**This is a sponsored post which I will be
compensated for**
I know during this pandemic I go into some stores
and the shelves are empty so that must mean that the demand is up or possible
the store did not do the proper mro
inventory solutions which is a must for businesses as you
can make so much more money if you have the proper inventory in stock instead
of bare shelves.
But there are other times when you have to much
capital that can be just sitting there not being used and did you know that
manufactures has anywhere from $40-$60 million in wasted working capital tied
up in excess parts. For enterprises that rely on data to propel their inventory
management and other supply chain initiatives, bad data can be especially
damaging to the bottom line. You really need to have someone to be able to
handle all your needs to keep your company making profits and not hanging on to
excessive capital and mro
inventory solutions is part of that process.
The very data backbones of enterprises are their ERP
systems and that is where you’re business struggles and often the chief offenders
when it comes to bad data. ERPs create confusion as numerous employees enter
data and extract information from centralized sources or custom modules, and
this personalized use of the various ERP modules results in different
understandings of the platform. For example, the procurement function will use
ERP data much differently than plant maintenance staff.
Also, for many businesses or organizations, their
ERPs are licensed and stored on-premise, disconnecting them from system
upgrades and the ability to leverage the latest technological advancements.
Especially in cases where companies grow through acquisition, legacy systems
like ERPs continue to pile on top of each other, adding to the disparate data.
While the efficiency of inventory data management is
a product of the defined capabilities of a given ERP system, the human factor
plays heavily starting with data input. For example, many material masters in
ERPs provide character-limited free text fields for material descriptions.
Without clear data management practices or a system that appropriately guides
the user, employees often input the new materials data they value without
considering how other colleagues, divisions or facilities reference and search
for that same item. In addition, searching for material availability is
difficult because ERPs require strict syntax and can be thrown off by typing
errors or naming conventions. Either issue can result in costly and inaccurate
inventory visibility that threatens supply chain efficiency.
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