With the Modern Manufacturing Expo on in Sydney later this month, Gold Sponsor MYOB will be showcasing how business management solutions are key when looking to scale-up operations.
Many manufacturers are primarily focused on the production and output aspects of their operations – ensuring that all the nuts and bolts are in place to manufacture high-quality goods for their customers. However, just as crucial to the success of a manufacturing business is effective financial and business management, and ensuring that resources are being optimised efficiently.
“True Modern Manufacturing requires truly modern business management and enterprise software solutions, designed by a local business that deeply understands the unique requirements of the industry,” explained Marie Kinsella, CEO of the International Exhibition & Conference (IEC) Group, organisers of the Modern Manufacturing Expo in Sydney in September.
“That’s why we’re so excited to have MYOB onboard as a Gold Sponsor at the expo.”
The Modern Manufacturing Expo will take place at the Sydney Showground on 20 and 21 September 2022. The event includes over 50 exhibitors, free access to the Expert Arena, and a ticketed Smart Manufacturing Conference on Tuesday, 20 September.
Valantis Vais, MYOB head of product – Enterprise, agrees that business management solutions are often overlooked when manufacturers are considering how to best scale-up their operations.
“In 2020, we expanded our Enterprise product portfolio with the addition of MYOB Advanced Manufacturing, a cloud Enterprise Resource Planning (ERP) solution that connects every part of your business end-to-end, offering full visibility and empowering better decision-making to drive business growth.
“We were inspired to launch this product after observing a clear gap in the market to provide the specific functionality and capability needed to support local mid-sized manufacturers, especially within the discrete manufacturing sector.
“Our platform is designed for ambitious manufacturers who have outgrown their current solution and are battling with a number of rather common, but not unsolvable, challenges. Fromtime-consuming manual processes or data entry, to a lack of real-time insights to help inform decisions, to struggling to keep up with significant customer growth when relying on their current system,” he said.
Outdated systems holding manufacturers back
MYOB’s research has shown that many local manufacturers are knowingly missing opportunities to grow their business because their current systems aren’t up to task. Insights from the Seizing Advantage study, conducted in partnership with Forrester Consulting, revealed that more than 3-in-5 businesses surveyed across the ANZ region reported that their systems have held them back from taking on larger customers.
In addition to poor customer management, there are a range of manufacturing-specific challenges that enterprise software helps to address. These include: ongoing supply chain disruption; delays sourcing raw materials used in production, impacting customer delivery times; and higher manufacturing input costs caused by fuel price increases.
“In the past, manufacturers may have chosen to absorb periodic cost pressures, but given the increasing frequency of change and the volume of challenges they’re facing now, this is becoming more difficult,” says Vais.
“We are also hearing from manufacturers thatthere is some apprehension about lifting prices for fear of being seen as uncompetitive.”
Valantis emphasises that this is why the accurate visibility across key workflows that is enabled by enterprise software is so important.
“Having these insights up-to-date when you need them is critical to truly being able to assess supply, production costs, and profitability on a job-by-job basis.”
An ERP solution that delivers visibility and efficiency is vital to any manufacturing business. It ensures invoices are paid on time, accounts and loans are in order, financial statements are accurate, budgets are prepared, and payroll obligations are met.
Using MYOB Advanced Manufacturing, businesses can integrate their production planning, financial management, CRM, inventory management and sales orders to access real-time visibility across the entire operation. Once combined with MYOB’s Advanced Payroll offering, manufacturers have a centralised payroll and workforce management system operating in sync with ERP on a single integrated cloud platform.
Profitability increased through better understanding of supply and demand
Balancing supply and demand is a crucial part of any business, but is often something that manufacturers struggle with, especially in times of increased demand, as the local market is currently experiencing.
“Our software streamlines this process by allowing manufacturers to access production details in one central area. With this simple feature, resources, budgets and production scheduling can be easily managed,” Vais explains.
“In the fast-paced world of Modern Manufacturing, our software recognises that advanced manufacturers prioritise flexibility. ERP integration allows users to automate their production schedules with the flexibility to re-calibrate their plans to accommodate high-priority customer orders. Meanwhile, real-time data visibility also helps manufacturers quickly respond to interruptions, speed-up decision making and react immediately to costly delays.
“We believe that access to accurate, timely insights can truly change the way that business is done for the better,” Vais said.
Kinsella said, “The expo is a collaborative effort to advance Australian manufacturing, recognising that the increased automation and implementation of advanced manufacturing techniques have a knock-on effect in terms of business output and productivity.
This is a positive, but it will put pressure on admin systems and internal processes. These are often the last to be considered ahead of technology and innovation. The involvement of companies like MYOB in helping manufacturers with this transition is really positive and we look forward to their contribution at the expo.”
