Manufacturing is a fast-paced segment of any industry. Efficient inventory management is the only difference between smooth operations and costly disruptions. ERP (Enterprise Resource Planning) systems act as the central nervous system of a manufacturing operation. Their impact on inventory management is nothing short of transformative. At Platned, our expert ERP consultants have witnessed how these systems can revolutionise inventory management. Here’s a closer look at how ERP systems empower manufacturers to achieve optimal inventory control: 

1. Real-time visibility: from raw materials to finished goods 

 

ERP systems provide real-time visibility into your entire inventory lifecycle. From raw materials entering your manufacturing facility to finished goods ready for shipment. This includes:

• Inventory Levels:
  Track stock levels across all locations, including warehouses, production lines, and in-transit goods.
• Material Requirements Planning (MRP):
  ERP systems automatically forecast material needs based on manufacturing schedules and sales forecasts. This ensures you have the right materials at the right time.
• Work-in-Process (WIP) Tracking:
  Monitor the progress of unfinished goods through various production stages. This leads to better capacity planning and reduced lead times.

This comprehensive overview empowers informed decision-making. You can identify potential stockouts before they occur & optimise ordering schedules. This helps avoid overstocking, and ensure a smooth flow of materials throughout the manufacturing process.

Our experienced ERP consultants have implemented these for our clients. And we’ve seen this visibility transform the way our clients manage their inventories. Therefore leading to more efficient operations and happier customers. 

2. Streamlined Procurement and Replenishment 

 

ERP systems automate manual procurement tasks, saving valuable time and reducing errors. Here’s how: 

• Automated Purchase Orders:
  ERP systems trigger automatic purchase orders when inventory levels reach predefined thresholds. This eliminates the risk of human error and ensures timely replenishment.
• Vendor Management:
  Manage supplier relationships and track purchase orders with ease. ERP provides insights into vendor performance so you can build strong supplier relationships and negotiate better terms.

By automating procurement processes, ERP streamlines your supply chain, reduces lead times. Now you have the materials you need to fulfil customer orders on time.

3. Improved Demand Forecasting and Production Planning

 

Accurate demand forecasting is crucial for maintaining optimal inventory levels. ERP integrates sales data, historical trends, and market forecasts to predict future demand with great accuracy. This information feeds into:

• Production Planning:
  ERP systems help you plan production schedules based on forecasted demand. This in turn helps you produce the right goods at the right time to meet customer needs.
• Inventory Optimisation:
  By understanding future demand, you can optimise inventory levels & avoid overstocking or stock-outs. This reduces storage costs, improves cash flow, and ensures efficient resource allocation.

With improved demand forecasting, ERP systems enable manufacturers to be more responsive to market fluctuations and customer needs. All while minimising the risk of holding excess inventory. Our production planning strategies in ERP systems have exemplified how accurate demand forecasting can transform efficiency & help our clients stay ahead of the curve.

4. Enhanced Quality Control and Traceability

 

Maintaining product quality is paramount in manufacturing. ERP systems facilitate quality control by:

• Lot Tracking:
  Track materials and finished goods throughout the process. Now you can identify the source of any quality issue and take corrective action immediately.
• Compliance Management:
  Ensure compliance with industry regulations and quality standards by tracking processes and materials used.

ERP systems provide a comprehensive audit trail for all materials and products. This also facilitates traceability and ensures the highest quality standards are met consistently. Platned’s implementations have helped numerous companies maintain top-tier quality control, safeguard their reputations and ensure customer satisfaction.

5. Reduced Costs and Increased Profitability 

 

ERP systems lead to significant cost savings across the manufacturing value chain. It can optimise inventory levels, streamline procurement processes, and improve planning. Here’s how:

• Reduced Storage Costs:
  Minimise the need for excess inventory, reducing storage requirements and associated costs.
• Lower Procurement Costs:
  Optimise purchase orders and negotiate better deals with suppliers, leading to reduced procurement costs.
• Improved Efficiency:
  Streamlined production processes and reduced lead times contribute to increased efficiency and overall profitability.

