The importance of product costing in handicraft business and how your ERP software can help you achieve it with ease.

handicraft
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This article was published on: 11/02/21 10:19 PM

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“Price is what you pay. Value is what you get. – Warren Buffet”

 

Handmade with love. Can that be valued with money? 

 

It is priceless. 

 

However, crafts curated by skilled craftsmen have to be priced adequately as it brings home their bread and butter. Hence, it is not always easy determining how much to charge for your crafts. Every craftsman should realize the costs of their crafts, shipping and handling, and the time necessary to create the craft. Pricing is an important aspect of a home-based craft business. Charging too much won’t help as no one will buy. Charge too little, and you will end up losing out on the real value.

 

In this article, we will discuss aspects and a number of pricing strategies that may help you determine how much to sell your handicrafts for.

 

How to determine how much is appropriate to Charge?

 

A certain amount of research and survey is advisable to find out the market price of similar products being made. Online stores are also an important competition for handicraft business. Sites like eBay and Etsy are selling a wide variety of handicraft items on a discounted price, which is a threat to the retail market. You can always change or adjust your prices according to the times, but try to set a price and stick to it for several months at a time. You can always lower your prices and offer sales as an added incentive for potential clients to buy your product, or you may even decide to offer special deals for credit card purchases, bulk orders, or as a promotion.

To begin with, it is essential to determine what expenses your prices should cover. These include the cost you pay for materials and supplies, your time, and the amount of money you must necessarily spend on marketing or advertising. The most important of these is overhead costs.

Your prices should be able to cover the costs of, at the minimum, the amount of money you have put in your business; your telephone bills, a portion of the rent for your home or garage, insurance, supplies, and other expenses need to be considered when determining a price for your crafts.

 

Your pricing should also take into consideration the direct costs of operating your business. For example, the price you have to pay for fabric for your quilts, or wood for birdhouses or cabinets, are considered direct costs.

 

Lastly and most importantly determining the profit margin is very crucial, as without a profit no business is a success. 

 

Determining your final prices may be a trial and error endeavour. It takes careful consideration to determine the cost of your crafts. Your pricing will not only determine how much profit you can make but may also be used as a barometer or guideline to the future success of your business.

The best way to determine potential prices for your crafts is to compare what others are charging for similar crafts. You can do this by visiting physically, as well as online stores. Take the time to understand your competition, what they are selling, and how well they are doing. Find home-based craft business forum boards, or discussion groups on the Internet, and find out what others are charging for their crafts and how successful they are with those prices.

It goes without saying that in order to generate sales, you will need to price your crafts a little under what your competition is charging for some items; and if you are striving to create a brand name or premium craft, you will need to charge a little more than your competitors, but be prepared to explain why. The best part of creating art is being unique. If you can create something unique you can easily charge double your cost without being questioned.

A variety of online stores that sell a wide variety of crafts may be found at:

eBay, Etsy, Amazon, Google and Craigslist

Spend a day, or a week, browsing online stores, and try to find items that incorporate at least the number of materials and time spent that your craft does. Look to see how detailed other competitors’ crafts or products are, and what customers are willing to pay for such crafts. Find a middle ground. Ask yourself whether or not you would pay that much for your craft. If you would not, it is doubtful that your customers will, either.

manage handicraft with erp software

Strategising pricing 

 

A pricing strategy is a fancy name for determining how desirable your crafts are, and then fixing a price for your craft. For example, a pricing strategy may depend on supply and demand. This basically means how much of a supply there is for your type of craft, and how many people are demanding it.

 

The skill and time it takes to create a craft may increase its demand. For example, handmade twig furniture, or hand-blown or stained glass, may be in higher demand than stuffed Teddy bears. Every year, a certain number of toys, products, or services are offered to consumers that seem to exceed supply. This creates demand. This is especially apparent at Christmas time, when you are looking for that certain popular toy that is all the rage. The same concept of supply and demand may help you determine the price for your crafts.

 

You may also decide to offer sales to generate extra business, which are often known as bargain basement sale-pricing strategies. However, keep in mind that with this type of pricing strategy, you may barely break even, or may even lose money.

 

If you have a unique and highly marketable craft that is in demand in your area or region, you may try premium pricing, which means setting your crafts above the price offered by your competition. However, when doing so, make sure your crafts are of extremely high quality, are not offered widely in your area, and cater to individual tastes or design.

 

Costing and Pricing is made simple with the benefits of Expand ERP

 

Most businesses do well at figuring their cost of goods for simple products. But, once a product becomes more complex in terms of its raw material inputs, supply changes, or commodity price fluctuations, costing can be a challenge. If you cannot understand your products’ true costs, then you cannot price them competitively either. That leads to eroded profit margins or lost business.

