You may feel that it is time to make use of your ERP software's automation to quicken the pace of closing out your books at month-end and to maintain your perpetual inventory value. Regardless of whether you pursue standard or actual costing in your manufacturing plant, there is no doubt that implementing costing is critical to understanding where your money is being made and lost on the shop floor.
IQMS Blog for Manufacturing ERP Expertise
Manufacturing is an ever-changing endeavor. The days of a manufacturer specializing in only one type of process (for example, machining, injection molding or stamping) have evolved into more solutions-based enterprises. IQMS customers are no exception. Despite the recent economic recession, our customers have seen growth in multiple directions as their product offerings and process expertise expands. Clearly, IQMS customers are not afraid of innovation.
At the end of the day, as the truck carrying your freshly manufactured goods pulls away from the dock, you wonder what sort of profit your hard work and quality products delivered. Unfortunately, the costs of running a manufacturing business are not completely straightforward. When you factor in material expenses, overheard such as rent and utilities and employee wages, how do you determine whether you are losing money or making money on each product that you manufacture?
2014 has flown by! I can hardly believe that it is the middle of April. The major league baseball season is underway, Easter egg hunts were enjoyed by many last weekend and the weather has been calling it in at a consistent 75 degrees. With the first four months of this year passing by so quickly, I know it will be November before I can blink an eye. Looking ahead, what does the rest of 2014 appear like for the greater manufacturing industry, the IQMS company as a whole and my manufacturing department? Let's begin with the global picture and work our way down to a more micro level:
When Poly-Cast Plastics (Suzhou) Co., Ltd. first established its facility in China, it outsourced its financials to a Chinese CPA. But the sub-contracted CPA was only managing the People's Republic of China (PRC) tax law side and not providing any data to Poly-Cast to help it make better business decisions.
It's official: Registration for User Group 2014 has opened! In celebration of IQMS' 25th anniversary, we have compiled a list of the top 25 reasons you don't want to miss this conference. Jam-packed with strategic guidance, tips and tricks, best practices, software development and dynamic networking, you are certain to leave with actionable takeaways to maximize your software utilization. So without further ado, here are the top 25 reasons you should attend User Group 2014:
You have invested in a new ERP system, endured the implementation process and have begun using the software to manage your business. But somewhere along the line, you start to lose momentum. Slowly, without realizing it, your employees begin reverting to their old ways and processes. Frustrations with the system surface and suddenly, you find that your ERP software is not performing as you had envisioned. As more time goes by, you realize that your ERP system is failing your needs. How did this happen?
Several years ago, I said that automation and specialized systems were a requirement for companies seeking product differentiation and profitability. Today, that statement has grown and automated systems for manufacturing companies have become the required daily vitamin for both simple and complex companies to survive.
If you are a fan of TV shows from the 1970s, especially late night TV, then you'll remember Carnac the Magnificent. This recurring comedic character was Johnny Carson in a Swami hat. In his sketch, Carson would delight viewers by announcing the answer to a question stored in a hermetically sealed envelope that he held up to his head. He would then tear open the envelope and read the question. The answers seemed pedestrian until Carson read the question, then you giggled like you were part of an inside joke.
My favorite element of the Olympics is the sense of brotherhood that the games impart. No matter a country's economic status, political conflicts or type of government rule, all issues are temporarily overlooked for two weeks when the world comes together in the spirit of friendship and respect (Well, mostly - this year does mark the 20th anniversary of the Tonya Harding-Nancy Kerrigan ice skating soap opera).
The majority of IQMS customers have plant floors that resemble the Olympics. Rather than specializing in one particular process for one particular industry, our clients' manufacturing plants offer a variety of different flavors. While 40 to 50 percent of IQMS customers specialize in producing parts for the automotive industry and 30+ percent concentrate on the medical industry, a whopping 90 percent of our customers cross multiple industry segments. It is a case of multiple manufacturing processes, or "multifacturing."