The Bottom Line

 

ERP is a game-changer for manufacturing inventory management. They provide real-time visibility, streamline processes, and empower data-driven decision-making. This in turn leads to increased efficiency, reduced costs, and ultimately, improved profitability.  

At Platned, we’ve seen firsthand how ERP can transform manufacturing operations. Our expertise in implementing and optimising ERP systems ensures that our clients achieve the best possible outcomes, driving their businesses toward greater success and sustainability. That is why we say, investing in an ERP system is an investment in the future of your manufacturing operations.

As a sales Director with over a decade of experience in enterprise solutions, I have come to appreciate the critical role of selecting the right partners in maximising the potential of our investments. Among the myriads of decisions we face, choosing the ideal consultancy partner for your IFS investment stands out as one of the most crucial. In this blog post, I’ll share my insights and advice on navigating this process effectively.

Investing in IFS solutions is a strategic move for any organisation looking to streamline operations, enhance productivity, and drive growth. However, the success of such an investment often hinges on the expertise and support provided by an IFS consultancy partner.

Here are some key considerations to keep in mind when selecting the right partner for your organisation:

Experience and Expertise: Look for a consultancy partner with a proven track record of success in implementing IFS solutions. Experience matters, especially in complex ERP projects. Ensure that the partner has a team of seasoned professionals with deep expertise in IFS consulting and enterprise solutions. A partner with extensive experience across various industries will bring valuable insights and best practices to the table.

Specialisation in IFS: Not all consultancy firms are created equally. Choose a partner that specialises specifically in IFS consulting. While general enterprise consulting firms may offer a wide range of services, they may lack the depth of knowledge and expertise required for successful IFS implementations. A dedicated IFS partner will have a thorough understanding of the platform’s intricacies, enabling them to deliver tailored solutions that meet your organisation’s unique needs.

Collaborative Approach: Effective collaboration between your organisation and the consultancy partner is essential for a successful implementation. Look for a partner that prioritises collaboration and communication throughout the project lifecycle. They should be willing to listen to your requirements, offer proactive guidance, and work closely with your team to ensure a seamless implementation process.

Proven Methodology: A structured and proven methodology is critical for ensuring the success of an IFS implementation. Inquire about the consultancy partner’s approach to project management, implementation, and post-implementation support. A partner with a well-defined methodology will help mitigate risks, minimise disruptions, and ensure that the project stays on track and within budget.

Commitment to Long-Term Success: Choose a consultancy partner that is committed to your organisation’s long-term success, not just the immediate implementation. Look for a partner that offers comprehensive post-implementation support, including training, maintenance, and ongoing optimisation services. They should be invested in helping your organisation derive maximum value from your IFS investment over the long term.

References and Testimonials: Don’t just take the consultancy partner’s word for it. Seek out references and testimonials from their past clients to get a sense of their reputation and the quality of their work. Ask specific questions about their experiences working with the partner, including project outcomes, communication effectiveness, and overall satisfaction.

Cultural Fit: Last but no means least, consider the cultural fit between your organisation and the consultancy partner. A strong cultural alignment will facilitate smoother collaboration and ensure that both parties are working towards the same goals. Look for a partner that shares your organisation’s values, work ethic, and commitment to excellence.

In conclusion, choosing the right consultancy partner is a critical step in optimising your IFS investment. By considering factors such as experience, specialisation, collaboration, methodology, long-term commitment, references, and cultural fit, you can select a partner that will support your organisation’s growth and success with IFS solutions. Remember, the right partner can make all the difference in the success of your IFS implementation journey.

Having had the pleasure (and honour) to be at the recent opening of Platned’s impressive new offices in Colombo, it got me thinking again about the importance of Sri Lanka in the development of so many successful IT companies.

