Supply Chain Management (SCM) plays a key role in managing the performance of a product-based company. Manufacturing firms are not the exception when product portfolios are more complicated than ever. To help you out, we have compiled a list of best practices that can simplify the SCM in the manufacturing industry. Read up on!
Improve Demand Forecasting Accuracy
For manufacturers, estimating the amounts and categories of products produced for the next few months is a vital necessity. The better the forecasting method is, the better you are able to control your purchases. Identifying current best-selling products is also in need. Thus, businesses can stock the proper amounts of raw materials required to produce and avoid stock shortages or overstock.
An efficient way to optimize the supply chain in manufacturing is to ensure information data used for forecasting to be absolutely accurate and reliable. Based on inventory and sales data, Synergix Enterprise Resource Planning (ERP) system offers Manufacturing solutions with features of Material Requirement Planning and data analytics. Hence, businesses can effectively monitor all material status required to meet demand and give proactive responses to current and new requirements.
Build A Close Rapport with Suppliers
Manufacturers have to work with many suppliers who provide raw materials, equipment, and tools for production. Therefore, to ensure a smooth supply chain manufacturing workflow, it is necessary to build and maintain good relationships with them.
The first advice for building a good rapport with suppliers is to ensure that suppliers always get paid on time. Meanwhile, overdue payments can not only ruin your reputation but also destroy your relationships with suppliers. In this case, Synergix ERP software provides an E-invoicing solution with InvoiceNow. The system enables businesses to get paid faster. As such, businesses do not have to worry about outstanding payments and forgotten billings.
The second one is to build a positive contract relationship. This means that both sides need to clearly understand and uphold the obligations included in the contract. In turn, both can avoid mistakes that cause interruptions and financial damage, even save time and cost to find solutions for this.
Evaluate Regularly To Avoid Bottlenecks
Manufacturing sectors need to evaluate SCM on a regular basis. This aims to figure out factors that cause delays and interruptions during the supply chain operations. Managers should pay attention and assess all the processes included such as procurement, picking, packing, delivery regularly.
With a fully integrated ERP system, manufacturers can have a look at all processes in one single platform. The system will collect and update supply chain data so that businesses can identify problems, potential risks and take preventive actions timely.
Increasing mobility is to enhance the supply chain flexibly. Using the cloud-based ERP system, manufacturers can monitor inventory, go through sales reports, track shipment, invoices, etc. with an internet-connected smartphone or tablet. Hence, businesses can remarkably reduce unexpected delays.
Stay Current with Technology Trends
These days, the latest technology trend of integrating Internet of Things (IoT) with ERP systems has proven to be able to optimize various manufacturing processes, particularly in SCM. Synergix Technologies can integrate ERP solutions with IoT solutions with the purpose of visualizing, alerting, and integrating data. As such, the system can provide full support to all manufacturing companies.
Synergix ERP software from Synergix Technologies is a fully integrated, customisable & cloud-ready solution. We have helped more than 600 enterprises automate their operations and digitally transform for higher productivity. As we are a pre-approval vendor for Productivity Solution Grant (PSG), our consultants can assist eligible companies adopting Synergix ERP solution to receive funding of up to 80% of the qualifying cost.
To support manufacturing businesses in digitalisation, the Singapore Government has extended the maximum support for PSG and Enterprise Development Grant (EDG) until March 2022. Hence, now is the best time for businesses to adopt an ERP system and get the greatest financial support.
Contact us now if you are interested in our ERP system!