Manufacturers of any industry are always concerned about their stock and raw materials. Is what you require where it is to be located? Are you keeping too much or too little stock? To stay ahead of the competition today, you just cannot depend on the guesses; you need proper refined data or information to find the right balance in your manufacturing business. Assuming that you can see into the materials flow and inventory up and down your supply chain, you have what you need to make those decisions and maintain control over costs and cost variances, minimizing the cost of production maximizes profit. 

You just need to get up to date with the requirement of materials and follow up the inventory from time to time to know exactly what materials and inventory you require and when you can expect a refill.

Here are some of the five ways you can manage the supply chain in your manufacturing business: 

Enhanced warehouse management

A warehouse is known for its planned space usually a large commercial building for handling and storage of goods. With efficient warehouse software systems, proficient management, and expertise, the exact location, status, and the number of each division of the warehouse can be determined directly. Advanced WMS is a software program that manages all of the information and materials required for a warehouse to work as an efficient, modern facility.

Updated information across the Supply Chain 

From the shipping of the material through bus, truck, or train to the warehouse, it is important to know or to track your inventory at any given time. If you can identify issues early like where the error occurs while tracking, you catch them before they affect your schedules and your customers. This entails visibility along the entire supply chain.

Relationship with customers on order status and delivery

With competition at an all-time high, it is important to establish yourself as a trusted manufacturing partner. This means providing things like advance ship notices. When you share info and update them with key customers, you can then monitor inventory levels through POS data feeds to minimize issues like lost sales and stock-outs. Proper analysis can give you up-to-date information to maximize sales and strengthen relationships with your partners.

A fully integrated approach to purchasing

You require full visibility into supplier data, internal inventory, and production status to keep things flowing at the right speed. With a fully integrated approach, you can enhance the purchasing process, which starts a domino effect: minimizes material costs, inventory levels, improves relationships with customers with better service.

Better customer service 

Though good inventory management has always yielded the benefit of optimizing stock levels, there is another benefit: customer satisfaction. It is more important now than ever to take a customer-driven approach to inventory management, connecting silos of information across the organization, to be sure where things are and when to expect them.

MetaOption has been helping manufacturers transform their businesses with Microsoft Dynamics NAV and Dynamics 365 Business Central. We have certified professionals with NAV/Business Central expertise. For more information contact us today at MetaOption.