NB: This is an excerpt from our latest eBook. To download the full eBook, click here.
When sourcing and merchandising professionals need to track key production milestones, they’re often challenged by the manual time and action calendars they use.
We want to show you a comparison between manual and digital production tracking methods, and how to choose a new software solution.
The impact can be significant. McKinsey has found that companies investing in digitizing their supply chains can expect to see a 3.2% growth in annual earnings.
Manual tools, such as Excel sheets, are static and cannot be accessed in a dynamic up-to-date format, and are an inefficient method for updating stakeholders about production status.
Time and action calendars are inefficient when managed manually. This is in addition to the time-consuming tasks of following up with factories and suppliers, ensuring accurate information, and finding meaningful insights in the data collected.
10 challenges of manual time and action calendars
Managing supply chain functions with manual tools hinder you from responding with agility to roadblocks and opportunities for new efficiency.
A study by Forrester found that 90% of the time used to solve an issue is spent finding its root cause. This is an inefficient use of time when there are digital tools that can help you identify root causes quicker.
Below is a list of the main challenges that organizations have when managing time and action calendars with manual tools:
Benefits of digital production tracking
Digitizing your time and action calendars can help increase the efficiency of your production tracking system. By digitally tracking production milestones, you can identify problems before they affect your operations, to trim costs and boost productivity.
Digital tracking allows you to access new and powerful data for decision-making. According to McKinsey, new systems can generate data that would otherwise require considerable manual effort to obtain, “freeing up about 15 percent of back-office capacity and enabling better, more timely decision-making.”
The benefits of digital production tracking include:
Learn more about the benefits of digital production tracking. Download the eBook by clicking here or on the image below:
7 benefits production tracking software should give your company
Before choosing a production tracking solution, you need to think about what you want to accomplish. Your goals can be based on the benefits you can expect from digitizing your production tracking operations:
1. Standardize and automate processes: Reduces misalignment and opens the door for objective data analysis and process automation.
2. Digitalize data: Reduces the manual task of organizing and analyzing data.
3. Centralized system to house information: Provides data consistency and easy access to data.
4. Configurable time and action templates: Gives you flexibility to configure different templates that adapt to the needs of diverse departments or teams.
5. Quick update of production status: Increases the speed at which you receive updates from your factories and suppliers.
6. Automatic risk alerts: Allows you to take preventive measures or implement corrective action plans.
7. Reporting and performance analysis: Empowers your teams and factories to identify new ways of working to reduce costs.
Do you wonder….
- What features should your production tracking software have to maximize efficiency?
- What are the benefits of working with third-party technology partners when purchasing a SaaS solution?
- How can you choose the right technology partner for your organization?
Download the full eBook to answer these questions and discover the benefits of digitized production tracking and the product capabilities you must have when choosing a software solution!
Click here or on the image below: