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They have been able to provide employment to around 120 million persons and contribute around 45% of the overall exports from India.
Despite major contributor to the economy and industrial output, MSME sector has its own challenges.
"Through Digitalization, SMEs can enhance efficiency, reduce cost of production, minimise manufacturing defects, and shorten production time. With this, they can not only meet international quality standards but also strengthen their position as competent suppliers for the global market. ”
This article will explore opportunities for digitization for the manufacturing sector.
At present, most SMEs have digitized parts of their business process. Accounting was one of the first functions digitized, understandably since accounts or finance is the blood of any business. Most businesses use simple entry based accounting software like Tally.
Email is one of the other digital mediums which has eased the communication. Other common productivity tools like Spreadsheets (MS Excel) and word processing software (MS Word) are used for miscellaneous documentation and calculation tasks like creating Invoices, Contracts, Employee Offer Letter, etc. These softwares have enabled companies to move from Pen & Paper to digital medium.
Due to lack of integration, these are at best images of the Pen & Paper version. Problems inherent to this method are as follows
An ERP software is a single software built to manage all business functions on one platform. All the business functions are tied together by linking the relationship between different functions.
As seen in the above figure, an ERP can manage businesses functions from Inquiry to Feedback. With the help of an ERP, information from one function to other flows seamlessly without any errors or omissions. It is now possible to make sense of data thanks to relationship between different entities is stored on the system.
Here are a few screenshots of an ERP system, showing how data is recorded and represented on the system.
An ERP system streamlines the business process by defining a method to the madness.
ERPNext is an open source ERP built by a community of 250+ developers worldwide, used in 50+ countries and 3000+ organisation all over the world. It was built with the intent of helping SMEs organize their business by using a tool that is easy to use and implement. The collaborative power of worldwide community helps
Fafadia Tech is a Silver Partner with ERPNext. Fafadia Tech has implemented ERPNext in the Manufacturing, Trading and Education Domain. Our hands-on experience with ERPNext Implementation has helped us develop deep Functional as well as Technical expertise of ERNext.
Contact our ERPNext experts today for a Free One Hour consultation on How ERPNext can help your Business!