 

  1. Expand ERP system does an excellent job of tracking all costs related to your products. With an accurate understanding of cost, objective understanding of margins will result – even in the face of fast-changing and ever growing market conditions. 
  2. Expand ERP software can bring together all the components of a product’s cost into a single unified view. Modifications and analysis can be done even for the most complex product. Cost can be defined  for both manufactured  items and purchase (buy) items.
  3. If an item is already in stock, you will understand its cost based on the stock valuation method you selected in your ERP (I.e. FIFO, LIFO, etc.). In fast-changing market conditions, you can change your stock costing at the click of a button so that you don’t validate your stock in an unrealistic manner.
  4. For component parts (assemblies, sub-assemblies, raw materials) of a finished product, you need  to understand your costs for each. Using a best fit  ERP system, you will be able to break down views of your final product into its component parts, each of which shares its cost data automatically when rolled up to the cost of the material master for any finished product in which it is used.
  5. It is equally important to see all your cost data up-to-date market realities reflect in those costs. Again, an ERP system lets you do that with a single data update. For example, a feature called Material Revaluation in one package, enables users to make changes to existing stock prices. So, when the market prices of your material inputs change dramatically, you simply adjust the cost, and the accounting changes are automatic.Expand ERP software makes such updating easy and time-saving.
  6. Today’s ERP systems let you report on all aspects of product cost as well as profitability. ERP integrates across the business to provide views of a product’s sale price, materials costs, indirect costs, and ultimately, profit margins. For quick checks on your business health at a higher level, Expand ERP system can roll up cost and sales price data to demonstrate how profit is changing over time. You can even gain insights into your profitability on a customer-by-customer basis.

 

One of our renowned clients in the handicraft industry, Elementary by Dileep Essentials Ltd. is a first-hand example of how moving to our ERP has been the best decision of their business success. Today Elementary products are sold globally on Amazon, Myntra etc online stores along with their 18 retail; outlets pan India, while Expand ERP software is happily managing their daily operational tasks and challenges with ease and finesse.

 

The most attractive feature of Expand ERP regarding the costing and pricing capabilities is that we provide easy-to-use solutions with intuitive user interfaces. Setting up your best fit ERP to report on product costs, pricing, and profitability has never been easier. Adopt Expand ERP -India’s best-fit cloud ERP software for mid-sized manufacturers in export and import industries and manage your handicrafts business seamlessly.

 

For more information contact us at +91 9007026542

Expand Express 2021 | Vol XII

Newsletter
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This article was published on: 2/02/21 12:45 PM

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expand express vol xii

Founder’s Note:

Dear Patron,

 

The onset of a  New Year brings in new hopes and aspirations for all of us. A time to rethink, resolute and implement them into our actions and make the year ahead a one to remember. The past year has been different in all aspects and it has given me the time and space to procrastinate and make amends with all my flaws and drawbacks and relations. My team and I have geared up with our latest upgradation of software especially to counter the challenge of E-Invoicing of GST.

 

We bring great news to all our patrons. E-Invoicing in GST may be a challenging transition for most companies having to deal with government compliances and new age technologies simultaneously.

Vineet Bansal

Expand users need not have to face any difficulties as we have ready integrations with affiliated compliances and the knowhow of how to deal with this phenomenal change in the financial sector.

In this edition of our newsletter, we have gathered most of the essential information that you would need to know regarding E-Invoicing of GST. I hope it brings you valuable knowledge of how to file E-Invoice and how Expand ERP users are benefited by using India’s best-fit cloud ERP software.

My best wishes to you and your family for a year of prosperity, abundance and good health ahead.

Warm Regards

 

Vineet Bansal

CEO, eDominer Technologies Pvt Ltd.

Benefits on E-Invoicing System

“Progress is impossible without change, and those who cannot change their minds cannot change anything.” – George Bernard Shaw

 

E-Invoicing of GST is probably the most sought-after topic of discussion since 2020 in the finance sector. In 2019, Finance Minister Nirmala Sitharaman had introduced the filing of GST, electronically for companies with turnovers of more than 100 crores. Owing to the pandemic the transition was delayed and is now being formally introduced phase-wise. However, companies over 100 crores have started filing the E-Invoice mandate since 1st January 2021. While companies over 500 crores have already filed since November 2020.

Are you worried that this system might add on to your workload at this hour of resurrection?

The good news is, that it is easiest to automatically file your E-Invoice with your ERP software which has all the compliances fit in as per your company requirements. 

One of our clients in the Textile industry was finding it a challenge to adhere to the new system of E-Invoicing in GST. Our biztech experts were successfully able to virtually train the accounts department how to file the GST E-Invoice and thereafter they have been able to take over the challenge with ease and focus on other bigger issues in managing their business. 

Expand ERP India’s best fit ERP software is all set to bring in this change in financial systems along with the country as we too believe in progression and development. With our best fit ERP software best fit according to your company’s specific needs, E-Invoicing will be an easy task to overcome.

 

Benefits on E-Invoicing System:

Better taxpayer services – One time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats. Sales and purchase register, E-way bills can also be generated by using this format. There will also be a substantial reduction in input credit verification issues as the same data will be reported to the tax department as well to the buyer in his inward supply (purchase) register. On receipt of information through GST System as the buyer can do reconciliation with his Purchase Order and accept/reject in time under New Return.

