Human errors are costly. The risk of human error rises as financial institutions handle more transactions. Bad data alone costs U.S. businesses more than $3.1 trillion a year, according to a report from IBM. For industries where Good Manufacturing Practice (GMP) is implemented (such as the consumer health industry), human errors need to be addressed as they are not only inconvenient, but also because the regulations require it as part of the strict quality control. Read more about the importance of Good Manufacturing Practice (GMP) in consumer health manufacturing here. With the rising cost of raw materials and constantly high demands for over-the-counter (OTC) products, consumer health manufacturers cannot afford to have rejected products and product recalls. Plus, considering all the different systems and manual processes in manufacturing, it is impossible to ensure the employees to work perfectly all the time. Therefore, integrating all systems, data, and processes onto one platform and automating them can certainly help in reducing human errors. By utilising BMP, consumer health manufacturers (and other manufacturers in general) can prevent and avoid errors before they happen – making sure the supply chain movement for consumer health products remains steady while transforming the workplace.
1. Logistics and Inventory Management
Logistics and inventory management are no longer a headache with this feature available in a BMP platform such as Enterpryze. With these two processes integrated onto a single platform, it is easier for manufacturers to track and manage stock stored in multiple locations and warehouses. The rate of human errors can be reduced as very few to no manpower is needed just to check stock levels and to mobilise stock across different locations. Less time is needed, and more output can be obtained as it is difficult to manage and check stocks manually.
Having a BMP on board will make your accountants’ lives so much easier (and more efficient). An accounting error can result in a reporting mistake while in other situations it can cause discrepancies in crucial transactions which will cause lost in time auditing the process. With real-time financial tracking, complicated tasks such as tracking of transactions, managing orders, and generating financial reports can be done much faster and more accurately. All thanks to the automation of most of these accounting processes and tasks.
With automated purchase process, manufacturers can have better visibility on purchasing costs and in turn, improve cashflow by making better purchasing decisions. By going ‘paperless’, stock reordering can be done automatically based on demand and real-time stock counts or levels. All spending can also be controlled by setting multiple approval levels by employees. Purchase transactions can be approved directly from emails. No more wasted time waiting for manual approvals to be done.
BMP allows salesperson to check the real-time stock levels before proceeding with any order. Instead of having to contact someone from the warehouse to manually check stock availability, this can be done with just a click. As many consumer health products are being sold internationally, currency management is important to ensure costs and product prices are properly managed. Enterpryze, an all-in-one cloud BMP platform, allows creation of multiple price lists in different currencies. Overall, for sales-related tasks, BMP platforms can simplify processes where sales opportunities can be moved along the supply chain easily – which in turn saves time as all important sales information can be consolidated in one place.
5. Customer Relationship Management (CRM)
Let’s be honest, having an unintegrated or separate CRM tool means having to do many tasks redundantly. While there are many great CRM tools out there in the market, most of them are not fully integrated with the BMP system that a business uses. It is possible to reduce human errors with an integrated CRM. This makes it easy for business development representatives and salespeople to easily track leads and grow revenue. On top of that, leads can be tracked all the way from an opportunity, and the same customer data is passed on to the finance team after a sale, and to the delivery team after it is paid. This helps with streamlining the sales process and all parties have visibility on the historical transaction of a customer. Furthermore, tasks like sales forecast, lead quality reporting, lead tracking, and pipeline value monitoring can now be done under the same platform where inventory, accounting, and sales documents are being managed and stored. P/S: Yes, this feature is available in our BMP solution – Enterpryze.