I’ve now been involved in three such companies in the ERP industry (going back across more than 25 years) and each one has both enjoyed, and massively benefitted from, the incredible pool of skilled and committed talent that the Sri Lankan education system continues to provide.

Platned is led by four guys, all born and initially educated in Sri Lanka – before they each went abroad to develop their careers and pursue their dreams. This latest investment is about showing their personal commitment to giving something back to the community and the free education system that gave them their start – by investing more, in order that even more people can embark upon a similar road.

The new offices will help accommodate the significant expansion that Platned expects over the next few years (including a doubling of the number of staff members in Colombo), and expand the pool of people able to support our customers across the globe. But there are also further investments planned in the necessary training and the crucial collaboration with a number of academic institutions in the city. Platned are also trying to coordinate more with other IFS Partners in our market, to see if we can work better together and more efficiently develop the skills of the young people emerging from the Sri Lankan education system.

Platned (like others) have already benefited tremendously from the number of skilled young people available in Sri Lanka, but now is the time for us to really acknowledge this and give something more in return – so that this source of supply can not only be sustained but grow even further. Helping the Sri Lankan economy to develop more students and in doing so also support more companies in our market space.

When considering which software to use for your business, it is crucial to prioritize the longevity of the product. Using software that has reached its end-of-life can pose significant challenges and risks, making it an unfavourable choice for your organization. Here’s why:

It’s crucial to evaluate the long-term costs and risks associated with using end-of-life software. While it may seem cost-effective initially, it can ultimately result in increased expensed and downtime. Opting for regularly updated and supported software provides your business with the tools to succeed and grow. 

The decision to replace one software system with another typically depends on several factors, including the functionality and features of the current system, the specific needs of the customer, the costs and benefits of the replacement, and the technical compatibility and requirements of the new system.

Customers may choose to replace their current software with a new system if the current system no longer meets their needs, if it is outdated or unsupported, or if it is no longer compatible with other software systems used by the customer. They may also choose to replace a system if a new system offers additional features or benefits that the current system does not have.

At Platned, we have extensive experience in implementing ERP solutions across various industries and specialized in Equipment Rental Industry, Construction Industry, Service Industry, Manufacturing Industry and Complex MRO. Share your challenges with us, and we’ll be eager to assist you in overcoming them. 

Our Solution includes:

1. Evergreen Solution: No end-of-life date, ensuring continuous support and updates. 24/7 Managed and Support Services.
2. Ongoing Partnership: We forge enduring partnerships with our customers.

Cross-Industry and Cross-ERP Knowledge: We bring diverse expertise to address your unique requirements.

Let Platned help you transition to a reliable and future-proof solution. Contact us today!

Contact Platned: https://platned.com/contact-us/

Written by: Rukshan Berman  (https://www.linkedin.com/in/rukshan-b-bab9a22a/)

 

Companies are under pressure to gain visibility into their multi-tier supply chains and share more information with their customers, partners, and other stakeholders. Requirement for traceability & transparency is increasing every day due to regulatory due diligence requirements, increased investor and consumer expectations, and technological advances which have raised the bar etc.

 

Transparency extends to what data you will be transparent about, whom, and how often or when. Increasing transparency is an effective way of demonstrating sustainability efforts and openness to stakeholders. Traceability provides means for companies to become transparent to their different stakeholders. Traceability and transparency can be considered as business strategies to help companies to understand better and thus respond to the most critical risks and opportunities in their multi-tier supply chains while creating confidence in multiple external stakeholders.

 

Living in a new digital era, companies nowadays identify the importance of greater traceability and transparency while understanding their availability on-demand with accuracy. However, many companies still rely on pen and paper to record track and trace (T&T) data in physical files or spreadsheets. During the early days of the COVID-19 global pandemic, we have noticed several companies failed to meet market demand due to a lack of control within the supply chain. This was revealed by delays in shipments (inward & outward). Also, they were unable to quickly adapt to new working methods and work shifts to continue operations with minimizing the infection rate within premises. Companies who were already digitalised or able to adopt at a faster phase were able to overcome challenges faster than those who hadn’t. Accordingly, having connected supply chains gave a distinctive competitive edge for those companies with increased traceability & transparency.

