It’s no secret that modern businesses need to leverage the power of data to stay competitive. When taken advantage of, manufacturing data can be utilised to speed up the development of products and services, provide a better service to existing customers, and help with engaging new customers.
ERP for the manufacturing industry is an excellent way to unlock this data. Manufacturing is a critical aspect of the Australian economy, and the most recent data from the industry is pointing to the fact that the economy is starting to gradually pick up the pace.
It’s clear that Australian manufacturing has a lot to benefit from harnessing their data and acting on it to optimise their operational procedures. Relying on inefficient and outdated processes will at best leave you with redundant or duplicate data entry and will at worst cause you to make decisions based on inaccurate information.
This is why manufacturing business leaders need to embrace ERP to help them avoid those perils.
Why your manufacturing data matters
Any business that wants to remain competitive in a global economy needs to have an accurate picture of what things are working and what things aren’t. This means having access to actionable insights that are updated in real-time to reflect how the business is truly performing.
When you have up-to-date analytics into your business operations, you will know what needs to be done and where your efforts need to be focused. All of this helps you to minimise wasted time and resources and maximise efficiency in your operation – which in turn enhances your profitability.
We’re not just trying to collect as much data as possible for the sake of it. Australian manufacturers who already effectively harness data for growth are homing in on the information they know will add the most value.
Manufacturing data can be used to:
- Understand the true expense of goods
- Inform important inventory decisions based on real, accurate data instead of educated guesses
- Have a true understanding of the business and take a truly holistic view of the whole operation
- Enhance the efficiency and function of accounting, finance, and budgeting
- Monitor, measure, and optimise your sales and marketing pipelines holistically
- Streamlines business processes with customised workflows, dashboards, and reports
With all of those benefits, why would any Australian manufacturing business fail to tap into their data? Most of the time, the culprit is outdated and inefficient software + processes that are established in a business and protected for fear of change.
However, taking the leap to address these issues will lay the groundwork for eventual success and growth. Some of the steps manufacturers can take to leverage data for growth include:
Step 1: Bring all operations systems together under one umbrella
Using ERP (Enterprise Resource Planning) software to bring manufacturing and distribution processes together makes them a lot easier to manage and ensures the data is accurate. The ERP software enables you to have multiple modules that handle different things like inventory and purchasing working together and informing one another with the same accurate data.
This means that everyone on your team can access and get insights from the same data. Why deal with multiple inefficient systems when you can consolidate everything into one optimised platform?
The bonus is that the ERP software can be accessed on mobile phones, enabling team members to access data wherever they are, at any time. The efficiency benefits are clear – everyone will have more secure and reliable access to the most secure and reliable information about your operations.
Step 2: Build customised reports on your operations
Once all the data is collected, what is the best way to make use of it? The main goal should be to translate the data into actionable insights about your organisation and its operational processes.
Using an ERP software solution allows any company to collate all the important data and then generate reports that are going to be relevant internally and for stakeholders. ERP software can be used to track operations and can be set up with custom reporting so that the data can be visualised and examined any way you prefer.
Using separate databases for multiple systems is a big mistake, as it can cause spreadsheets to become needlessly complicated and prone to error. Many businesses can often find themselves relying on outdated systems they’ve accumulated over time that can’t interact with one another, and this often results in repeated entries of the same data.
This kind of situation can make it almost impossible for anyone to accurately track operations, which can lead to delays and other problems that could lead to poor outcomes for customers. Of course, the best way to deal with this is to merge everything into one ERP software solution that takes the role of the single source of all business data.
Using ERP software to create an authoritative central database for all your operational information allows you to have real-time insight into your entire business. It enables you to closely examine every aspect of your businesses and have confidence in the fact that all the data informing your decisions is both consistent and accurate.
It’s essential that Australian manufacturer’s use an ERP software solution that they know will be able to scale with their growth. Because the manufacturing industry is always changing, it’s important to engage with an ERP solution that is flexible and can be used confidently for many years.