Goods and Services Tax (GST), a major reform in the field of indirect taxation, was implemented almost 3 years ago and the technology vertical appears to be still in the growing stage. The GST laws are getting structured and reformed with each GST Council Meeting in order to make them more feasible. And, this is evident that managing GST compliance is very much dependent on technology.

All the key aspects starting from generating e-invoices, GST registration till filing of the return, raising of e-waybill, filing of the refund claim, etc. and the inter-relating of all these aspects on the PAN India basis is dependent on the technology.

Digitalization has leveraged the need for best in class technology in managing GST compliance. However, even after all the efforts made by the government, enterprises are still facing issues with GST, e-way bills, and e-invoicing. 

 

Key Benefits of adopting Expand ERP Software

 

  1. Easy Integration and Deployment
    Seamless Integration with all the leading ERPs such as SAP, Oracle, Microsoft Navision, etc. which does not require any additional hardware or software for integration.
  2. Customizable
    It can be customised as per the requirement of the enterprise to ensure maximum compliance and growth under GST.
  3. Accurate Cash Flow Management
    Reduces cash flow mismanagement by paying taxes on time and proper reporting thereby ensuring efficiency in compliance cost.
  4. Reduces Errors
    Data validation checks are initiated to eliminate duplicity and ensure factual precision.
  5. Robust Reconciliation
    Robust reconciliation module for finding discrepancies in ITC claimed and reporting done by the supplier. Thereby, ensuring 100% accurate ITC claim.
  6. Risk Management
    An intelligent dashboard that provides a compliance overview to detect tax risk and ensure tax efficiency.
  7. Secure and Reliable
    We are affiliated with  ISO, VAPT certificate, and 2-factor authentication on HTTPS secured gateway ensuring safety and security.
  8. Compliance Alert and Notifications
    Automated reminders to ensure compliance is done on time. Thus, achieving efficiency in compliance cost.
  9. Made in India – Since it is made in India it knows the Indian Government compliances for all industries
Artificial-Intelligence----the-Future Brain of Technology

It is wisely said, “Life can only be understood backwards but lived forwards.”

 

It is 2020 and we’re on the cusp of an exciting and unexplored – technological revolution. Machine learning, the process of analysing and interpreting data and statistics is paving the way for content experiences that feel ‘humanly’ intuitive and make sense with our daily needs. We see a lot of this AI behaviour in the digital market already. For instance, when I have searched for hair vitalizer on Amazon, suddenly my feeds are drowning in it- but new developments will continue to streamline and refine this process.

 

To an entrepreneur,”automation” is equivalent to whispering sweet nothings in our ear. Fortunately, the miracle of automation has only just begun. In the near future we will see automation in 

 

  1. Business operations -like understanding the exact online journey our customers have gone through before we actually speak to them.
  2. Tedious accounting processes will be easier. 
  3. HR/payroll and other administrative programs will be executed without you having to even touch paperwork.

What if it is 2030, and your only aim is to see your company listed amongst the top notch. It’s a time when you need to make certain turning-point decisions that decide the future of your company. You are uncertain about some data and calculations but you know that AI has your back. You are assured that the system won’t fail you and help you take the perfect call on your behalf. Imagine the relief and stress-free life it would be then. Therefore one must be upgraded to be at par with the changing time and generation to fit in.

 

With AI, machine learning and automation representing the fast approaching next frontier, companies like ours, helps seamlessly integrate business processes and pioneering the path to digital utopia.

 

In the cut-throat competitive market, there is hardly any scope of monopoly. Adding value to your services and strong customer relations, provide advantage over competitions. Since the 1990’s ERP Software has emerged in the technology industry where today almost 90% of the mid-sized and big organisations have implemented ERP to automate their business processes. From the traditional on-premise ERP, Cloud based software took over completely as it was more cost-effective, practical and provided more freedom to the users. 2020, set in with an extremely promising future for the coming decade with Artificial Intelligence. The latest hum in the industry is that AI is about to shape the future of ERP. How true is that we are yet to fathom. At present it is at a very nascent stage to analyse.

 

It is highly probable that AI will soon replace jobs involving repetitive or common problem solving tasks. AI systems will be making decisions instead of humans in industrial settings, customer service roles and within financial institutions. AI is the simulation of human intelligence or logical reasoning, in machines that are developed to think and behave like humans. The goals of AI include learning reasoning and perception. AI is constantly evolving for the benefit of many different industries. Algorithms are used to structure AI- simple or complex.

 

This technology is currently on probation. Myriad sectors and industries will be affected by the usage of AI. For example in the healthcare industry, AI is being used for dosing drugs and different treatments in patients and for surgical procedures in the operating room. Simply speaking, AI is building flexible computers that can take creative actions that maximise their chances of success to a specific goal. 

 

It is estimated that  80% of technology will be built on an AI foundation by 2021!

 

AI undoubtedly has the potential to bring in great changes to companies where the customer and operational data is primary to the business. Once business processes are streamlined and the data is ready, incorporating AI can lead to truly optimised efficiency levels.

