Business Automation and Software Blog

Demand forecasting is a crucial component of a distributor's supply chain strategy. Without it, there is no system to determine how to purchase inventory to fill orders in the changing economic conditions present in 2023. Demand forecasting in supply chain management must consider several factors, including the WHO recently announcing the end of the global pandemic. 

Distribution companies will no doubt rely more on technology for the rest of 2023 and beyond. Interacting with suppliers and vendors digitally will become routine for most interactions. 

Your company’s finance department can have a substantial impact on your business—depending on whether it runs efficiently. Managers need to make crucial data-based financial decisions to help the business succeed. Investing in a cloud ERP (enterprise resource planning) system is an excellent way to give your finance team the information they need quickly and easily.

An Integrated Cloud ERP System

A company's cash management and capital planning are essential for its success. If employees must perform these processes manually, it takes a long time and a lot of effort.

Manufacturing companies absolutely depend on their ERP to optimize their business processes and give them the data they need when making important decisions. Cyberattacks and ransomware are unfortunately becoming more common over time, which makes taking steps to fight back against these cyberthreats a priority. Improving ERP security is one thing all manufacturers can do to mitigate cyberthreats.

Why are ERP Systems Targeted?

The answer is simple: a company’s ERP contains crucial and sensitive information. If this information is obtained by outsiders, it may lead to:

Recently, we provided A Step-by-Step Guide to Making Your New ERP Selection. But what happens once your business has chosen a new enterprise resource planning (ERP) system? Your organization will benefit from gaining access to sophisticated software that can integrate and streamline your business processes across your entire organization. ERP implementation makes accounting and your other operations run more smoothly. 

ERP Implementation Best Practices

Deploying an ERP can be a complex process, though, and you’ll need to spend some time planning. Continue reading to discover best practices for implementing your company’s ERP.

Technology is making organizations change rapidly and the pace of that change is accelerating more quickly than ever before. Change is now at the point where it is redefining markets and forcing entire industries to adjust the way they do business. Decision makers must also change with the times and embrace new technologies to ensure their business stays competitive. Part of the solution is to digitize with ERP.

The supply chain crisis is far from over and US manufacturers are taking various steps to confront this issue. The old methods of confronting delays in the supply chain, such as moving production offshore as sources of less-expensive labor, are no longer viable. Companies making high-end products with a substantial profit margin are finding their manufacturing efficiency has dropped. These companies are considering moving their production to its original location. However, reshoring is a decision that can’t be made lightly.

The manufacturing industry has changed and is relying on data and analytics from a manufacturing ERP system more than ever to support its business endeavors. Data is required to provide visibility over the company’s operations. Managers use these data and analytics to make better decisions for the company. The delivery system that collects the data and stores it must be reliable; the data must be timely and accurate. The manager must be able to access it in a format that is understandable.

When a business is in startup phase, it likely only needs some basic business accounting software to meet its needs. As it grows, hires team members, and moves into a larger space, its accounting needs will grow too. At that point, the business will be dealing with a bigger payroll, more inventory, and a larger volume of invoices. Its taxes will become more complicated, too. The company management will need detailed reports to plan the annual budget. Once the company outgrows its startup status, it also outgrows its basic accounting software.

Effective inventory management is crucial to modern business because it provides a cushion to balance the uncertainties between supply and demand. It can be viewed in a positive manner; however, holding onto excess inventory can lead to problems. The physical space taken up by stock always comes at a price: inventory held in the warehouse ties up company cash and working capital which could potentially be used for other purposes. Lower inventory costs result in a higher return on assets. If business owners know that holding inventory costs money and negatively impacts the company cash flow, why not simply slash it to the bone? It’s a balancing act, to be sure, and inventory control software can help your company determine how much inventory to keep on hand at any one time.

A business is built on its relationships with its customers. Without a steady stream of them, a company won’t be able to survive for long. Customer relationship software, or CRM, is designed to help you manage your customer relationships, including business reporting and analysis.