Regardless of the size and complexity of a manufacturer’s raw and finished goods, where many factories struggle is with the taking and accounting of WIP or "Work in Progress" inventory.
Want to know more about Discrete Manufacturing and Process Manufacturing? The most obvious difference is the way the product is made. Detailed explanation with examples in our 7th episode.
Just-in-time manufacturing seeks to reduce non-essential costs and improve an organization’s return on investment. Listen more about JIT and how it can benefit your organizations.
You have begun to realize that your manufacturing business needs a software solution. You’ve probably heard the acronyms MRP and ERP being discussed in conjunction with these manufacturing software packages.
The arrival of Industry 4.0, the fourth industrial revolution, triggered radical change within manufacturing, bringing IoT, AI and machine learning to the table.
The goal of every manufacturing business is to be as efficient, innovative and flexible as possible.
Total manufacturing cost can be highly useful for managers or investors to compare to total revenue to quickly understand a firm’s profitability.
Improving your manufacturing processes can help reduce costs, enhance productivity, and upgrade the quality of your products. Eventually, increased sales and profits will follow.