 

On the other hand, today’s customers are well-informed and want to know more and more information about the products they buy, especially food and beverage items. Also, consumers are aware of their rights to know what they consume. In the recent past, the authorities were keener on safeguarding consumers’ food safety & enhancing trust due to increasing food-related non-communicable diseases such as diabetes, cholesterol and illnesses due to food patterns themselves such as cancer, obesity etc. Also, many food scandals in the recent past made people feel fear for the food they consume. Eg: Fake food (Refer: Plastic rice food scandal- https://www.bbc.com/news/blogs-trending-40484135  ).

 

Moreover, legislations themselves resulted in food and beverage companies being more transparent regarding their origin, quality, certifications, safety cautions and many more. Similar to the safety issues, business stakeholders are now keen on sustainable initiatives and cruelty-free movements. Today’s customers tend to associate products that match their values beyond the financial and functional benefits of products. They want the businesses to be transparent about their values and already have started considering what products to buy.

 

 

It’s important to understand sequential problems associated with lack of traceability & transparency in businesses.  Most of the companies aren’t fully digitalized and the processes that need end to end trace therefore doesn’t provide the correct picture. In such businesses, some of the traceability data is still in physical files/folders or spreadsheets. The real problem arises when there is a requirement to backtrack such data for recalls management, compliance and quality management issues because identifying root causes for problems and correcting them fast is very difficult. Accordingly, T&T in the modern food and beverage industry supply chain cannot opt-out which emphasises the importance of digitalizing the supply chain for T&T.

 

The ideal digital system for F&B companies needs to capture all goods transactions on various levels and then connect other details such as goods origin, certificates, and quality test results within the connected system. Such systems’ traceability and transparency should be extended upstream towards the suppliers and downstream towards the customers. Selecting an industry-specific ERP solution will give you the best value proposition over generic systems in receiving a traceable and transparent supply chain.

Food supply chains are increasingly becoming complex and dynamic to serve ever-evolving consumer needs. On the other hand, F&B manufacturers are heavily dependent on their supply chain whereas one supplier may source from one or few other suppliers in the local or global market and at the end of the day you are not having only that supplier.  This complexity in the supply chain itself demands focusing on food transparency more than ever before. And some other reasons why it urges for supply chain transparency are; to adhere to government regulations, to ensure they participate in animal welfare and environment, meeting quality standards and to provide the customer with product information; making them feel safe.  

 

Importantly, it is required for F&B manufacturers to be transparent about their initiative as today’s consumer needs to feel safe, feel not trapped and receive more value for the price they pay. It has come to light that more consumers are increasingly interested and demanding transparency now! For instance, researchers at the MIT Sloan School of Management have found that consumers may be willing to pay 2% to 10% more for products from companies that provide greater supply chain transparency. 

Here are a few main benefits of gaining full supply chain transparency.

 

1. Meeting customer requirements for transparency

 

 

In today’s world, rational & conscious customers research many times before they buy a certain product. Especially when it comes to food items that have a direct impact on their health, customers tend to avoid impulse purchasing and go with trustworthy products. So, F&B manufacturers need to earn the trust of the customer by nailing what they can do to register as a trustworthy brand in the customers’ minds. The simplest and the ultimate way of building trust for a brand is by becoming transparent to their customers.  

Today’s customers are aware of their right to know and therefore expect brands to be transparent about quality, ingredients, nutritional facts, benefits, side effects, warnings and so on.  Not only that but also the customers are now concerned about social welfare, animal welfare, environmental sustainability and they appreciate ethical brands. Also, organic products, locally grown products are some of the wide spreading purchasing trends and today’s customers want to know about the origin of the products and their journey from farm to table. 

