ERP finance

What is an SKU? Stock Keeping Unit is an alphanumeric unique identification code utilize to identify a product or service to track its movement. The code itself helps to categorize items by features that differentiate them from similar products. SKUs are created primarily for inventory management but also help to prevent theft and help employees. What is SKU management? SKU management is a division of inventory management that helps to identify, track, and categorize saleable items using a unique alphanumeric code. It helps businesses keep their warehouse organized, as all [...]

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Demand and Planning Using a Pharmaceutical ERP, manufacturers can automatically create demand when orders are received, determining the quantities of material or item required and ensuring timely refill. Its MPS & MRP module come in accessible, helping them in when and how much is to be produced. Also, helps in forecasting the required material to meet the schedule effectively. Purchasing, Material, & Supplier Management A pharma ERP in pharmaceutical manufacturing industries provides a more effective way to regulate procurement and supply of the raw materials, services, and other required resources [...]

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1. Which customers are moving, and when? Is it all existing clients from the old storehouse, or will a subset move to the new warehouse based on proximity? How will you map that demand history for the purposes of forecasting? 2. Is the old storehouse closing entirely? If the old warehouse is closing entirely, such as in the case where you are switching 3PL’s, how do you want to move or translate the demand around? Are there any forecasts or forecast settings to move? 3. Is it a gradual switch, [...]

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Product Lifecycle Management (PLM) is an information system that helps coordinate the data and processes associated with the development of a product throughout its life cycle. It focuses on the entire life cycle of a product, from concept through disposal. The operations in manufacturing begin with PLM, where the product ideation, planning, and designing take place. This means a PLM system can collect all the information and data on the product elements, thus enabling an efficient product development process. If you’d like to know more about how Multiable ERP system can help your [...]

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SoD (Segregation of Duties) is your best line of defense in ERP security. Let’s talk about why it is so important and how your team can manage role conflicts across applications. Segregation of Duties is an internal control that prevents a single person from being solely responsible for business process tasks. Giving one person control of entire business processes can allow error and possible fraud. The result would be disastrous for your business. You could risk financial loss, reputational damage, and compliance violations. For example, take the process of paying [...]

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Formulation and Pre-Formulation Logically, there are some strict regulations that regulate the medicine manufacturing process. These regulations include guidelines around how employees should formulate and monitor raw materials, as well as how they should manage finished product yields to produce a batch. In the pre-formulation stage, employees must follow stiff quality processes that include: Defining medicine production procedures Scheduling medicine production stages Measuring medicine production quantities With a Pharmaceutical ERP system in place, companies can automatically regulate these formulations, while having confidence that the margin of minimal error. Additionally, they can [...]

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Blockchain technology has a lot to offer to ERP systems and the overall digital environment of an organization. These are some of the attributes blockchain might supply to an ERP: Blockchain adds transparency and auditability to an organization’s records: One of the advantages of blockchain is the ability to create smart contracts. Smart contracts are computer protocols that can verify and enforce contracts automatically using digital codes without the need of third parties. These smart contracts add transparency and immutability to transactions, thus facilitating the automation of processes; for instance, [...]

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Moving from a traditional manufacturing business to a D2C business model is a big change and requires careful planning. Before starting your digital transformation, you must consider these five critical elements. 1.  Invest in technology D2C requires a significant technical infrastructure including an eCommerce solution designed for the end customer and your sales model. In addition, you will need to integrate a customer data platform that supports the entire customer experience. 2.  Identify potential channel conflict When opening a D2C sales channel in addition to your traditional distribution channels, you’ll [...]

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A primary and patent benefit is improved profit fringes by retailing directly to patrons at nigher to retail prices. That's definitely a great motivator on its own, but there are yea more reasons for manufacturers to espouse D2C eCommerce. Increase patron fastness Manufacturers that are considering D2C have the opening to offer patrons more competitive prices than retailers, while still maintaining larger profit fringes than in nonsalable. This is a triumph- triumph for both patrons and manufacturers. Deeper patron sagacity By having a direct relationship with your patrons, you can [...]

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The direct-to-consumer (D2C) eCommerce business model enables manufacturers to sell their products and services directly to consumers without the assistance of a middle channel such as distributors and retailers. The good news? You get more control over your brand and a closer relationship with your end customer. You must be ready to take on new retail functions in addition to your traditional manufacturing responsibilities. A primary and obvious benefit is higher profit margins by selling directly to customers at closer to retail prices. That is certainly a great motivator on its own, [...]

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Lower Setup and Implementation Costs On-premises deployment usually requires significant hardware and personnel investment. With cloud-based software, off-site hosting and provider expertise eliminate the necessity for extra hardware or personnel. A reduced total cost of ownership is that the #1 reason why companies switch to cloud-based ERP. Flexible Data Storage Additional hardware must be purchased when on-site servers are at capacity. With cloud-based ERP, companies can quickly scale storage up or down as required . Streamlined Updates and Innovation On-site updates are a time-consuming process requiring skilled personnel. Cloud-based upgrades [...]

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1. When implementing a new ERP or WMS Many business leaders agree that when you are implementing a new ERP (Enterprise Resource Planning) solution or WMS (Warehouse Management System) is a great time to rethink your processes in light of the capabilities of your new software. Since there is a long time between software replacements, even years, this might not be often enough. 2. When doing year-end inventory count Year-end is a good time to take stock of your processes. You’ll be able to see what’s selling and what is [...]

