The export industry is that sector of the industrial sphere which deals with the production of goods and services in one country and its subsequent consumption by residents of a different country. The goods and services can be anything. The medium of transport can be ships, planes, locomotives and even emails. The primary function which defines export is domestic production followed by international consumption.
Exports are an integral part of international trade. The Indian export industry has multiplied manifolds over the course of the previous two decades. Agricultural products, chemicals, jewellery, petroleum products, garments, and leather goods are the main products which constitute Indian export.
With the growth of export over the past two decades, there has also been a growth in the problems which has plagued the industry ever since its advent. Small exporters have closed down their operations and the big players have suffered losses. Problems are faced by all business ventures, but these problems are aggravated by the multi-country nature of the export industry.
But, we have got you covered. We intend to propose a plan of action that will not only solve the existing problems of your export business but also give it a boost towards greater profitability. By the implementation of the plan, you will be able to self-identify various problems in your export business and draft logical solutions for the same.
The plan of action that is we propose is you should get Cloud ERP for your export business at the earliest. Cloud ERP is a step like no other in the world of industrial management through software.
What Is Cloud Erp?
Cloud ERP is a Software as a Service (SaaS) program which can be accessed anytime from anywhere. Cloud ERP retains all the benefits of a traditional ERP program. Data is stored in the cloud and not on the company’s server and can be accessed anytime.
BUT TO UNDERSTAND THE FULL POTENTIAL OF CLOUD ERP WE NEED TO ACQUAINT OURSELVES WITH THE CONCEPT OF ERP.
To grasp the concept of ERP (Enterprise Resource Planning) in its most empirical way, one needs to think about the processes involved in a business. These may include inventory management, order management, accounting, human resource and customer relationship management (CRM) and much more. At its most basic level, an ERP software integrates all of the above information into one complete system, thus streamlining the operations across an organization. Since every business differs from one another in terms of size, model, operation, division of labour, etc, the Manufacturing ERP software for every business is different from the other.
Let us have a look at the various scenarios in which Cloud ERP can help your export business.
- Inventory Management – manual force in inventory management can be inaccurate and inefficient. The growth of the export industry has given rise to growth in inventory data which maybe not be managed well with traditional data storage systems. This might lead to bogging down of the system which will negatively affect the performance of the employees. Without inventory visibility, owners have a hard time stocking and predict the various incoming challenges. Maintaining a neural handshake between demand and supply also becomes difficult. Getting cloud ERP for your export company will make this disjoint system into an integrated one. This helps in reducing stock-piling. It also helps in making better investment decisions as the money saved from reduced stock-piling can be used to enhance business development. Cloud ERP also makes sure that there is never a shortage of a product in demand. Live access to inventory has umpteen advantages, so get the most of it by implementing Cloud ERP in your export industry.
- Shipment Tracking – scheduling of shipment means that an employee will be working long hours to bring an agreeable agreement between the work rate of the organization and expected delivery by the customer. ERP reduces this manual stress by automating the entire process. Such integrated scheduling leads to maximizing the use of resources. It leads to consistent deliverance of goods punctually. ERP will deliver you accurate shipment details in real time. In the absence of a real-time system, time is lost in fetching reports some of which are not even accurate. Cloud ERP also allows for automation by self-verifying the data. Thus, the owner is not required to looks across multiple platforms and people.
- Cost Reduction – Cloud ERP does not alter the cost of factors of production. However, it integrates the various factors of production in a way that consistently reduces waste and increases the output. Cloud ERP can be instrumental in predicting costs before beginning production. Since it is a hub of data, by analyzing these data, trends in price fluctuation of raw materials can be deduced which can be instrumental in stocking certain raw materials. Therefore a company might save money on raw materials by stocking them before the prices shoot up. Moreover, the cost of the ERP software is quite less when measuring it against the services it offers. Thus, the return on investment is very high. By employing cloud ERP, the owners also avoid huge IT maintenance costs. Cloud ERP software guarantee savings wherever possible.
- Supply Chain Management – After taking care of production and shipment, it becomes necessary to take care of supply management. Inaccuracies in billing, faulty outsourcing, and inconsistent quality in production lead to scraping of time and materials. A systematic software which keeps a vigilant eye on all processes prevents the scraping of time allocated to production. Rework and rescheduling can derail the scheduled operation of the industry. Cloud ERP fixes this issue. It saves a lot of time which can be then be utilized for business expansion and meeting deadlines. Such impeccable quality and punctuality help in attaining customer satisfaction.
- Efficient Planning – Improving the planning curriculum of a company is a sphere where Cloud ERP can greatly help the export industry. The key to efficient planning is data collection. By integrating the provision for data feeding and collection, Cloud ERP serves as a precursor to planning. Any professional with good managerial attributes can draft a competent plan by the manifestation of this data.
- Exchange Fluctuations – Another issue which plagues the export industry is the Exchange Fluctuations during payment from a foreign country. Because invoice generation and payment during international transactions are days apart, there are often gains or losses due to the change in the foreign exchange rate. This information has to be manually accounted so that the Profit and Loss and Balance Sheets remain accurate. Cloud ERP can solve the issue of Exchange Fluctuations. A new section under the software is to be made. Under this section, the user is required to link the Export Invoice and tag the bank account as and when funds are transferred from the customer. The accounting entries related to foreign exchange gain or loss is passed automatically when the details of the transfer of funds are entered and saved.
- Task Delegation And Reporting – The owners of the export business are often travelling. Due to the dynamic nature of the industry, task delegation and reporting become an issue. Sometimes, the entrepreneurs forget to keep a tab on the assigned tabs, at other times the business suffers due to inaccurate reporting by the employees. Cloud ERP eradicates this problem, since reports can be verified on the go. The software can also be configured to prompt reminders about seeking reports.
- Easier Documentation – Cloud ERP also provided for a seamless voucher and documentation approval process. With the new Cloud ERP software, documents could be approved as soon as they were prepared. A cloud ERP integrated system removes the need for manual document validation after verification from multiple sources. The software can also be configured to auto-generate bills, pay slips and employee identity cards.
- Online Trade – Cloud ERP can help an exporter to carry out internet trading seamlessly. Through the manifestation of various Cloud ERP, exclusive features such as streaming stock quotes, online payment gateways, portfolio tracker, extensive research reports and online IPO, doing business digitally becomes smooth and hassle-free. Customers too can make informed decisions regarding trade by accessing their dedicated account. Direct trade saves time by avoiding long bank queues. It also saves money by reducing commission costs.
So now that you know, what is needed to be done in order to solve all managerial woes, let us introduce you to the king of Export ERP software in India – EXPAND ERP
You may ask what separates EXPAND ERP from other providers. EXPAND ERP is the most flexible and provides some exclusive features provided by no one else.
Why Expand ERP?
- We provide highly flexible ERP integration to suit every exporter’s needs. Customize our software as per your needs.
- We provide end-to-end integrated software, which eliminates the need to have multiple vendors. Save money and time by eliminating the need to have multiple vendors.
- We have provision for Third-party integration in our software. For example – Magento, Paytm, Warehouse.
- We can also integrate Backlinks for e-commerce in our software. Online trading becomes a cakewalk.
- There is also a dedicated mobile app which adds on the on-the-go experience of cloud ERP.
- We have got 15+ Years of expertise behind us.
- Our success can be measured in terms of the success stories of our clients.