Straight Line Depreciation and Reducing Balance Depreciation
Straight Line Depreciation This refers to the approach of charging the cost of an asset evenly over the period that such an asset will be useful and it is the best approach to use when; There is no actual estimate of the pattern of economic…
ARTIFICIAL INTELLIGENCE IN MANUFACTURING
ARTIFICIAL INTELLIGENCE IN MANUFACTURING The world today has become a platform where technology wishes to rule us all; a place in which living seemingly has become a lot easier and comfortable, due to the usage of gadgets. Today, there are tools and machines which when…
THE BENEFITS OF INTEGRATING ERP AND BI IN BUSINESS
BENEFITS OF INTEGRATING ERP Organizations, in recent years are increasingly committing greater amount of resources to get an integrated Enterprise Resource support (ERP) and Business intelligence systems implemented. The business world as well is becoming more competitive, dynamic and innovative. Complex systems are introduced almost…
WAVE PICKING IN WAREHOUSE
WAVE PICKING in Warehouse For a better way to ensure productivity in goods and services, especially to meet the demands of customers, the management team of a company often get tasked with the responsibility of setting up a system to compensate the loopholes that come…
Three Principles You May Forget In The Implementation Of ERP System
Principles You May Forget In The Implementation Of ERP System Business is dynamic and the ability for one to continue operating to the foreseeable future largely depends on its responsiveness to the changing business trends. To give flexibility and convenience to consumers, it is imperative…
How An Amazing Technology Can Change Your Business
Technology in Business The business world is becoming more and more innovative. Business technology which goes to the very foundation of business is on the rise. Technology is the primary driver of the world. Customers are always looking for new experiences while businesses are on…
HOW TO RUN A SAFE ERP IMPLEMENTATION PROJECT
RUN A SAFE ERP IMPLEMENTATION PROJECT There is a major debate and some kind of misunderstanding among professionals when it comes to the implementation of Enterprise Resource Planning (ERP). The problem has always centered on the bigger question of who should be in charge of…
Difference Between Internet Of Things (IOT) And Industrial Internet Of Things (IIOT)
Difference between IoT and IIOT Internet Of Things (IOT) began as an emerging trend and has now become one of the changing elements that is driving the world in many respects. This is because there is an increased appreciation for smart objects, which tends to…
Three Reasons Why ERP Is Essential
Why ERP is Essential Businesses had before operated as an organizational structure where every department operated in isolation. Modern technology has rendered that practice ineffective and have designed a more sophisticated way of bringing together the previously separated departments to reinstate the harmony which is…
Cash Accounting
Cash Accounting Any business needs a clear record of all monetary transactions coming in and leaving the establishment, because this is what indicates whether it is financially stable of not. Cash accounting also known as cash-basis accounting is one of the financial recording approaches mostly…
How to Innovate Without Blowing Your R&D Budget
Innovation without Blowing Your R&D Budget Speaking to Fortune, the late Steve Jobs stated that the degree of innovation does not rely on the amount of R&D dollars an organization has. For many companies, any problem is countered by throwing money at it. However, Jobs…
What happens when your budgeting goes wrong?
What happens when your budgeting goes wrong A good budget should not have errors, miscalculations, or lack of oversight. This can have detrimental effects on the running of the business and can lead to its collapse. However, when the worse comes to worst, here are…
Internet of Things for Industry 4.0
Internet of Things for Industry Internet of Things for Industry 4.0 is a common term that refers to the technologies and concepts of value chain organisation that draws together the internet of things, services and cyber-physical systems. The term originates from a project by the…
Internet of Things
The internet of things has in recent times become a growing topic of conversation in the workplace and our homes. It refers to the network of physical objects which have been embedded with electronics, sensors and network connectivity that makes it possible for these objects…
Inventory Replenishment: Why Push When You Can Pull?
