Medical device manufacturing is a substantial industry in which costly machine parts or components are assembled. Starting from micro spare parts up to bigger size spare part, all need to be estimated and recorded in a suitable system. But, are the manual or excel sheets enough to store, search or update data? Here, ERP for Manufacturing software comes into picture which fulfills all the needs of data storage, interaction and editing purpose. As in a business, a huge amount is invested by one or multiple shareholders or partners and they must expect a higher ROI. ERP software makes this possible to fulfill the business investors in the right way and hence, emphasize its importance near them.
Almost every patient in this world visit hospitals for ECG checkup or Ultrasound or ultra scan or x-ray purpose. Probably, for many diseases, basic blood test or any other pathological test is mandatory. The growing population, pathologies, and clinic or hospitals create a massive demand for Medical devices in the market. In order to control manufacturing operation, they are adopting an ERP system to streamline and scale their processes. Nowadays, giant companies are considering upgrading their existing simplified ERP software with new ERP automation software, which has several advanced features like reminders, alert or alarms, summary, automatic reporting, automatic instruction, web portal and many more characteristics.
Broad use of ERP For Manufacturing of Medical Devices
Moreover, medical device manufacturing industries are grasping the payback of ERP for Manufacturing software. Obviously, it helps Industry for expansion and better scalability. Apart from manufacturing companies, ERP software can be used in distribution or supply chain business, warehouse, and logistics businesses. Hence, ERP has a broad application opportunity to get implemented. Also, it assists to control and simplifies their all manufacturing operations related to following significant factors.
This module helps to input details of various types of components purchase. Also, Price details need to be entered as per the purchase order price or approved vendor contract price. Hence, the correct estimation of the product could be accomplished with the help of ERP for Manufacturing software, which is truly a critical task. Since there will be a purchase of numerous spare parts and components for various medical devices it’s a very much critical task.
FIFO & LIFO method
Generally, manufacturing companies estimate the cost of the product as per the procurement cost of spare parts. Costing is much easier in this ERP software. FIFO method helps avoid expiry of any raw materials in case of different food product manufactures. But, in case of medical device manufacturers, it doesn’t matter whether you are going through Fifo or Lifo, but costing of the finished product may differ due to fluctuation in the price of spare parts in the market. According to the cost of finished products and spare parts, the decision of FIFO or LIFO can be taken.
AI based Inventory Control with an auto purchase requisition
With the help of this Artificial Intelligence enabled ERP automation software, maintenance of inventory level will be reduced Medical device manufacturing industry which enables you to raise auto purchase requisition and assure that your production work will not be interrupted for the grounds of shortage of raw materials or spare parts. Hence, production management can make pre-arrangement of spare parts or raw materials for uninterrupted production work. Within a single ERP web application, you can administer several warehouse and production plant which enables centralization of interacting data to all the relevant end users. Canias ERP helps in real time data entering, editing and retrieving and gives a precise summary of your business as well as inventory with respect to Quantity as well amount.
In this ERP software, you can describe different Bill of material and revised the bill to suit the industry innovates and fulfill the customer prospect. Also, Job Card can be created with the help of resources and components attached to this ERP to Manufacturing software.
Helps in Planning
From the summary of ERP manufacturing software, production directors and managers can schedule their production floor action to accomplish the predictable finished products completion timeline. The MRP Report enables them to supply enough material to market at the right time only. This report can be obtained either daily or Weekly or Monthly or Yearly. Similarly, with the help of MSP Reports, they will be able to plan the production batches as per the delivery timeline to customers.
Remember, planning is always designed as per ROI and financial strength of a company so that no chance of failure in this concern. Planners must be highly qualified and experienced enough to design and implement a super idea to obtain an excellent outcome which helps increase of goodwill in the market.
Along with production, planning, and operation, financial management is being managed here to find out the profit/loss of the company. For this purpose, Accounts Payables and Receivables module is completely integrated with Operation, planning and production module. All financial rules and taxation rules are applied here to update financial data smoothly. With the help of machine learning, you can implement a biomatrix security system for strict financial control purpose. Also, you can calculate foreign currency by converting them into your own currency transaction more successfully.
With the help of the comparative report tool, you can extract a summary of provisional budget v/s Actual cost and comparative cost reports in a graphical way. So, your production efficiency could be easily calculated. A comparative report encourages banks to approve a bigger volume of loan and encourages investors to invest a much bigger amount with a solid trust.
ERP Manufacturing software makes simpler and addresses most of the apprehensions mentioned above. This is one of the crucial reasons manufacturing companies across the world are taking on ERP Web application. Overall, this ERP software can track, manage and analyze cost, inventory, labor, overhead, production, raw materials, etc. by centralizing the data interaction facility. Hence, production efficiency can be uplifted with the help of this software.