The impact will be most prominent in process-heavy and data -intensive sectors that have the highest dependency on future predictions. AI can quite easily aid a company to streamline large volumes of data and turn a limitation into an opportunity. It can transform systems through creativity and agility.

 

Artificial Intelligence – the future of Intelligent Technologies

 

AI integrated with ERP systems have not fully arrived yet. Nevertheless Team Expand is all set to cater to your software needs to take your organisation to its highest level.

Satya Nadella,CEO Microsoft, rightly says, “If you don’t jump on the new,you don’t survive.” 

We at Expand ERP strive each day to build our acumen in innovations in technology. As AI integrated ERP software is the need of the hour, Expand ERP is geared to make your organisation future-ready. Expand ERP software solutions is a time-tested, comprehensible, scalable, cost-effective and robust business automation software. It is India’s best fit ERP software for the mid sized manufacturers in export and import industries.

Global-Technology-News
  • Conversational Platform trends for 2021

 

Live chat and conversational platform technologies have made significant advancements in the past few years. Thanks to AI and machine learning, these implementations have gone beyond just being a customer support tool, to a crucial component of an e-commerce website’s revenue engine.

 

With the pandemic ongoing, e-commerce is booming right now at the expense of brick-and-mortar. But with Amazon still accounting for 44 percent of all online transactions, e-commerce business owners must constantly search for ways to keep customers on their site and returning for future business.

 

Live chat is one of the most important tools that retailers can have on their website so that when a customer has any questions or concerns about a product or service, they can get instant customer support. This is particularly important to service consumers with a high-level of intent to purchase, so they don’t bounce to a competitor to get their questions answered and make the buy.

 

However, a live chat tool is only as good as the team and technology behind it — and live chat experiences can vary dramatically from retailer to retailer. There are essential factors that every online seller who is serious about conversions needs to consider.

 

  •  Microsoft Surface Duo

 

Microsoft reentered the smartphone market with the Surface Duo, arguably the opposite of the iPhone. Twin screens ideal for reading or doing email is what makes this phone special. It is a fantastic eBook reader too.This pandemic has us living in lines, and the Surface Duo has been a way for many to kill time without getting aggravated or angry. It’s ideal for  peace of mind because it is such a good read. Though it works a ton better with a smartwatch that has a built-in microphone and speaker, or with earbuds. The only real complaints are that it needs a better camera, it is hard to answer a call quickly without earbuds, and having glass on both sides makes it a tad slippery. 

Did you know

Expand ERP is India’s best fit ERP software with all ready integrations that a manufacturer needs to run his business with ease.

Manage your GST e-invoicing digitally with your cloud ERP software.

e-invoicing
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This article was published on: 28/01/21 11:04 AM

Home > Archives for ritisha expand

“Progress is impossible without change, and those who cannot change their minds cannot change anything.” – George Bernard Shaw

 

E-Invoicing of GST is probably the most sought-after topic of discussion since 2020 in the finance sector. In 2019, Finance Minister Nirmala Sitharaman had introduced the filing of GST, electronically for companies with turnovers of more than 100 crores. Owing to the pandemic the transition was delayed and is now being formally introduced phase-wise. However, companies over 100 crores have started filing the E-Invoice mandate since 1st January 2021. While companies over 500 crores have already filed since November 2020.

 

Are you worried that this system might add on to your workload at this hour of resurrection?

 

The good news is, that it is easiest to automatically file your E-Invoice with your ERP software which has all the compliances fit in as per your company requirements.

 

One of our clients in the Textile industry was finding it a challenge to adhere to the new system of E-Invoicing in GST. Our biztech experts were successfully able to virtually train the accounts department how to file the GST E-Invoice and thereafter they have been able to take over the challenge with ease and focus on other bigger issues in managing their business.

 

Expand ERP India’s best fit ERP software is all set to bring in this change in financial systems along with the country as we too believe in progression and development. With our best fit ERP software best fit according to your company’s specific needs, E-Invoicing will be an easy task to overcome.

 

Some important knowhow about E-Invoicing:

 

E-Invoicing is a process in which all the B2B invoices created by an accounting software will be validated electronically by GSTN. E-Invoice does not mean generation of invoices from a central portal of the tax department, as any such centralization will bring unnecessary restriction on the way trade is conducted. In fact, taxpayers have different requirements and expectations, which can’t be met from one software generating e-invoices from a portal for the whole country.

 

Invoice generated by each software may look the same, however, they can’t be understood by another computer system even though business users understand them fully. For example, an Invoice generated by the SAP system cannot be read by a machine which is using the ‘Tally’ system. Therefore, the need was felt to standardize the format in which electronic data of an Invoice could be shared with others to ensure there is interoperability of the data. There would not be any change in the electronic creation of invoices. Only standard format needed to be implemented in all the accounting and billing software so that it can generate JSON of each invoice in such format which can be uploaded on GST Portal for validation and approval.

 

GST Council has given the responsibility to design the standard of e-invoice and update the same from time to time to GSTN which is the custodian of Returns and invoices contained in the same. Adoption of e-invoice by GST System is not only part of Tax reform but also a Business reform as it makes the e-invoices completely inter-operable eliminating transcription and other errors.

