Industry Blog

Why Finance is the Key to Modernizing Your Metals Business

When it comes to metals industry accounting, accuracy is paramount. In today’s competitive market, you cannot afford to have inaccurate data in forecasting, quoting, or scheduling. At RealSTEEL, we understand that tracking materials in the metals industry is more complex than most enterprise resource planning (ERP) systems can handle. Only automation designed specifically for a metals business can provide the instant and dynamic computations needed in today’s economy.

That’s why we developed RealSTEEL. We understand that dimensional, chemical, and physical attributes combined with a range of processing options creates a complex matrix. The matrix needed for forecasting, pricing and scheduling is more than a spreadsheet or a basic accounting package can handle.

How Does Software Improve Profitability?

As customer expectations and competitive pressures rise, you need to make sure you are making money each and every time you quote a job. You also need the capability to monitor profits throughout each step of production. This is why true manufacturing software is essential so steel fabricators can use real data rather than intuition when measuring profit.

As your business becomes more focused on work that requires a labor component, you need to track those costs accurately in order to build more profit. Here are the software capabilities cloud ERP delivers and that you need in order to precisely measure service profitability:

  1. Combine costs across production, including labor and equipment
  2. Optimize scheduling to improve productivity and reduce non-billable time
  3. Improve labor estimates over time based on actual results

How Does Connected Financial Insight Drive Profit?

Your finance team needs access to real-time information and reports. Metals industry ERP solutions like RealSTEEL are designed to help you dig deeper into financial information to monitor costs, revenues, and profit margins. By connecting multiple data sources both in the cloud and on premises, data and insights are consolidated helping you accurately manage inventory and scale production. This provides a complete financial picture from one single source of the truth.

With a Microsoft-powered cloud ERP, RealSTEEL can provide visual dashboards with Power BI, Microsoft’s intuitive business intelligence application. This means you can:

  • Connect to hundreds of data sources both on premises and in the cloud
  • Use Power Query to simplify data collection, transformation, integration and enrichment
  • Create reports using templates or create your own custom visuals and dashboards

How Can I Get More Information?

You can find out more about how finance drives growth and profit by downloading our ebook, New Rules of Metals Operations: How Cloud ERP Delivers Data-Driven Insights and Masters Multi-step Processing.  And to learn more about how RealSTEEL can optimize your financials, contact our experts today to explore the solution in action.

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