MIE Trak Pro - Best Manufacturing Software for Increased ROI

Best Manufacturing Software

The Manufacturing industry, despite global pandemic and economic recession challenges, is expected to continue growing. Due to economic conditions and various internal challenges, it may not grow at a fast pace, but it is expected to take a leap in growth in the next few years.

Apart from hopeful growth, many discrete manufacturers still face difficulty in business process optimization and improvements that are mandatory for increased ROI. They lack in forecasting future demand, mainly due to a lack of having a great manufacturing software solution with advanced reporting and forecasting tools. Without a tool like this, businesses cannot easily and accurately estimate the number of products needed to produce and sell in the following months or years. As a result, they fail to meet sales targets and, hence, suffer from lower ROI.

The Solution:

Investment in the best ERP software is the right solution. It not only helps automate, streamline, and accelerate your business operations, but offers scalable reporting tools and predictive analytics which help provide profit forecasting. Regardless of the strengths and challenges a manufacturer faces, a thoughtfully selected and implemented ERP solution is the best of all investments he can do to take his business to the next level.

Let’s take a deeper insight into how you can increase your ROI using an ERP.

Transform Your Marketing Strategies:

An ERP provides real-time data that allows manufacturers to make accurate forecasts and consider external events—such as current market trends, fuel prices, and exchange rates. In addition, they need to ensure that their marketing and sales teams remain updated on all such areas so that they can optimize their marketing strategies accordingly.

Digital marketing is the most suitable approach as it is often cheaper (and better received) than traditional methods. Optimize your website content and make the best use of organic and paid advertisements; including personalized email marketing is another area where many businesses find success. However, be aware that Google and Apple are becoming stricter with email deliverability to prevent users from receiving spam-type emails. With these changes in mind, perhaps consider a marketing plan that includes face-to-face events and referral marketing.

Although MIE Trak Pro ERP does not offer marketing capabilities, you can easily store customer, lead, and supplier contact information for easy access.

Clear Benchmarks For Increased Sales:

As a discrete manufacturer, you should understand the significance of clearly defined returns and therefore, set definite benchmarks based on information stored in your manufacturing ERP to achieve increased sales and profits. This is the best possible solution to increase your sales the right way. Since clarity in predefined returns is related to higher sales, greater profit margins, increased revenue and reduced production or overhead costs, it also helps in improved employee retention and higher customer satisfaction. All these factors play a significant role in increasing your sales rate.

Consider setting multiple benchmarks for ROI goals. For instance, instead of setting a goal for “increased sales this year”, the better approach is to create attainable and realistic goals that are as specific as possible. For example, a SMART goal strategy would focus on a Specific, Measurable, Attainable, Realistic, and Time-based goal. If you know that sales are often highest in the spring, then make a goal to reach X number of companies between March and May and see what comes of that plan. ERP can help with this by storing lead data, including notes and task reminders.

Manufacturing Resource Planning Software

Improvise Production Design/packaging:

To gain more returns on investment, you need to decrease overhead and production costs. Manufacturers can control the production costs in different ways; for example, they can change the product design without compromising on the quality and can also modify the packaging materials. If you think that both can cause you to sacrifice on the product and packaging quality, then a better option is to negotiate with your suppliers to get materials at discounted rates.

Manufacturers can also reduce overhead costs with the help of an ERP software. They can not only control production cost by managing time, material and resources waste, but also control procurement and labor cost. For the reason that most of the manual jobs move on to automation after ERP deployment across the organization. Moreover, you can allocate the saved amount more appropriately where it is needed the most.

Empower Employees To Generate More Revenue:

Another way to increase ROI is empowering your employees with the right ERP so that they can become better revenue generators by focusing on more important tasks instead of wasting their energy on daily monotonous, time-consuming jobs. ERP system automates the daily business processes, freeing up workers to invest their time in jobs that actually generate profits.

For instance, an ERP software automates the sales order process and automatically connects it to the accounting system and helps generate the accurate reports without involving complicated excel or google sheets.

Bottom Line:

Achieve business agility using the most reliable ERP solution with all essential tools that can also help increase ROI.