Benefits on E-Invoicing System:

 

Better taxpayer services – One time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats. Sales and purchase register, E-way bills can also be generated by using this format. There will also be a substantial reduction in input credit verification issues as same data will be reported to the tax department as well to the buyer in his inward supply (purchase) register.On receipt of information through GST System as buyer can do reconciliation with his Purchase Order and accept/reject in time under New Return.

Goods and Services Tax (GST), a major reform in the field of indirect taxation, was implemented almost 3 years ago and the technology vertical appears to be still in the growing stage. The GST laws are getting structured and reformed with each GST Council Meeting in order to make them more feasible. And, this is evident that managing GST compliance is very much dependent on technology.

 

All the key aspects starting from generating e-invoices, GST registration till filing of the return, raising of e-waybill, filing of the refund claim, etc. and the inter-relating of all these aspects on the PAN India basis is dependent on the technology.

 

Digitalization has leveraged the need for best in class technology in managing GST compliance. However, even after all the efforts made by the government, enterprises are still facing issues with GST, e-way bills, and e-invoicing.
Step by Step Process to Generate an E-invoice under GST

 

Step 1 –  Invoice will be generated by the supplier in his own accounting or billing system

 

Step 2 – JSON file will be generated by the supplier to upload on the IRP.

 

Step 3 (Optional) –  Unique Invoice Reference Number (‘IRN’) can be generated by the supplier on the basis of 4 parameters like Supplier GSTIN, invoice number, financial year and document type.

 

Step 4 –  Supplier will upload the JSON file of the e-invoice along with IRN already generated directly on the IRP or through GSPs.

 

Step 5 – IRP will generate IRN and validate IRN of JSON if already uploaded by the supplier. IRP will add its signature on the invoice data as well as a QR code to the JSON.

 

Step 6 – Supplier will download digitally signed JSON with IRN along with a QR code. IRP will share back digitally signed e-invoice to seller and recipient if email id’s are mentioned on the e-invoice.

 

The generation of E-Invoicing will be the responsibility of the taxpayer who will be required to report the same to Invoice Registration Portal (IRP) for authentication, which in turn will generate a unique reference number (URN) and digital sign the e-invoice and also generate a QR code and will return the invoice to the seller. IRP will also send the digitally signed e-invoice to the recipient of the document on the email provided in the e-invoice. The GST Council has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. Since there was no standard for e-invoice existing in the country, the standard for the same has been finalized after consultation with trade/industry bodies as well as ICAI after keeping the draft in public place.

Key Benefits of adopting Expand ERP Software

 

1. Easy Integration and Deployment – Seamless Integration with all the leading ERPs such as SAP, Oracle, Microsoft Navision, etc. which does not require any additional hardware or software for integration.

 

2. Customizable – It can be customised as per the requirement of the enterprise to ensure maximum compliance and growth under GST.

 

3. Accurate Cash Flow Management – Reduces cash flow mismanagement by paying taxes on time and proper reporting thereby ensuring efficiency in compliance cost.

 

4. Reduces Errors – Data validation checks are initiated to eliminate duplicity and ensure factual precision.

 

5. Robust Reconciliation – Robust reconciliation module for finding discrepancies in ITC claimed and reporting done by the supplier. Thereby, ensuring 100% accurate ITC claim.

 

6. Risk Management – An intelligent dashboard that provides a compliance overview to detect tax risk and ensure tax efficiency.

 

7. Secure and Reliable – We are affiliated with ISO, VAPT certificate, and 2-factor authentication on HTTPS secured gateway ensuring safety and security.

 

8. Compliance Alert and Notifications – Automated reminders to ensure compliance is done on time. Thus, achieving efficiency in compliance cost.

 

9. Made in India – Since it is made in India it knows the Indian Government compliances for all industries

 

Our GST compliance solutions have enabled enterprises to comply with the provisions of GST effectively and efficiently. These solutions are created under the strict supervision of financial and technological experts that enables enterprises with better growth and governance under GST. Adopt Expand ERP software for the easy transition of your financial invoices along with your daily business operations and see your organisation grow fast.

 

For more information contact +91 9007026542

Expand Express 2020 Vol-XI | Expand ERP

Expand Newsletter
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This article was published on: 21/12/20 1:07 PM

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expand express

Founder’s Note:

Dear Patrons,

 

The Yuletide spirit is in the air. The festive season is around the corner, as the world awaits with open arms – a new beginning, a fresh ethos, a New Year. This year has been a roller coaster ride for most with unprecedented events hovering our lives. The feeling of positivity marks the end of uncertainty and the beginning of resurrection.

 

Team Expand has been successful in sailing through such challenges. We feel pride in declaring that we have been part of the success journey of many of our patrons who continued performing in spite of the pan India economic turmoil. This surely marks our journey to success.

Vineet Bansal

We are happy to announce the launch of our new sub-brand ‘Omnimarc’ for unique ERP solutions for the Omni commerce industry. It is the most powerful and comprehensive Cloud software built for enterprising business owners who want to sell through all the methods like the marketplace, own online shops, retail stores and distributors.

