As manufacturing, processing, and assembly industries return to pre-pandemic operations, factories, workshops, and plant owners look for opportunities to recoup losses generated in 2020 by mandatory facility shutdowns. While many industries were able to successfully transition to remote operations, it isn't easy operating machinery and processing raw material over Zoom.
Today, analyzing data is foundational to maintaining the success of a business. Accumulating information over time, generating reports, and performing vital analytics is the cornerstone of measuring the status of a company, especially when effectively interpreting this information can be a critical factor that determines the difference between inadequate and strategic decision-making ability.
Software solutions for warehouse operations take the form of either ERP or WMS applications. Companies need to know the difference between these solutions, which serve fundamentally distinct purposes.
As with many business processes, things don't always go as planned, and projects can fail to meet outlined goals. The reasons for this can vary greatly, but below we'll take a brief look at some of the most common issues with project management that could be causing your projects to lose profitability.
While 2020 was a challenging year for various industries, efforts to bring the economy back to pre-pandemic levels are finally gaining ground in many areas across the United States. Manufacturing was hit particularly hard by the onset of COVID-19, where mandatory facility shutdowns, global travel restrictions, and an inability to perform critical operations remotely significantly impacted business, often grinding manufacturing to a complete stop.
Managing a wholesale distribution business with low operating margins has never been more challenging, as changes due to Covid-19 and economic slowdowns over the past year have seen smaller firms struggling to compete with larger distribution companies, like Amazon.
The COVID-19 pandemic has negatively impacted several major industries, requiring an increase in costs and lower operating margins that leave many businesses struggling to keep their heads above water. With staff reductions that inevitably followed, business management systems and processes have taken an expensive hit.
The transition from onsite operations to remote models after the COVID-19 pandemic saw many businesses benefitting from cloud-based enterprise resource planning (ERP) solutions. After the 2020 disruption, it makes sense why the technology experts at Forbes call the cloud "crucial to the future of our societies."
ERP has seen meaningful growth and sophisticated advancements in recent years, especially given the new obstacles we face. Looking back to 2020, companies all over the world began getting used to long-term remote working environments, creating the need for breakthrough technologies to be developed quickly so business applications could fill the gaps.
If you have the ability to see how you performed only once a financial close is complete, then your next opportunity to see your performance comes a month later when you go through the financial close process again. This is an indication that your close process is more than outdated, it's also confining.