Expand Express 2021 | Vol XVIII

This article was published on: 25/09/21 4:01 PM

Home > ERP Newsletter > Expand Express 2021 | Vol XVIII

Founder’s Note:

Dear Patrons,

 

Expand smERP is a fiduciary to our clients, helping them invest for long term goals. Most of the time we have observed the accelerated growth of our customers in terms of revenues, employee satisfaction and customer experience on investing in our unparalleled product. The trust that our clients place in us, is a bond that grows forever between the client and our ERP solution. This is why I write to you every month, to share the progress and success stories in our basket.

The consequences of the pandemic have been highly uneven. Although the stock market recovery bodes well for growth as the pandemic subsides, the current situation remains one of economic devastation, with unemployment severely elevated, small businesses shuttering down daily, and families around the world struggling to pay for rent and buy food. It has also accelerated deeper trends, from the growing crisis to systemic inequalities.

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Despite the darkness of the past 19 months, there have been signs of hope, including companies that have worked to serve their stakeholders with courage and conviction. We saw businesses rapidly innovate to keep food and goods flowing during lockdowns. Companies have stepped up to support nonprofits serving those in need. In one of the great triumphs of modern science, multiple vaccines were developed in record time. And strikingly, amid all of the disruption of 2020, businesses moved forcefully to confront unprecedented risks.

I believe that the pandemic has presented such an existential crisis.It is such a stark reminder of our fragility , that it has driven us to confront the global threat of change more forcefully. Like the pandemic, it will alter our lives. It has reminded us how the biggest crises, whether medical or environmental, demand a global and ambitious response.Today we are on the cusp of another transformation.Technology has been an exponential warrier and saviour amidst all the chaos. The advancement of technology and digitisation has taken leaps and bounds.Undoubtedly, those companies that have been able to adapt the changes and adhere to the new norms have sustained in the cut throat market. Without accepting the transition to the digital era it is impossible to be a part of the business scenario.

Along with the technology innovations we at Expand smERP are also updating ourselves and our technology at all times. It is our mission to keep you and your business on the top of the list of successful companies that have adapted with the change in the market.In this edition of our newsletter we have brought together the importance of using Business Intelligence in ERP systems.

I sincerely hope the information brings much value to you. Wishing you good health.

 

Warm Regards,

Vineet Bansal

CEO, eDominer Technologies

What is Business Intelligence ?

BI is a term that “includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information”  – Gartner

In simpler terms,Business Intelligence(BI)  provides a comprehensive overview of your data through business analytics, data mining, data visualisation and best software practice. Having developed exponentially over the years, BI now provides data-driven solutions that empower businesses for better decision making.It helps companies to improve the critical decision making at all levels of the organization. Over a short span of time  you can gain insights into consumer buying, employee productivity and various other departments, through permutation and combination by using BI. 

 

What are the benefits of BI in an ERP software?
Here’s a look at why the symbiotic relationship of BI in ERP is truly beneficial for business:

Enhances business predictions – BI provides you with a complete overview of your real time ERP data through easy-to-understand dashboards.

Increases productivity in employees -Where businesses used to have dedicated teams of employees committed to data analysis, BI will generate accurate reports without such input, giving ample time to your staff to work on other critical business operations.

Accuracy in data and reporting – The automation of data analytics also reduces the risk of human error that could have disastrous effects. It also prevents the creation of multiple reports leading to time consuming activities and headaches.

Predictive and prescriptive analytics -An ERP system with BI functionalities allows  effective historical data analysis and future trend predictions. BI can also prescribe analytics for future business decisions.

Historical insights-Through ERP and BI, you can analyse your company’s previous data such as sales’ performance as a way to analyse your numbers and identify areas of growth.Post mortem of past transactions allows you to judge pros and cons of your business. 

Identifying Market trends – With BI connected with your ERP it becomes easier to research and compare the trends happening in the market. It can be easier to plan and sort out the future processes accordingly.

BI gathers and consolidates data from multiple sources.-Your business no doubt uses a variety of databases to collect your financial and operational information. If you need to compare data from one program with that obtained from another, a BI solution will provide the bridge you need in order to make sense of the interaction between the two. For instance, to make long term decisions about inventory or sales processes, you need to see the correlations between your product database, your advertising campaigns and your sales results. The BI solution should take care of the extract, translate, and load (ETL) process and the BI solution itself can be used to check the data. 

BI facilitates management-  Good management is based on good decision making. A BI solution will give your managers the information and insight necessary for making the best decisions quickly and easily.Key performance indicators, visible on your BI dashboards, will provide even non technical managers with a view of the department or company’s overall health and identify areas of concern before they become problems.

Business intelligence software is not just a way to sort and view data; it is an essential tool for advancing your business by providing the insight you need in order to make intelligent business decisions.

 

Why use Expand BI ?

Expand smERP has been empowering its users over the last 16 years. We understand your business needs and plights and customise your ERP software according to your specific needs. Expand Business Intelligence provides a comparative view with real-time data in the form of charts, graphs and table format. This is very useful for the top management to calculate and make decisions and plan accordingly within a short period of time. It thereby saves a lot of manual labour and time resulting in substantial business growth. Secondly, users can create their own desirable reports with Expand BI, which provides the  management a mindful  insight of the business and take prompt  decisions to solve any problems or challenges.

If you’re looking for a suitable ERP software,  it is advisable to consider a system that has BI functionality which enhances your business operations. Expand smERP pioneers in fully integrated ready to use Business Intelligence in ERP software.

Elon Musk says, “Great companies are built on great products!”

However, only having great products and not being able to distribute efficiently among your customers is a mark of great inability to run your business. Many companies are still struggling to control inventory levels while managing customer demands across multiple channels. Having an inventory management system that provides excellent inventory accuracy is a must-have  to sustain in the competitive market. Businesses that don’t keep a track of their inventory and stock will obviously be drowning themselves in deep water. They will have customers placing orders that can’t be fulfilled while they may misplace stock if they aren’t keeping an accurate track. When you manage your inventory accurately, it will lead to a much clearer view and  better understanding of how much raw material or inventory you will need to have on hand to meet customer demands. This will ensure that you don’t have to worry about running out of items all the time. Knowing how much inventory you have also ensures that your customers aren’t placing orders for products you do not have available. There will be less of a concern of shortages without worrying about having too much inventory in stock.

Inventory accuracy will also help you to save a substantial amount of time and money. When you keep track of items that are available and that have been ordered, you won’t have to do an inventory recount. Quality software can update the stock in real-time, so you always know what is available without needing to worry about checking it by hand.

Because you will also know which products are selling well and which ones are not selling, you will know what you may want to discontinue selling. If you have a product that doesn’t sell, it is just taking up valuable space on your warehouse shelves. Being able to get rid of the slow sellers and non-sellers will be a huge benefit. It also gives you more insight into the types of products your company should be stocking or manufacturing.

These days, warehouse technologies are evolving at a rapid rate. This, of course, is a great thing as it helps warehouses the world over to speed up their efficiency, diversify their operations and offer lightning-fast fulfillment times to their customer base. It’s a golden-age for warehouses, but it’s also a time that can be dizzying for those working in warehouse management; the opportunities can seem both overwhelming and endless.

Inventory management is important for SMBs as well as big brands to prevent stockouts, manage stock across multiple sales channels- multiple B2C & B2B marketplaces, websites and stores, and ensure accurate recordkeeping.

 

Top 7 ways inventory tracking has changed in modern warehouse management :
1. Warehousing has become a vital role in modern business.

With eCommerce business flourishing with leaps and bounds each day, warehousing has taken a lead role in conducting business. The work of warehouse and distribution staff is the lifeblood of eCommerce. Without these vital elements, few of the innovations of the past two decades would be possible. 

2. Efficiency has been boosted with the latest tracking systems.

Along with the evolution of warehousing in the 21st century, inventory tracking has had to grow and evolve as well. Using ERP distribution software or systems that automatically adjust inventory and sync it with invoices is the new gold standard for the most successful companies in eCommerce. Fortunately, barcode and RFID scanning technologies have been vital difference-makers in improving the efficiency of inventory counting. 

3. Mobile enabled software’s has created remote offices for employees.

Smartphones and tablets are nowadays often perfect warehouse tools that offer great potential to increase picking productivity and accuracy when paired with the right software. The latest good ERP software will enable the employee to use his mobile device as his inventory tracker with ease.

4. Popularity of JIT Lean systems

With more sophisticated inventory monitoring increasingly available, many businesses have begun to interrogate their inventory practices. Just-in-time (JIT) inventory management is one popular option for streamlining supply chain and inventory operations. This model aims to greatly reduce the amount of inventory needed in a warehouse by manufacturing and storing only enough product to fill demand.

5. Technology now allows non-traditional tracking and storage methods.

Companies like Amazon have been able to power us with  innovative practices that are being introduced every day. One such method is what’s been referred to as ​“Chaotic Storage.” In this warehousing model, the locations of items are managed entirely by the sophisticated computer models that compile the pick lists.

6. Aids to ease out supply chains with efficacy.

Supply chain management is increasingly a make-or-break factor for success in eCommerce. Today’s technically advanced inventory monitoring systems are increasingly integrated into the hearts of supply chains themselves. By bringing together multiple systems into one, these manufacturers can gain a holistic perspective into how their supply chains perform resulting in better turnover of inventory more quickly, make better use of warehouse space, improve customer service and more.

7. Smart warehouses are setting the new pace.

Completely  automated — or at least a almost automated warehouse is the new Smart Warehouse of the century. eCommerce is only becoming more complex as channels continue to proliferate, and warehouse inventory technology is working hard to keep up. Many businesses have started making their warehouses smarter by using automation technology to streamline their operations. Whether it’s automatic billing to reduce paperwork or computer-generated pick routes to optimize picking efficiency. 

 

Modern age  inventory tracking software systems are more robust, powerful and convenient than ever. Inventory management tools exist that address nearly every niche and need in manufacturing and distribution. Businesses that invest in their futures by developing robust inventory systems are likely to see improved outcomes, especially as the field’s innovators push forward to new frontiers.

Expand smERP is India’s best fit Warehouse management software solution that is continuously innovating and keeping its users at par with the trend in inventory technology. Power up your business by adopting Expand smERP and watch your business grow.

1.Digital payments beyond cities India

India is one of the world’s biggest digital payments markets even though access to them remains restricted to urban areas. Now, the government will sift through the best ideas it has received from startups for taking digital payments to rural areas, where 65% of Indians live. Aiming to expand digital payments beyond cities, the government recently invited proposals from startups, especially fintech firms, to find ways to bring online payments to India’s semi-urban and rural areas. The last date to submit proposals was September 15, and the government will now shortlist and fund the best ideas.

 

2.Oracle uses AI to automate parts of digital marketing

Oracle Corp announced a new system that it says will use artificial intelligence to automate key parts of digital marketing campaigns. Once primarily known for its database software, Oracle is competing against firms like Adobe Inc and Salesforce.com Inc to sell cloud-based software used for marketing business-to-business products.

Oracle’s Fusion Marketing system, as the product is called, uses artificial intelligence to automatically assemble marketing campaigns and determine whether the people who interact with emails or advertisements might eventually buy a product, sending their contact information to sales teams.

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