With the constant changes and advancements in the highly competitive world of global manufacturing, time-to-market is becoming increasingly more important for companies to consider. Regardless of your industry, time-to-market is a critical factor in determining product investment, product price and meeting market demand. One tool that can assist you with improving your business’s time-to market is ERP software.
ERP systems integrate various key business functions including accounting, human resources, CRM, inventory and order management into one total solution. Having a centralized database for all locations and divisions provides visibility and real-time data to the entire organization, all while streamlining and standardizing processes. The systems also help to maintain a sufficient level of all necessary resources. Successful ERP implementation results in shorter time-to-market, which leads to numerous benefits, including reduced overall costs and increased customer satisfaction due to having ongoing visibility and historical buying and purchasing habits available.
Inventory management of product materials is also key to reducing time to market. An ERP system allows sales, inventory and customer data to be shared across a single platform and shared together for collective decision making. A single view of supply and demand allows organizations to better understand the needs of not only their own organization, but also the needs and requirements of their customers. Companies can use this information to forecast future demands. Standardized processes enable a sufficient use of resources including raw materials, finished products and labor costs need to keep supply levels at optimum levels and to ensure timely product deliver and quality.
The increasing adoption of cloud ERP systems makes them more affordable to obtain and manage and easier to implement change. Real-time reporting and Business Intelligence provides visibility across the supply chain and allows for quicker, more informed business decisions, which as a result will help to reduce your business's time-to-market. Let your ERP system get your products to market quicker, which will help your company's bottom line.