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1. Visibility and Transparency As addressed above, visibility and transparency are basic to a strong warehouse process. The more you get an update about your inventory, handling procedures, labor activities, warehouse conditions, and more, the higher your decision, customer relation, and response to the warehouse challenges. 2. Warehouse Scalability Scalability requires transparency and agility for the whole warehouse process. does one want to expand your warehouse operations, expand your line , or maybe reduce your warehouse area? Advanced warehouse system will scale together with your warehouse and assist you to avoid service interruption, communication interruption, and scarcity of labor. 3. Adaptation and adaptability in Warehouse Percentage [...]

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Elimination of manual processes Manual processes and paper forms are a recipe for inefficiency. They hamper the pace of business and have the potential to negatively impact rock bottom line. Mobile field service software offers variety of advantages . for instance , digitizing of forms and work orders, tracking time and materials, and streamlined communications. -Digital forms and reports - Save time, reduce costs, eliminate errors, and ensure regulatory compliance. -Track time and materials consumed - Ensure technicians' time and materials are accounted for in the least times. -Streamline communications - Easily communicate with individual technicians within the field or broadcast updates to all [...]

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1. Does the solution have the full set of features that my business requires?  You will want to form sure that your new ERP software provides all the knowledge needed so your business can complete work on time and on budget. These are the functional areas that a contemporary robust ERP can and will support:     * Finance     * Inventory Management     * Production     * Sales     * Warehouse Management     * Purchasing   2. Is that the solution customized for my [...]

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Managing a pharmaceutical company is far from an effortless task, especially as it’s one of the most complex and highly regulated industries of today. We’ll take a closer look at how important is ERP system for pharmaceutical distributors. As with most other industries, pharmaceutical companies are also expected to continuously increase their productivity, streamline their operations and optimize their competitive advantages. However, it’s not effective to oversee and handle this all manually. Rather, modern pharma companies are now deploying ERP solutions to assist with processes such as sales functions, batch production, quality assurance, [...]

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Ecommerce—long recognized as a force for change within the world of consumer purchasing—is starting to spread its wings. After fundamentally changing how people research and consume, quadrupling in sales in 8 years (from $1T in 2012 to $4.1T in 2020), the accessibility, convenience, and personalization that Business-to-Consumer (B2C) ecommerce offers have changed buying behavior across the range. That behavior is now bleeding into the B2B buying process also. Is your business keeping up? Here are some quick stats: According to a 2019 Amazon report, Business-to-Business (B2B) ecommerce within the U.S. [...]

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An ERP is one of the best ways to facilitate compliance because it increases the visibility, security, and traceability of your data. Not only will it reduce the time spent on tasks that can be automated, but it means you can rely on your data when it comes to audits and proving compliance. We show you five simple ways that ERPs can help improve compliance by streamlining your processes as you scale and grow. You have more control over your data and can retain historicals, all within a single system. [...]

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For many manufacturing users of ERP system, Kanban is probably a familiar name or term that you often heard of for lean manufacturing or Just-In-Time (JIT) manufacturing. In fact, this scheduling system used in manufacturing was invested by a Toyota engineer in the 1940s. Kanban in fact is the name of the Toyota Nameplate System. So what is Kanban in Multiable M18 ERP & HCM System? It is not related to the Kanban manufacturing but the idea is similar to the "Nameplate". It is a our graphical presentation of how [...]

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We had shared several useful functionalities or tricks that improves productivity and that is usually one of the main reasons why companies are looking to upgrade or even changing their backend ERP system. Fundamentally, the backend ERP system must be a system that allows flexibility for the users to capture data or information without spending additional time and money and once all these are captured, it must be flexible enough to allow users to extract the information out. Today let's us look at drill-in. In the M18 ERP system, it [...]

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Previously in M18 HCM & ERP system, we mentioned about the user's customisable lookup query that you can run as shortcut in order to improve productivity on the left panel in any of the data modules. Today, let's me share with you that in fact, during data entry, as long as the field enter is from the lookup, we can even further customise the lookup information according to the users' needs. For instance, in the M18 HCM & ERP system "Employee" module, there are lookup fields such as "Position" and [...]

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As we had seen in the previous Multiable M18 HCM & ERP system, it is a very robust and flexible system that allows users to create/ edit/ rearranging the fields in any of the data modules. Besides just adding fields, it even allows users to create their own data modules from scratch if there is a need to. All these can be easily achieved by its' powerful graphical user interface without the need of a consultant or programmer. Being flexible in data entry means the ERP system must also be [...]

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We had briefly mentioned about the flexibility of a modern ERP system where it allows users to add/ edit any fields that in any of the data modules previously. Let's us take a closer look at how it can be done. Imagine that you are working for a company as a sales head where your sales managers have to enter their sales order or sales contracts in the company's ERP system.  However, there are a lot of fields that your sales managers need to enter besides the compulsory fields and [...]

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How are modern ERP systems different from traditional one? It is probably one of the most common questions that you will be asking yourself when looking for a new ERP system. There are many articles in the internet but many simply telling you that traditional ERPs are generally housed on-premise using the company’s own servers and maintained by your own IT staffs and/or external IT company while modern ERPs are cloud ERP. Cloud ERP is hosted on the ERP vendors’ cloud and the system is provided as Software as a [...]

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