Accordingly, this shows how important it is to become transparent to attract a loyal customer base.

 

2. Identifying and responding to food safety issues

 

 

Foodborne illnesses are a major concern to many F&B companies due to the serious financial risks involved in handling such situations as well as their impact on public health. Food standards compliances are increasing and becoming more stringent day by day expecting companies to be more proactive in their food safety measures. Therefore, manufacturers need to take all measures to put in place a proper track & tracing of all products that they release to the market as well as items in the factory in the form of raw materials, work in progress, finished goods as well as goods in transit.  Also, when a food safety issue arises manufacturers should be able to trace batches, shipments and identify them correctly in minutes to take corrective measures fast. This is a very challenging process especially due to the multi-level complexity of the supply chain as a result of material sourcing from multiple vendors, locations and suppliers in other countries etc. 

 

Accordingly, food manufacturers should be able to trace down all tiny details of a product to ingredients, suppliers and so on to understand what has gone wrong and take corrective actions to avoid it in future as well as product information in front of the court of law and customer negative word of mouth (WOM) and complaints. This reflects why the food supply chain should be transparent to identify and take corrective measures for safety issues. 

However, today, technology has paved its way to provide the tools to recognize origins of ingredients quickly and accurately, so containment of adverse quality events can be coordinated and executed quickly across the supply chain.

 

3. Reducing food loss and waste

 

 

It has been identified that one third of the food produced for human consumption is never consumed and they are lost/wasted during the supply chain. One of the main reasons for food waste is due to food safety, fit for consumption and not receiving market for it. Also, food items’ appearance, dropped quality, excess supply compared to demand, and poor management of seasonal production fluctuation are some of the reasons why food and beverage do not get purchased or drop off from the supply chain itself. Also, food wastage can occur across the supply chain during different stages such as; in the farm, factory, transportation, warehouse, retail store or at the end-consumer kitchen during meal preparation or at the table!

So, it is important for F&B manufacturers to identify why, when and where foods waste within the supply chain and take corrective measures. For that it demands for a greater level of food supply chain transparency in order to reduce wastage and increase efficiency.   

Accordingly, it’s important to have transparency in the food and beverage supply chain and it ultimately helps in satisfying customer, company, societal needs for sustainability, social & animal welfare and environmental protection while maximizing company profits through efficiency. 

Setting up processes and workflows with the aim of achieving full transparency, understanding F&B businesses critical requirements to meet customer demand for information transparency, identifying & responding to food safety issues and reducing food wastage is important. This demands for an ERP solution that enables you to achieve your transparency goals according to your exact industry requirements.

 

IFS is a leading software solution provider that develops and delivers best in class Enterprise resource planning software (ERP) solutions to businesses worldwide with thousands of delighted customers. IFS ERP systems provide advanced and detailed functionalities across various industries along with other solutions such as Enterprise Asset Management (EAM) and Field Service Management (FSM) software solutions.

Often you see messages that pop up saying “A software update is available” which you easily click on “cancel” instead of “install” thinking you will get to it later. Do you?

Do you know what comes with these update options? Usually, the IFS vendor provides periodical updates and patches which contain new or enhanced features, functionalities, security and better User Interface (UI) to make your IFS application best service you.

There can be multiple reasons why you may have second thoughts when clicking on “Update”. One reason is that they genuinely postpone it to undertake later which may end up carrying on with the older version of the application which is with limited functionalities. Another reason is, it might be that sometimes people take their own time to realize that they need updates which might be reasoned out from the actual functionality gap they find while they are daily using it. Or else they skip it as they might not know if they want it or not. Also, it could be because they might think it will complicate their current workflow or have an impact on daily operations or be reluctant to pay the cost of the upgrade.

Due to numerous reasons, the software must be updated, and IFS has taken this into account by time to time upgrades it releases that are figured out through continuous R&D and customer feedback appraisals.

