERP Implementation. primarily, because ERP implementation involves a long-term commitment as well as a considerable amount of time, money, and efforts to achieve digital transformation of the organization. Will ERP help improve our business operations? What improvement can we expect to achieve? What are the Benefits of ERP Implementation? These are some frequently asked questions, by companies contemplating ERP implementation. Thi...
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e-Invoicing | e-Invoicing under GST | ERP & e-Invoicing

e-Invoicing | e-Invoicing under GST | ERP & e-Invoicing
e-Invoicing | e-Invoice under GST | ERP & e-Invoicing e-Invoicing is a major reform towards Digital India. e-Invoicing is the digitalization of the Invoices for goods and services provided by companies. The Economic Times has reported that "The Central Board of Indirect Taxes and Customs (CBIC) Wednesday notified that e-invoicing will be mandatory for the business to business (B2B) transactions for taxpayers having turnover of over Rs. 100 crore from January 1, 2021". In this article, we are going to discuss in-depth about e-Invoicing initiative in India, objectives, benefits, procedures,...
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