We believe in our mission to provide the best in class technology and ERP solutions to midsized businesses in the manufacturing sector and promise to continue to keep up to the expectations of our prized patrons.

 

Seasons Greetings!

Vineet Bansal

CEO eDominer Technologies (P) Ltd.

top reason why

Every industry has uniquely specific requirements. The daily operations are starkly different from each other. Therefore the ERP solutions need to be specifically created specifically to each industry.

 

It is imperative that a ‘one size fits all’ solutions, easily available at a cheap price in the market is more attractive to consumers. However, it is essential to understand how important it is to have an industry-specific best fit ERP software for your unique business to achieve desired goals.

 

Traditionally, ERP technology was created with basic functionalities and features common to a wide range of industries. During the actual implementation process, IT consultants would conduct a detailed system study to determine the customized solution based on a client’s precise requirements. This was very time consuming and complicated. Implementing a generic ERP was a massive undertaking that most companies had to plan many years in advance, especially with regards to time and budgets.

 

As technology has evolved, ERP companies now create software that specifically matches exact industries, saving both valuable time and money. ERP software that has been developed specifically for your industry can handle all of your business processes with minimal to no customization resulting in minimising cost, effort and time.

 

Expand smERP is India’s best fit smart ERP software on the cloud for mid-sized manufacturers in the Export and Retail industry. We have worked closely for industries like the Chemical Industry, Textile Industry, Food and Beverage Industry, Handicraft Industry, Iron and Steel industry, Book publishing industry, Cotton industry and Electronics Industry.

Benefits of having an industry-specific ERP implementation:

 

  • Minimal implementation time – As the primary features of your  business are already available, you can conduct the implementation process in a minimal amount of time. An industry-specific ERP will also be aware of necessary integrations and API connections to other key software. These ready-made connections will further reduce implementation time.

 

  • Reduced implementation cost – Customizing a generic solution can consume more time and result in higher implementation fees. You can dramatically reduce these costs with an industry-specific solution.

 

  • Lower maintenance costs –  Domain expertise in your particular industry can help ERP solutions providers more easily identify any issues, bottlenecks, errors and other problems, and also provide quicker resolutions.

 

Expand smERP provides the best fit smart ERP software on cloud for Industries like:

 

1) Chemical Industry – Unique features include

  • Eases  legal bindings 
  • Easily accommodates instructions for operations and technical sheets 
  • Updates audit trails 

 

2) Textile Industry                

  • Manages product stock in multiple UOM eg. meter to rolls for threads.
  • Tracks production with ready list of entire process/stages
  • Tracks alterations and rejections of materials

 

3) Handicraft Industry 

  • Maintains inventory with complete information and attributes like materials, seasons, fair details, dimensions, colours, barcodes etc
  • Easy and simple daily production entries 
  • Tracks materials and outputs from contractors to identify outstanding

 

4) Iron and Steel industry 

  • Transforms unstructured processes into routine transactions 
  • It can replace or reduce the human labour involved in processes.
  •  It can help manufacturing companies in carrying out analysis such as: Forecasting of market demand based on statistical models; Capturing of hidden market trends through multi-dimensional analysis; Identification of potential improvement areas.

 

5) Book Publishing industry

  • Manages subscriptions – subscriptions is a very important revenue generator for any publishing company. Your ERP will send reminders for renewals and manage a list of old/new subscribers with a smart record-keeping software.
  • Optimum Supply Chain Management – SCM improves with full control over inventory.
  • Reduces manual work of data entry.

 

6) Cotton Industry 

  • Improves material quality by taking care of compliances, inspection and analysis systems.
  • Efficiency in the production cycle – ERP manages your production cycle including capacity observation, planning raw material obtaining etc.
  • Inventory module improvises material planning and maintains records of previous sales, quality in hand and backorder quantity etc.

 

7) Electronics Industry 

  •  Automation – automates material billing, vendor list, orders and other core manufacturing processes to help curb errors in production and inefficiencies in data handling.
  • Manages intricate supply chain – by providing   real-time communication through a unified ERP solution and boosts visibility, operational excellence and productivity.
  • Improves traceability – automatically tracks product codes and availability against the raised orders. 

 

8) Food and Beverage industry

  • It enables business owners to acquire visibility, insight and control over their complete operations. 
  • Optimizes the production process, simplifies procurement as well as inventory management.

 

Thus we see that each and every industry has its own set of challenges and needs to counter with a Cloud ERP system that fits in best. Expand ERP is India’s best fit ERP software for mid-sized manufacturers in the export and retail sector.

why erp fails

Planning for an ERP implementation in the near future? Are you worried about rising costs? Are you unsure about what is the best fit ERP software for your company? 

 

If these are the thoughts pondering on your mind right now, this article will bring you the solutions for every query that you have.