 

Why do you have to upgrade your IFS application?

 

• To include patches remedying security holes and bug fixing- To avoid information being lost, stolen or even damaged.
• Benefit from new or enhanced features, better compatibility with different devices or applications while removing outdated/ irrelevant features to improve user experience.
• To have the latest versions that can give the best ROI on your software investment without becoming obsolete.
• Access to the latest technologies to boost the company’s performance.
• To increase the productivity and efficiency of your hardworking staff & the software itself with advanced features that make employees lives easier.
• To stay compliant with the latest regulations and be risk-free of huge fines and lawsuits and be ethical in handling information of customers. For instance, Acts like GDPR mainly safeguards the interest of data protection of client information which keeps evolving to help secure them better.
• To reap out better integration capabilities.

When do you need an upgrade of your IFS?

 

Here are some instances that you should actively consider upgrading your IFS application.

• Compliance with regional, national and international laws and regulations.
• Missing standard features.
• Moving away from support for the older versions by the vendor.

On top of the above, several things should be evaluated before upgrading your IFS application to the new version, along with an extensive cost-benefit analysis. And it is critical to understand the ideal timing to go for an upgrade that gives the best value for IFS customers. It may be tomorrow or in another years’ time.

Therefore, you should leave it to the experts who can provide you with such in-depth analysis.

Platned for your IFS upgrades

 

Contact Platned if you are looking for.

• Upgrade to the latest IFS Cloud from the previous IFS version.
• Adding new modules to existing IFS environments.
• Migration from on-premises to cloud.

Also, we provide below IFS Services.

• Functional & Technical services.
• Managed Services.
• IFS Business-System health Check.
• Automated System Monitoring.
• Oracle Database Support.

With extensive experience in multiple industries and the capability to handle complex implementations, we provide complete peace of mind by looking after your IFS applications and databases, with our expert services, which can be tailored to meet your specific challenges.

Inventory is often the largest asset most of the distribution companies have. It is also expensive to purchase. Therefore, having poor inventory control may result in working capital crisis, damage, expire/ perish of inventory which will have a ripple effect on profits. On the other hand, if a company doesn’t manage to sell its inventory at the right time, it “eats” the profits by increasing the cost of inventory handling that can be one of the main bottlenecks for the growth of wholesale distributors, warehousing and logistics companies.

Wholesale distributor often stocks and sells thousands of inventory items; and some may contain slight variations in size, style, or other attributes. So, it’s important to pick the right items for production/processing to align with the customer/ production specifications. On the other hand, when it comes to handling customer orders, proper management of SKUs with similarities need careful mapping to avoid wrong items being sold. Also, it promotes fewer returns and scraps while ensuring efficient sourcing of materials from suppliers.

Accordingly, poor item management strategy can lead to harmful miscommunications and loss of productivity, ultimately hurting your business, while proper item management supports an organized warehouse, with carefully tracked inventory and supply chain movement.

Here’s are 5 reasons why well-defined item management should be in place;

1. To manage alike items

These are usually called matrix items. These items may contain slight differences in type, size and colour etc. that could be a hassle, creating various combinations ultimately resulting in confusion, time-consumption, wrong items being sold or purchased, overstock or stockout and many other things that can limit growth. 

Hence, fully-fledged item management automates and streamlines item creation, sales, and purchasing processes for product families that use item attributes and values. These functionalities need to be simple to perform and should be constructed well for flawless operations.

2. To streamline kitting process

Kitting is common in durable goods such as automotive, electronics, machinery and some of the goods such as; food & chemicals. It can be either disassemble of items into stock to resell as separate components or to pick as components to use in assembling or bundle with the products as kits in the form of instructions, user manuals, etc. which are call non-stock items. Especially, when the items are disassembling to use in other orders there is a high chance of components getting lost or damaged. 

Therefore, the ideal ERP for distribution should consist of flexible item management options that provide flexible kitting options for both stock and non-stock kits which also enable accurate costing associated with scrap accounting.