Inventory Replenishment Unlike the traditional supply chains, today’s supply chain is inspired by demand. At the same time, retailers, manufacturers and distributors seek to achieve the maximum profit by choosing the most appropriate model to forecast demand or react to consumer purchases. Currently, many companies…
Goals for Asset Management
Asset Management Regardless of the value of an organization’s assets, it is important to ensure that all asserts are protected and well managed. Asset management can help plan and maximize the returns on the investment. An effective asset management program can help achieve a wide…
Four Reasons Retailers Should Pay Attention to Reverse Logistics
Reverse Logistics Often, retailers emphasize the need for an agile and cost-efficient movement of freight to stores or customers but fail to acknowledge reverse logistics hence leading to missed opportunities for the entire consumer goods supply chain. Through the multi-channel model, consumers are able to…
Why Every Manufacturer Needs a Reverse Logistics Solution
Reverse Logistics Solution Averagely, manufacturers spend 9-14% of sales on product returns annually. However, 45 percent of manufacturers fail to utilize a reverse logistics solution. Instead, these manufactures rely on retail or wholesale partners to deal with any customer returns, recalls, and seasonal overstocks. Initially,…
Goals for Asset Management
Goals for Asset Management Regardless of the value of an organization’s assets, it is important to ensure that all asserts are protected and well managed. Asset management can help plan and maximize the returns on the investment. An effective asset management program can help achieve…
Best Practices in Today’s Distribution Center
Best Practices in Distribution Center A business may achieve success or complete failure depending on the selection of human resource, process tools and technology. The distribution center is crucial to the business environment. According to Don Derewecki, the executive vice president of Gross & Associates,…
Technology That Can Improve Safety In Manufacturing and the Supply Chain
Safety in Manufacturing and Supply Chain Regardless of individual opinions regarding the safety or lack of it when using technology, one factor is constant. Technology, has for some time been changing the capabilities of human beings. When used by the right people and for the…
Breakthroughs Manufacturing the Future of Medical Science
Future of Medical Science From curing crippling diseases and eradicating plagues to extending the average lifespan, medicine has undergone numerous changes over the years. At present and in the future, science and technology may be combined to bring about a new world where diseases can…
Supply Chain Integration + Collaboration = Success
Supply Chain Integration The supply chain is highly reliant on a number of stakeholders who make the supply process successful and effective in order for the customer to receive the product as demanded and when demanded. As a part of the lean strategy, the partners…
How Robots are Taking Our Jobs?
How Robots are Taking our Jobs Technology has undergone significant changes over the years. Unfortunately, technology has also resulted in job losses in various industries. On the other hand, advancements in technology have also meant more efficiency and faster service and product delivery. Historically, technology…
Warehouse Operations Best Practices
Warehouse Operations Best Practices The process of warehouse management is not as straightforward as other management processes. Often, warehouse managers have to observe the flow of products in and out of the warehouse while accounting for any loses or damages. The warehouse manager also has…
Things You Might Be Wasting Workplace Funds On
Wasting Workplace Funds The current economy is quite unpredictable and more competitive than ever leaving the organizations to be on the lookout for wastage in the workplaces. In procurement, when done properly it reduces costs which can put a strain on the budget. Some of…
5 Common Procurement Problems
Procurement Problems Procurement systems are designed for speed, efficiency and accuracy. However, human error and organizational shortcomings are still witnessed despite precautions taken and can affect the company’s procurement system and purchasing ability. Some of the issues you may encounter include: Accidental orders This can…
Purchase Order Myths
Purchase Order Myths Some of the common misconceptions about purchase order include: Purchase orders are not important Most of the Small Medium Enterprises consider purchase orders as not important in their business operation as they do not do lots of orders. However, the purchase order…
How Purchase Orders Work for Companies of All Sizes
Orders Work for Companies Purchase orders are vital for the operations of any company whether it is a small medium enterprise or a large corporation. Purchase order can make tasks in the organization to be more effortless and accurate as long as they are tailored…
The Advantages of the Retail Method of Inventory
Retail Method of Inventory It is important for every business to carry inventory. This will enable it to ensure that it does not run out of raw materials for manufacturing and finished goods to sell. When they hold inventories, they must be able to account…
Impact on Financials from the Periodic Inventory Method
Periodic Inventory Method Inventory refers to money that is either your own or which you borrowed to inject into the business. The inventory method chosen can affect the amount of current assets and gross profit income statement. This is especially in the case where pricesare…
