Do you have a clear picture of what’s happening with your supply chain? In manufacturing, even more so than in other industries, visibility is crucial.
However, with so many moving parts, it’s easy to lose sight of your processes and progress. Below are some aspects of your manufacturing operations that are affected most by bad visibility:
Why does visibility matter in manufacturing?
Pricing
Prices and demands are constantly changing. Because of this, businesses can lose track of how much they’re paying and how they’re pricing their products.
By having real-time visibility of these price and demand fluctuations, manufacturers can price their goods accordingly.
Ordering
Over and under-ordering material is a common challenge among manufacturing businesses. If you order too many raw materials, you could end up having a surplus that will be difficult to sell. On the other hand, you could also fall short on products if you order too little.
However, with an improved view of your manufacturing process, you will be able to get more accurate estimates. You can also review your historical data to make smarter projections for your future orders.
Productivity
As we’ve mentioned before, manufacturing has many moving parts. For maximum productivity, businesses have to ensure the right people, the right materials, and the right processes all come together.
Keeping a watchful eye on how all these cogs fit and work will help you keep your manufacturing machinations well-oiled and in tip-top shape. Projects will take less time and you’ll be able to have more done if you’re able to easily track progress across all these elements.
Get a clearer view with an ERP system
Gain a 360-degree view of your supply chain along with smarter reporting and forecasting tools with an integrated ERP system. MYOB Advanced Manufacturing gives you access to all your business data, operational tools and day-to-day activity through one interface.
You also get real-time updates on material pricing and exchange rates to give you a comprehensive view of your business.
With ERP systems like MYOB Advanced Manufacturing, you’ll be able to order the right materials at the right time because the system will collect all relevant data – from the current cost of materials, to order information and manufacturing times.
Better visibility will keep you from over-ordering and wasting your budget on storage or unsold products, or under-ordering and buying last-minute materials that may cause you to lose customers.
This accurate view of costs and timing can also help you tweak your product pricing as needed. Overall, it means big savings for your manufacturing business.
Want to find out more? Download the MYOB Cloud Manufacturing Guide now.
Need assistance? We provide MYOB Advanced and MYOB Exo Support
If you’re an existing MYOB user with questions about the Manufacturing edition or other features of the system, you can reach out to our team. You can also follow us on our Facebook, LinkedIn, and YouTube pages for the latest updates on our ERP systems.