3. Manage compliances, recalls and quality control (QC)

Distributors require serial tracking to seamlessly monitor and manage inventory movements. Serial numbers provide full visibility with tracing down stocks at the receipt of them from suppliers to sales orders to identify which items to include in the customer orders. It helps understand what’s gone wrong and where the exact problem is in the value chain and assist in taking the corrective measures fast.

On the other hand, when it comes to handling product replacements and recalls for warranties, lot tracking capabilities are crucial. Lot tracking improves compliance with industry and customer quality requirements and is used in combination with expiration dates to manage stock rotation for perishable inventory, to manage recalls and to track items and inventory attributes.

Serial and lot tracking provides the ability to backtrack the material throughout the production/ value-adding process where it supports quality control by identifying and avoiding using expired/perished/ damaged items in the production/assembly process before the final product goes out to the market.

An ERP solution that provides complete item management functionalities with serial and lot tracking will enhance customer experience, quality of work while enabling you to confidently face regulatory or customer compliance.

4. To overcome problems related to the unit of measure

Warehouse distributors will face over-complication of their processes when it comes to the unit of measure conversion, where they may purchase in one unit of measure, stock in another unit of measure, and sells in yet another unit of measure. It will be an even more struggle to deal with bulk quantities and when larger quantities should be broken into smaller quantities. 

ERP users also should be able to define units of measure and how each unit of measure is related or converted to other units of measure while providing user-defined UOM conversions and variable UOM for purchasing, inventory, and sales avoiding manual calculations. This is why you should research item management capabilities when you are selecting an ERP solution that is a long-term investment for your company.

5. Manage expiration dates 

Expiry dates play a vital role when it comes to the storage of perishable goods. Some of the non-perishable’s such as rubber, plastic etc also can have expiry dates even they do not seem to have where their expiry may be due to outdated technology, depreciation or degrading etc. Therefore, it is important to associate your inventory with lots and serial numbers for Quality Assurance (QA) and Quality Control (QC) processes. Managing expiry dates efficiently also enables efficient stock rotation for maximization of your inventory profitability. On the other hand, it helps manage customer satisfaction by assuring the quality of the products by removing expensive after-sales rectifications/ replacements. 

Thus, lot expiration dates in item management help improve stock rotation, quality control while amplifying customer service visibility.

Accordingly, it is very important for you to carefully select your ERP solution for your distribution/ logistic company as you will need extensive capabilities in item management with having understood the importance of inventory management for businesses of this nature.

You must be wondering if your current ERP software version is “doing the job” and if there is a reason to upgrade to a new version when the vendor releases a new version claiming advanced functionalities, efficiency improvements, technological advances, etc. Why do software vendors release updates and new versions, anyway?

When it comes to most new software releases, developers continue with research and development on the product to add new capabilities such as configurability to reduce modification requirements; improving functionalities to support better processes; fixing bugs; and security issues that are discovered; thus reducing vulnerabilities and cybersecurity threats your company may face. On the other hand, such releases could entail major changes to underlying architecture such as moving to the cloud, making software platforms independent adding intelligence and autonomous capabilities etc.

Furthermore, it could involve; lack of mobility, missing features/functionalities, compliance with the changes to laws and regulations, increased cost of maintenance and most importantly improve user experience. 

IFS, being a class-leading solution provider, has released a fully cloud-based version of its software which empowers you to choose how you wish to host your solution. You can select IFS fully managed cloud, on-premises or self-managed cloud infrastructure. This latest version comes with 100% open APIs which allows seamless integration with any other systems, using capabilities such as Artificial Intelligence(AI), Machine Learning(ML), Internet of Things (IoT) or Robotic Process Automation(RPA). 

Bi-annual optional releases with IFS cloud means that the solution is always up to date with new capabilities whilst keeping the impact on business to a minimum level.

New IFS Cloud brings to you.

