Businesses of all types and sizes are experiencing an exponential growth of data. In the steel and metals industry, vast amounts of information are challenging business systems. Steel service centers and metal manufacturers already capture volumes of data ranging from metal variations to production processes to customer specifications. Companies able to master their data will be able to optimize operations and improve productivity and profitability. Here’s how you can finally take control of your data.
Achieve Data Mastery with RealSTEEL
All businesses are generating and collecting more data than ever before, yet few are able to put it to use. Disparate software systems can only handle so much data before they are overburdened and crash. They also isolate data, making it even more difficult to reach and use. In the steel and metals industry there is even more data to evaluate from inventory and production variations to customer specifications to traceability requirements.
When isolated in specialty systems none of your data is readily available or in a format you can use to optimize operations or drive profits. In “6 Trends Changing the Game for Steel Service Centers and Metal Manufacturers,”we discuss how important data is to steel service centers and metal manufacturers and how to achieve data mastery.
To capitalize on the data generated each day, your business needs technology. An integrated ERP solution designed for the steel and metals industry, like RealSTEEL, will streamline data entry, making it easier for managers and employees to access. Built-in business intelligence (BI) ensures you can use that data to make confident business decisions. This connected system delivers:
- To-the-decimal tracking and costing, strengthening the quoting process and inventory control
- Inventory control with the complicated high-variable materials steel service centers and metal manufacturers stock.
- Algorithms, rules and complex cost calculations for real-time pricing and yield calculations
- Yield calculations that can be established at the start of a job and updated throughout the manufacturing process to reflect variances
Centralizing the vast data generated by steel service centers and metal manufacturers is the first step toward mastering data. The second step is using BI for analysis. Dashboards, advanced reporting, and other analytics connect sales, inventory, production and other important information and metrics. Establishing these relationships and following key performance indicators (KPIs) arms leaders with a whole new insight into business processes and profit margins.
Turn Information Into Actionable Insight
The exponential growth of business data is a by-product of this digital era. The trick is turning information into actionable insight. Replacing disparate systems with an integrated solution will strengthen your ability to measure, monitor and use data. Master your data to optimize inventory, streamline production processes, reduce waste of resources, protect thinning profit margins and strengthen customer relationships.
By The Wolcott Group, providers of RealSTEEL, ‘real world’ ERP for the steel and metals industry