ERP

Speed in Business | Why is speed important for a business to succeed?

Posted on September 25, 2019November 28, 2022 by forceintellect

"Speed is the New Currency of Business" - Marc Benioff - Chairman and CEO Salesforce Why is speed important for a business to succeed? Business is all about Speed they say! But before we get into how or why speed is critical for any business to succeed, let us understand what exactly is speed in business. What is Speed in Business? In terms of Business, Speed essentially means how quickly your business performs. What is your turnaround time? How soon do you respond to prospect queries, clients requirements, customers feedback etc. In terms of a typical manufacturing business, it will m...

ERP Selection & Implementation Guide

Posted on August 29, 2018September 3, 2024 by forceintellect

Business has become more competitive and value driven than ever. To improve their deliveries and performance more and more organizations are going digital and adopting ERP. ERP selection & implementation has a key role in successful ERP implementation. Here is our guide for ERP selection and implementation. 1. What is ERP? 2. How ERP is helping midsize organizations around the globe? 3. 8 Signs it's time to invest in ERP for your business. 4. ERP selection steps. 5. How to estimate ERP implementation cost? 6. The Key Factors for successful ERP implementation. ...

Action Plan for Inventory Optimization

Posted on July 26, 2018September 16, 2024 by forceintellect

Inventory Optimization has always been challenge for SMEs. The objective of this article is to suggest actionable steps for inventory optimization for SMEs. Steps mentioned in this article are prepared based on data analyzed from various process industries. We will cover inventory optimization for discrete manufacturing in separate article. 1) Identify Consumption Pattern and Consumption Rate: Analyze your past consumption data of minimum 2 to 3 years consumption. Based on analysis of past data you should be able to segregate items into different consumption patterns. Few examples are: ...

Supply Chain and it’s impact on profit and growth in today’s business

Posted on May 14, 2018September 3, 2024 by forceintellect

What is Supply Chain Management? Why is it important? Supply Chain Management (SCM) is an important part of every organization, whether small or large. It is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. SCM also deals with the movement and storing of materials needed to create a product, as well as inventory management, and keeping track of finished goods from where they were created to who they go to. Modern supply change management encompasses the strategic alignment of end-to-end business processes to reali...

Store Management and Its Importance

Posted on May 9, 2018January 7, 2025 by forceintellect

What is Store? Store is an important component of material management. Store keeps the materials such that the materials are well accounted for, are maintained safe, and are available at the time of requirement. Storage is an essential and vital part of the economic cycle and store management is a specialized function, which can contribute significantly to the overall efficiency and effectiveness of the materials function. The main processes of store are: to receive the incoming materials (receiving), to keep the materials as long as they are required for use (keeping in custody...

How Material Management Evolved

Posted on April 17, 2018November 28, 2022 by forceintellect

History of Materials Management Material management as a discipline was rather slow to evolve as compared to production and marketing function. The growth of Material Management as a field of study and one of great relevance of business performance is of recent origin and have its root in the US economy. Over the years from the simple mechanism of exchange of goods and services it has transformed into a complex system of industrial production and commercial system. The supplies for manufacturing organization got disrupted during WW1, the shortage during the war and heavy inventories build up...

Reports to give insights of Material Management

Posted on April 4, 2018September 16, 2024 by forceintellect

Several reports that could be used for making your Material Management efficient and optimize your inventory are:- ABC Analysis ABC analysis is an inventory categorization method in which 10-20% materials having 70-80% annual consumption value comes under A while 50% materials that have less than 5% annual consumption value comes under C. B consist 30% materials of the total inventory and their annual consumption value is 15-25%. The aim of this analysis is to draw managers’ attention on the critical few items (A-items) and the trivial many (C-items). The inventory can be made more eff...

Material Requirement Planning

Posted on April 3, 2018September 16, 2024 by forceintellect

Most of the SMEs today are facing problems in inventory control, delayed production, delayed in delivery and many such problems, this causes excess or shortage of materials in inventory, departments not getting materials in stipulated time and unhappiness of employees as well as customers But why are such problems so common in SMEs? These problems arise as a result of improper planning and management of materials. If proper planning is done, industries will know how much inventory to keep, causes of delay and estimate the correct time of delivery. This will help in preventing production de...

Standard Material Management Process for growing SMEs

Posted on March 29, 2018January 3, 2025 by forceintellect

Why do you need Standard Material Management Process Efficiency in operations is necessary for every organization and hence you need to manage your materials as efficiently as possible. Adopting Standard Material Management practices can be a good option for you. A Standard Material Management Process results in customer satisfaction and the overall success of the company. In many ways, it is the backbone of the manufacturing process as well. Various activities involved in Standard Material Management Process are Codifying Materials and Services This deals with uniquely identifying eac...

Formats for Material Management Operations in SMEs

Posted on March 21, 2018September 16, 2024 by forceintellect

Why do you need Standard Material Management Formats Standard Material Management formats will help in collecting relevant data of your operations. This will eventually help you bringing more visibility and control over your organization, hence helping it in becoming more efficient. List of all the major operations involved in Material Management is given below with their formats so as to make your data collection easy:- Various templates of Material Management Formats Indent - When an internal department is in need of some materials for their processes they submit an indent to the Purchas...