The packaging industry designs solutions that provide security, protection and convenience comprises of recyclable clamshells, top-down bottles, pharmaceutical foil blister packs, flexible pouches, carton boxes, corrugated boxes, wood pallets etc. These innovations in the packaging industry are complemented with unique set of manufacturing necessities like lot traceability details, accurate labeling, and production flexibility. The margins are low in this business making the competition intense within the industry. Another significant problem narrow entry barrier in this industry. This makes management of Inventory, Stocks, Location, Quality, On-time delivery, Payment collection crucial for the success of business. They have issues with inventory mismatch, damaged ones etc.
Key Challenges of Packaging Industry:
Hence, packaging industry must continue to bring in products that are environment friendly, sustainable, while optimizing the quantity of material used. Some common challenges faced are:
- Constant changing units of measure makes it complicated
- Limited shelf life of selected inventory
- Stock mismatch due to long production cycles
- Managing inventory across multiple locations and warehouses
Why leverage New Horizon ERP?
New Horizon ERP by SourcePro offers the flexibility to configure this as per the industry specific need. It expertly handles lot & serial traceability, UPC labeling, pack outs, external and internal document control and BOM flexibility to offer operational excellence and competitive edge.
With New Horizon ERP, companies can issue stock as per BOM, plant efficient production, report production progress, track subcontracting operation etc. Apart from these, following functionalities help streamline business for packaging industry:
- Powerful MRP: Material Requirements Planning (MRP) checks the product demands using forecasting and other structured information / Bill of Materials (BOM) to calculate demand for inventory and stock. The in-built module helps to block the inventory as the Raw Materials issued and these are tracked against the WO and its Operations.
- Accurate Material Traceability: More accurate and compliant inventory control can be achieved with complete lot number tracking and traceability. As the materials are issued at different stages, the Costs, Labor costs are tracked to finished goods level.
- Multi-Level BOM: Pre-defined BOM both single & multi-level can be managed in New Horizon meet the unique needs of production operations.
- Prevents Inventory Ageing: Easy to actively track and move inventory with characteristics that have limited shelf life. Once the shelf life has expired, the inventory is automatically identified as non-conforming and electronic alerts are sent out.
- Secured Role-based Access: Single Sign-on helps manage data centrally across multiple locations and companies. Leveraging the User Access Rights for each Company separately to do their work like Purchase, Sales, Manufacturing etc.