●    A sophisticated user interface to drive employee engagement & satisfaction while improving the speed and efficiency of decision making.

●  A cloud platform that is responsive to screens of different devices for a greater user experience, AI, IoT, and a host of other application services to facilitate remote assistance in services or predictive maintenance.

●    A Single Platform that includes all IFS products 

 ●    Rapid Evolution for FSM -New service innovation to support Field Service Management like Remote Assistance functionality, keeping the phase as the industry-leading solution.

●    Maintenix components for Aircraft Maintenance

●    Enhancements – some of the key enhancements are listed below.

● Service Management – Embedded Remote Support for Service & Maintenance.

● Asset Management – Improved EAM Technician Portal.

● Projects – Improvements to Contract Management.

● Manufacturing – Supplier classification tracking & improved quality management.

● MRO – Improved Heavy Maintenance Engineer Portal and Aircraft maintenance visit material and part sourcing.

● HCM – New Browser-Based Time Clock, APIs for integration with third-party payroll systems.

● Supply Chain – Warehouse Data Collection (WADACO) enhancements.

● Platform – New Machine Learning application service new capabilities for process automation, OData-based RESTful APIs to replace BizAPIs for system-to-system integration.

●    New Release Cadence

     – Releases new functionalities every six months along with monthly service updates.

●    Evergreen Support

      IFS Application 8 or below – This is already in the restricted support phase. 

      IFS Application 9- Standard support is not available and extended support is only available until mid-2023 and will move to restricted support thereafter.

      IFS Application 10- Standard support expires in 2025 and extended support will be available until mid-2028.

      IFS Cloud-Evergreen Support- Standard support is available with monthly service updates. 

Accordingly, Upgrades brings you more capabilities and helps you remove obstacles that you are facing as every upgrade comes with advanced technologies and capabilities for your company to stay agile. IFS cloud is something that you should consider if you are looking to make your business evergreen and help you to stay ahead of the competition.

“Industry best practices” is a common term in the ERP world, where most of the ERPs utilize standard methods in the sector to build their  Enterprise Resource Planning solutions. These methods are a collection of norms & methods which are commonly accepted as successful by industry professional and successful entities. In the context of ERP implementations , integrating proven methods are important to fasten the ERP implementation process and benefit from standard approaches that are tested and proven to be effective.

Industry-specific ERP solutions with these best practices would provide a greater level of adaptability within the particular sector and its micro-verticals with minimum configurations and customizations. The below illustration explains the exact benefits of using specialized  Enterprise Resource Planning solutions compared to the traditional ERP implementation approach.

 

Every company has their way of doing things and completely replacing those workflows would alienate employees resulting lack of support for the new ERP implementation initiatives. On the other hand, our years of experience in implementing ERP is that no company is going to adopt an Enterprise Resource Planning as it is without personalizing it to the company. The interfaces, documents etc. are some frequently configured items that become different from one to another. Also, in many companies, there are unique configurations that might associate with their differential factors from others. An sector-specific Enterprise Resource Planning solution comes with a greater percentage of industry-standards built-in within the system.

Benefits of having the best practices on your ERP implementation.

• Quick delivery with a predictable outcome.
• Incorporation of industry practices to align workflows according to successful similar companies.
• Professionally produced technical solutions.
• Broadly tested and verified with fewer possible errors and risks.
• Reduce the total cost of ownership.

Selecting a correct Enterprise Resource Planning and a solution provider is the greatest challenge you have where selecting a wrong Enterprise Resource Planning can lead you to bear an unnecessary amount of money for expensive additional configuration along with your time value out of lengthy ERP implementation process.

Platned as an expert in providing solutions helps you to select the right  Enterprise Resource Planning system to deliver the best value for your company while taking you through a reliable journey towards your digital transformation. We specially focus on providing industry-specific ERP solutions where close to 60% of the system comes in the core product and only the balance you will have to customize with simple deployment configurations and unique implementation configurations.