 

An ERP software implementation surely comes with a lot of challenges, even though its benefits are manifold. In the next few years, your business value will reach new heights and touch new shores of expansion, with a successful and best fit ERP software integration. With prior knowledge of the challenges and bottlenecks, you can be better prepared to counter any such obstacles with ease. 

 

 

1)Inaccurate Requirement Analysis

ERP implementations in most cases fail because of inaccurate requirement analysis. One needs to know the difference when an ERP application is integrated with an e-commerce site and a POS software. However, in most companies requirement analysis is done by employees with limited knowledge of ERP implementation. Primary emphasis is laid upon the cost and faster execution. But unfortunately, the project fails in most cases as the requirement is not completely understood in the chaos of bargaining with the costs with the vendor. To have more clarity on ERP implementation, case to case differences, actual time and money to be invested, involving people with good knowledge on ERP is a must. Team Expand understands your business well with over 16 years of extensive market research and development in the industry. Our team understands and analyses the specific challenges and needs faced by your business and then curates the software accordingly.

 

2) Inadequate  Training

Following closely on the lines of the previous challenge discussed, lack of knowledge continues to be a hurdle for a successful ERP implementation. When your company is preparing for a major data transfer from the legacy system to a new ERP reality, it is necessary to have a basic understanding of the changes that are taking place, the new interface, and risks or losses involved in the process. You may arrange for a brief knowledge transfer session for all employees or anybody who would be part of the new system before the actual change takes place. Not an elaborate training program followed by a test, but a simple 45-minute session by the knowledgeable resources, for all to attend. Training videos of the same may also be circulated. Expand smERP offers complete training of users post-implementation within 50 hours by trained technicians and constant support even after implementation.

Expand smERP encourages constant help and support of employees of any business. Post implementation Expand Sure smile provides 24×7 customer support and user training for proper knowledge of the usage of the software.

 

3) Inefficient Project Management:

You should have the right resources in your team for customer success. We need to understand their worth and utilize their full knowledge and potential for efficient project management. Trust them, mentor them, train them and let them come up with a full-proof project management plan that will not only ensure a successful ERP implementation but also derive desired ROI  for your business. Only with meticulous project management, one can achieve that, no amount of cost-cutting or package deals help.

 

4) Customization:

ERP software is often misunderstood as a wholesale package solution for a company. But unfortunately, it is not. ERP applications are actually a framework with which a customized solution is built. This means, your requirements have to be defined well in advance and accordingly a customized ERP solution will be created. For that, you need to define the workflows and do a capability analysis, beforehand. You might have to make a few minor adjustments in the application solution to meet all your enterprise needs. These adjustments or modifications differ from suite to suite and might be required at the beginning or sometime in the middle of implementation. If you are prepared for capacity planning, delays in implementation and time loss because of system outage may be kept at bay. It is advisable to invest in a best fit ERP software that suits all the unique needs of your business. A ‘one size fits all’ ERP system is most likely to fail.

Expand smERP is a best fit ERP solution for mid-sized manufacturers in export and retail industries. It is industry-specific and fits in according to your specific business needs. ERP is known to grow along with your business.

 

5) Rising Operational Expenses:

Overhead cost is one of the biggest challenges of ERP implementation. The initial cost of implementation is high, but the customization and maintenance costs are even higher. The more customization needs are, the higher are operating costs. Maintenance costs are of course a necessary evil, which cannot be brushed aside. However, with an efficient requirement analysis and resource planning, much of this cost may be brought under control. Sit with the best-qualified professionals in the organization to find out what you really need for enhancing your business value. Seek for features that will add value to your product or service, attract more business, and position you better as an entrepreneur. That way, you will get the true value for your best fit ERP solution without spending a huge amount. Expand smERP cloud software involves zero upfront costs. Only a concurrent user price is payable as per your usage. Investing in Expand ERP cloud software is a value for money solution that derives fast ROI.

 

These are certain generic challenges while implementing an ERP software. Depending on the sector in which the company operates in, the extent of complications may vary. This will ensure the implementation process is smooth without any glitches. Team Expand assures you a hassle-free cloud ERP software integration experience with the utmost ease. Grow your business with Expand smERP cloud softwares.

global tech

1)Clickwrap Technology Brings Speed, Efficiency to Digital Transactions

 

With the holidays approaching and the pandemic surging, clickwrap transaction platforms (CTPs) are emerging as a valuable tool to help businesses navigate the increased volume of online transactions.

CTPs help companies secure transactions that are or have moved, online. These business transactions are purpose-built for high volumes of agreements. Clickwrap transactions replace electronic signatures and provide an archived digital record of online interaction.

Instead of signing, the user clicks to check a box, or clicks on a button with a label such as ‘I Agree’ or ‘Accept’. That action authorizes the included consent language.

 

2)The rise of mobile shopping apps or m-commerce apps.

 

Mobile shopping apps have in the midst of the pandemic become central to online retail operations, and they’re clearly here to stay. In fact, by 2021 mobile e-commerce, or m-commerce, sales are expected to account for 54 per cent of all retail e-commerce sales.