FIFO and LIFO Methods of Inventory
Direct Exporting: Advantages and Disadvantages
Advantages and Disadvantages of Direct Exporting
5 Signs It’s Time to Change Your ERP System!
Who is one step ahead of the game? Who changes things when it’s needed rather than waiting until it’s too late? Those in the know! There are some real tell-tale signs that you need to change and upgrade your ERP system. Old, out of date…
From Manufacturing to Distribution: The Evolution of ERP in Our New Global Economy
Evolution of ERP The increasing competition among manufacturing companies has led to enhanced product service delivery, as opposed to the traditional production based economies. Nowadays, companies have differentiated such that there is a global network comprising manufacturing firms, suppliers, and distributors. There is an improvement…
Slow Moving and Obsolete Goods, Are Bad for Your Inventory
Inventory Management Though the key idea of every business is to make significant profits, there comes a time when things don’t work exactly how they should do. However, this does not mean a supply chain manager has failed to achieve his/her objective. There are factors…
Warehouse Zones
Warehouse Zones All warehouse design requires a decision concerning how to store stock. Some items can be placed in racks, some can be stored on pallets, and other items can require specialized storage bins. Small items can be stored using a rotating basket or bin….
Public Warehouse
Public Warehouse All organizations supply chain will have and require a warehousing function. The warehouse space can be owned by the organization, a third party logistics company, or a public warehouse. From time to time, additional warehouse space is needed due to a variety of…
Planning Your Warehouse Layout
Planning Your Warehouse Layout When planning a new warehouse layout or making existing warehouse design changes to support a new product, there are some important decisions to be made that will directly affect the results of your warehouse project. A comprehensive assessment of warehousing goals…
Measures of Warehouse Productivity
Benefits and Drawbacks of Cloud-Based vs. Traditional ERP
Tips for Supply Chain Integration
Supply Chain Integration Supply chain management may not be a simple task. Yes it can be tricky at time but supply chain integration is an effective way to enhance the performance of an organization. In this article we will share few tips with you that…
ERP for Warehouse Automation
Many companies carry out in-depth audit to investigate the inefficiencies and warehouse automation can help in reducing them. Usually it involves investigation of whole warehouse management systems. While proposing such system management may become hesitant because of the initial costs, fear of change and resources…
Who runs the ERP implementation project
ERP Implementation Project There is equal probability of success and failure of an ERP implementation project. To know who should be held responsible for this, we first need to understand who runs the ERP implementation. In the start interviews should be held by project team…
Old Software is bad software
Old Software is bad software Applications now play a vital role in several key business operations. To get the desired results you need to ensure that all the software and applications in use are of the latest and the most stable versions. Several vital financial…
Accounting Software
Accounting Software The fast moving world and tremendous competition in every field means that now every business needs to keep up and match the pace of the rest of the world. Software are taking over from the manual methods in every fields. There are many…
How much does an ERP implementation cost?
ERP Implementation Cost The first question that any business organization would think about before implementing or opting a new process or an asset is the cost of implementation in the whole process. Although all business organizations prefer the best software, they also prefer the assets…
The Advantages of Hosted ERP
Hosted ERP Benefits The number of business industries and organizations are growing faster today. Whatever business sector or industry an organization belongs to, it is a known fact that the company invests in a large number of manpower and assets. The management of all these…
How to Set Shipping Rates For Your Business
Shipping Rates for Business Online retail companies need to implement advanced technological solutions in order to be able to grow their business in today’s competitive marketplace. One of the efficient ways of shipping products is by using the FedEx specialized E-Commerce Solutions that help companies…