10 Operational Efficiencies For Product-Centric Success
Every great ERP strategy, specialized though it may be, originates from a few standard best practices that all businesses should keep in mind. These are rules of thumb that will make you more mindful of your operational efficiency. They’ll help you determine what can be improved, and what will pave the way for more creative solutions down the line.
We’ve put together a list of the top ten operational efficiencies that will help boost your business’ performance regardless of size, industry, or familiarity with ERP. Our ebook breaks them down from start to finish, but here’s a preview of what you’ll find.
Tip #1: Assessing your inventory management
Any time a client is looking to make improvements to their warehousing strategy, we always have one question for them: are you tracking or managing your inventory? Whether you realize it or not, there’s a chance you’re in the first category. You know how much inventory you have in stock, and can generate an estimated cost, but this isn’t an ideal system. With some tweaking, you can use your ERP solution to start managing your inventory instead. This leads to better visibility into your sales trends.
Tip #4: Establishing reorder points
When you’re working with inventory, you can’t necessarily operate on a day-by-day basis. There will be many times that you’ll need properly forecasted projections in order to make decisions that will influence your operations down the line — such as establishing reorder points. These markers are used to flag when you’ll need to stock up on more of a particular product. If you notice that you’re running low, you’re already behind. That’s why setting up reorder points is absolutely crucial.
Tip #7: Easy and fast reporting
The world runs on data, and your business is no exception. With the help of some powerful reporting tools, you can start to bring those numbers to life. This will do more than just store that data, it will turn it into meaningful metrics that will influence your business strategy.
You don’t have to feel as though your company needs to achieve optimal efficiency right now. There are plenty of steps you can take that will help you transform your business over time. And as you grow more comfortable with these best practices, they’ll become second nature. Use our ebook to kick off some of those changes, then redefine your operations to radically improve your operational efficiency.