There seems to be quite a lot of confusion around Cycle Counting vs. Stocktaking. So, before we discuss the importance of Cycle Counting, we will need to understand WHAT Cycle Counting is, and What Cycle Counting is NOT:
Traditional inventory audits or stock takes, involve counting all of the stock that the organization has on a particular date. Typically this is at the end of the year but can be monthly, depending upon the organization’s Stock Control Policy.
Nowadays, we take information technology (IT) for granted and simply expect it to be intuitive to use and for it to simplify our lives. IT enables our personal and business processes and actions to help us lead organized and effective lives. But the ins and outs are completely interconnected. You cannot have one without the other, and successful outcomes rely on what’s put in.
ERP systems essentially integrate all the disparate functions within your business and overcome the so-called ‘silo mentality’ by creating a single, centralized data architecture. The ERP software collects, stores and manages data relating to business activities. The principal output of ERP software is business efficiency and cost-savings.
If I had ever, in my youth, invented an acronym, I believe it would have been ‘GARR’. GARR represents the repetitive processes that countless financial workers have suffered through since the invention of…well…finance. Finance, almost by definition, requires attention to detail, and for a finance worker, the details are in the data. And if you rely on data, then somebody needs to GARR:
In rapidly evolving markets, businesses today have no other option but to increasingly rely on data and analytics. Inundated with information, and the time is takes to correlate and gather multiple data can be tedious, often leading to errors. We’re only human after all. But with data warehouses, a company is provided with a practical, scalable solution.
Digital transformation is achievable for all manufacturers.
The problems that digitalization solves strike at the very heart of manufacturer’s challenges today. What is real and what matters right now is how technology can solve immediate problems. Manufacturers are under competitive pressure to deliver better goods at lower costs. They want to reduce costs and streamline processes in their supply chains and factories. At the same time, customers are asking for more unique features in the products they buy. Customization versus standard products are often difficult trade-offs with implications in design processes, production costs, and schedules.
Many SMEs experience growing pains as they attempt to make the transition from a small to medium-sized business. Our team at K3 Syspro spends much of its time talking to manufacturers about the challenges they face in scaling up their operations and explaining how building digital resilience is a key part of any growth story. A comprehensive ERP system is able to equip business leaders with a set of solutions to tackle the challenges ahead and business growth.
Digitization is one of the most important business trends of recent years, but how exactly can digital transformation improve your business?
If you’ve been running a business anywhere in the world over the last few years, you’ll have undoubtedly heard multiple references to digital transformation. You may already have begun to digitize aspects of your enterprise.