9. Supply Chain Management
The manufacturing business needs to interact with several suppliers and partners to obtain raw materials and resources to bring finished goods/products to consumers. Supply chain planning not only includes the procurement of raw materials but also the selection of apt marketing channels to promote the finished products. It ensures determining the quantity of stock in the inventory, ensuring replenishment, optimizing the production process to keep up the demand and supply ratio, transportation and distribution of the finished goods.
ERP systems play a vital role in combating inefficiencies in the supply chain process. It enables the business to obtain a reasonable price quote from the suppliers, reduces waste by optimizing the production process and the inventory management and ensures that workers can channelize their efforts in the right direction. From manufacturing and inventory management to transportation and distribution, ERP software takes care of all aspects of the supply chain process and offers cross-platform visibility in real time to ensure flexible and cost-effective operations, which impart a competitive edge to the business.