Companies that take advantage of supply chain management software (SCM) access untold potential. Software improves year to year to increase efficiency for your business and maximize on new technology that keeps up with industry advances. The benefits of SCM Software are tremendous when used correctly. Like any software solution, it takes time to understand the tools in hand, to train employees, and to maximize profit.
If you are one of the many companies implementing their shiny new system in industries such as food, health care, education, manufacturing or other high demand fields the benefits of your asset management solution are endless.
#1 Capitalize on Your Data Using an Asset Management Solution
Forrester reports that “between 60% and 73% of all data within an enterprise goes unused for analytics.” Whether you are tracking inventory, shipments, raw material, or other assets, this amount of idle data is detrimental for any company. Consider the revenue you could generate with just 14% of that information.
For instance, let’s say you are tracking inventory for your cold supply chain. You have an order of 1400 units of milk cartons to be shipped next week. In order to accommodate, you instruct your team to place 14 pallets of 100 milk cartons each to the front of the warehouse. Its just that, the order doesn’t go out until next week and you’ll have to verify that all cartons have use by dates that ensure a fresh and quality product for your customer. How could you simplify this inventory management process?
With your supply chain management software, you can track the lifecycle of each individual item; pinpoint its location viewable from a tablet or smartphone and confirm stock levels to replace any expiring cartons to ensure older inventory is used first. The man hours of searching through stock? Become saved time and revenue, and none of that stock expires in the process!
When a company learns to capitalize on the data, not just 40% but 80–100%, the opportunity for increased ROI drastically increases!
#2 Develop Custom Processes that Work for You
Analyzing data to create custom processes for your company’s needs is your foundational knowledge base to tailor your software. With enhanced visibility of your supply chain the inventory management process will provide more succinct data and will reveal the interconnectedness of your enterprise. Using cloud-based mobile apps you maximize on that security. Now you have data that can determine which assets are in need of a work order weekly, monthly, or annually. Your data can reveal if your supply chain needs more raw materials, if you need to place inventory in prime locations based on previous analytics and can streamline your warehouse stock counts at the end of the day with Bluetooth or RFID tagging technologies. Delegating these processes to your employees could further speed up procedures and approval times freeing up time for more pressing tasks important to your business. In the construction field asset management can
Your company is yours to run your way. The asset tracking solution prevents loss and increase profits and works as a simple a tool to enhance that custom process. As you begin to discover the aspects that work best for you, it becomes easier to train others to follow suit. Before you know it, the entire company functions at maximum speed and efficiency with the processes you have in place.
#3 Create an Openness for Automation
The purpose of automation is to correct inevitable human error, speed processes, and make life easier and safer for employees. It is easy to view automation as synonymous to job loss, but it is crucial that employees see the importance of innovation and as the ultimate goal to keep up with industry standards. Equipping employees with tools, and learning opportunities such as webinars, workshops and other training is important to employee success. Many companies institute new software without this approach, and the opposition from employees becomes the biggest obstacle. If an openness towards automation is established quickly, the company truly has opportunity for maximized profit.
#4 Use the Software at Its Full Potential
Assets are managed effortlessly with management software that lowers costs saving you thousands in revenue and removes opportunity for human error, increasing productivity tenfold. The functionality of this software for all industries is customized to fit industry needs from education asset tracking to healthcare asset tracking. The possibilities are limitless. Imagine what this accuracy could do for inputting the correct vaccine and number of vaccines needed to treat patients in a hospital with healthcare supply chain management software, or for tracking the exact location of raw materials at a construction site with construction asset management. Companies are maximizing on this industry standard now to increase on returns at the end of the fiscal year.
Your new software can do many things to simplify your life. Software companies create many customizable features with the consumer in mind. This means that the software, at its full potential, could be an incredible asset to company growth. At Apptricity, we assist clients who fully capitalize on the functions of our software and others who want the simple features. Empowering your managers, directors or other personnel to implement, study, and master the software specifically for your company’s needs is the ingredient to maximizing ROI and business success. Make sure you read the manual, and do not take 4 years like me just to learn cruise control. Beautiful benefits await.
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