M-commerce specialists find out what’s behind the rapid growth of consumers shopping on mobile devices, what mobile shoppers require from shopping apps, and how retailers can provide a better experience for their customers who use mobile devices. Much like a physical store where consumers can experience a shopping environment that’s created for physical discovery, shopping apps can have the same experiential effect, with the added value of convenience to experience it anytime and anywhere.

did you know

Expand Omnimarc is the best in class multi-channel sales software for order processing, warehousing and integrated online POS.

Top reasons why ERP implementations fail and solutions provided by Expand smERP

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This article was published on: 19/12/20 3:25 PM

Home > Archives for ritisha expand

“Failure isn’t fatal, but failure to change might be” – John Wooden

 

Planning for an ERP implementation in the near future? Are you worried about rising costs? Are you unsure about what is the best fit ERP software for your company? 

 

If these are the thoughts pondering on your mind right now, this article will bring you the solutions for every query that you have.

 

An ERP software implementation surely comes with a lot of challenges, even though its benefits are manifold. In the next few years, your business value will reach new heights and touch new shores of expansion, with a successful and best fit ERP software integration. With prior knowledge of the challenges and bottlenecks, you can be better prepared to counter any such obstacles with ease. 

 

  • Inaccurate Requirement Analysis:

 

ERP implementations in most cases fail because of inaccurate requirement analysis. One needs to know the difference when an ERP application is integrated with an e-commerce site and a POS software. However, in most companies requirement analysis is done by employees with limited knowledge of ERP implementation. Primary emphasis is laid upon the cost and faster execution. But unfortunately, the project fails in most cases as the requirement is not completely understood in the chaos of bargaining with the costs with the vendor. To have more clarity on ERP implementation, case to case differences, actual time and money to be invested, involving people with good knowledge on ERP is a must. Team Expand understands your business well with over 16 years of extensive market research and development in the industry. Our team understands and analyses the specific challenges and needs faced by your business and then curates the software accordingly.

 

  • Inadequate  Training:

 

Following closely on the lines of the previous challenge discussed, lack of knowledge continues to be a hurdle for a successful ERP implementation. When your company is preparing for a major data transfer from the legacy system to a new ERP reality, it is necessary to have a basic understanding of the changes that are taking place, the new interface, and risks or losses involved in the process. You may arrange for a brief knowledge transfer session for all employees or anybody who would be part of the new system, before the actual change takes place. Not an elaborate training program followed by a test, but a simple 45-minute session by the knowledgeable resources, for all to attend. Training videos of the same may also be circulated. Expand smERP offers complete training of users post implementation within 50 hours by trained technicians and constant support even after implementation.

 

Expand smERP encourages constant help and support of employees of any business. Post implementation, Expand Sure smile provides 24×7 customer support and user training for proper knowledge of the usage of the software.

 

  • Inefficient Project Management:

 

You should have the right resources in your team for customer success. We need to understand their worth and utilize their full knowledge and potential for efficient project management. Trust them, mentor them, train them and let them come up with a full-proof project management plan that will not only ensure a successful ERP implementation but also derive desired ROI  for your business. Only with meticulous project management, one can achieve that, no amount of cost-cutting or package deals help.

 

  • Customization:

 

ERP software is often misunderstood as a wholesale package solution for a company. But unfortunately, it is not. ERP applications are actually a framework with which a customized solution is built. This means, your requirements have to be defined well in advance and accordingly a customized ERP solution will be created. For that, you need to define the workflows and do a capability analysis, beforehand. You might have to make a few minor adjustments in the application solution to meet all your enterprise needs. These adjustments or modifications differ from suite to suite and might be required at the beginning or sometime in the middle of implementation. If you are prepared for capacity planning, delays in implementation and time loss because of system outage may be kept at bay. It is advisable to invest in a best fit ERP software that suits all the unique needs of your business. A ‘one size fits all’ ERP system is most likely to fail.

 

Expand smERP is a best fit ERP solution for mid-sized manufacturers in export and retail industries. It is industry-specific and fits in according to your specific business needs. ERP is known to grow along with your business.

 

  • Rising Operational Expenses:

 

Overhead cost is one of the biggest challenges of ERP implementation. The initial cost of implementation is high, but the customization and maintenance costs are even higher. The more customization needs are, the higher are operating costs. Maintenance costs are of course a necessary evil, which cannot be brushed aside. However, with an efficient requirement analysis and resource planning, much of this cost may be brought under control. Sit with the best-qualified professionals in the organization to find out what you really need for enhancing your business value. Seek for features that will add value to your product or service, attract more business, and position you better as an entrepreneur. That way, you will get the true value for your best fit ERP solution without spending a huge amount. Expand smERP cloud software involves zero upfront costs. Only a concurrent user price is payable as per your usage. Investing in Expand ERP cloud software is a value for money solution that derives fast ROI.

 

These are certain generic challenges while implementing ERP software. Depending on the sector in which the company operates in, the extent of complications may vary. This will ensure the implementation process is smooth without any glitches. Team Expand assures you a hassle-free cloud ERP software integration experience with the utmost ease. Grow your business with Expand smart ERP cloud softwares.