With the industry’s most adaptable and future-proof platform, best in class product functionalist business practices, Acumatica is the leading business management solution for mid-market companies like yours. Sign up now to learn about Acumatica, see new product features and view a live demo.
Anterra specializes in Business Intelligence (BI) for the Construction Industry. Eliminate spreadsheets with cloud-based job forecasting, WIP and AR collection management.
Join us to see an overview of how Anterra integrates with your current Acumatica solution to better control all your reporting.
With the industry’s most complete cloud construction and accounting software, Acumatica Construction Edition helps contractors increase visibility, team collaboration, and profitability on every project. Sign up now to learn about Acumatica Construction Edition, see new product features and view a live demo.
Register below. Once your registration is approved, you’ll get instructions to redeem your Grubhub voucher to make this a true Lunch & Learn.
Distribution Key Performance Indicators (KPIs) Can Do More Than Just Provide a Financial Snapshot
When someone references the term KPI, most often we think about financial data – the good old bottom line of profitability. Are we making money and where? This is for good reason. Business leaders have to keep a close watch on the financial health of the company by looking back at past events and by attempting to predict and thus steer how the company performs in the future. It’s natural to prioritize the KPIs that give visibility into the health of the entire distribution operation.
But monitoring KPIs is no longer just for giving you financial data or only a good fit for giant distribution companies. In order to keep up and get ahead, small and medium sized distributors also need to think seriously about how to harness KPI data to move the company forward. Below you’ll see some very quick KPI definitions and then I’ll talk about how you can use this information to steer your organization more effectively towards success.
Historical Data: Looking backwards into past business performance is usually termed historical KPI data. Summaries of completed projects, viewing their profitability, and looking at past trends can help you formulate how you approach your forward-looking business plan.
Predictive Data: Looking into the future is typically called predictive KPI data. Your management team can set goals to guide how decisions are made. In distribution, this might mean analyzing demographics and understanding the profitability of certain products.
Ok, that’s good information, but how can you improve your KPI tracking as a distributor?
Many existing distribution ERP platforms, such as Acumatica, now come with a pre-defined set of KPIs to help you get started. You should expect your ERP to have interactive dashboards that are easy to set up, adjust and change by an employee’s role so each person has access to the information they need. This is something that Acumatica Distribution Edition does seamlessly. With the click of your mouse or even a tap on your mobile screen you can drill down into data for clarity and understanding.
While a great starting point, once you master those base KPI sets, you can move on to tailoring them for metrics specific to your distribution operations. Make this a transparent and group process to be sure your department heads are invested and able to obtain the data they need to streamline how they perform their jobs. The dashboards and views you set up will enable all your teams to become more effective and in turn, more profitable.
We have found that many of our distribution customers look at KPIs in relation to inventory. They need to be able to have real-time visibility into where their inventory is and the reorder costs. Determine profitability at the product and warehouse level to better control costs across the entire supply chain.
Other important areas that you will want to be sure you can track closely include:
Aktion Associates is a Gold Certified Acumatica Partner. Please reach out to me so we can either set up an Acumatica Distribution demo or to get the Distribution ERP discussion started.
Are you coming to Acumatica Summit 2021 in Las Vegas?
If that’s a yes, please join us for an exclusive Aktion Customer Event at the La Cave Wine and Food Hideaway Terrace within the Wynn Las Vegas on Monday, July 19th during the Acumatica Summit 2021 (before the Attendee Celebration Party).
The La Cave Wine and Food Hideaway is located inside the Wynn Las Vegas along the Fairway Esplanade hallway behind the casino.
With cocktails and passed hors d’oeuvres, this is a great way to network with your Aktion friends and other Aktion customers in a relaxed setting.
*Note, the restaurant has a resort casual attire policy and requires appropriate footwear.
Click here for more information on the 2021 Acumatica Summit.
Manufacturing companies are often plagued with inefficiencies. These issues tend to cause a domino effect that results in customer turnover and missed sales opportunities. If you experience any of the following problems, it might be time to think about a technology upgrade.
A manufacturer faces high expectations from customers. When you struggle with taking and delivering correct orders on time, it really impacts your customer retention. We have found that one central application helps our manufacturing customers to provide a polished and streamlined customer experience. Whether through a secure customer portal or a connected online storefront, you and your customers need real-time automated communication. An ERP like Acumatica can deliver an exceptional customer experience, so customers are able to buy more with less effort.
Automations aren’t just for making your life easier, although they can certainly save a lot of time. But having automated notifications for your customers empowers them with self-service. What if you could let your customers know through automation when their products have shipped or when returns are received? Acumatica also lets you set up automations for sending customer invoices and their statements can be easily downloaded. It’s a significant time-savings on your end and provides much needed customer empowerment.
Empowering your customers with information is also a great way to grow sales. The simpler the customer experience is, the more likely they are to keep coming back and order more of your product. But this increase in demand is a juggling act between production and inventory. Many of our current Acumatica customers say they’ve been able to quickly respond to the increase in sales yet reduce inventory. This saves you money while giving your customer the best experience possible.
If you’re feeling limited by your current disconnected group of manufacturing solutions, consider migration to Acumatica. With every aspect on one single platform, you’re able to empower your employees and customers with real-time information from anywhere.
Scale as your manufacturing business grows and adapt to changing customer demand. With Acumatica, not only are you creating loyal customers, you’re also able to add users at no extra cost. This is a big savings for a growing manufacturer.
Learn more about Acumatica Manufacturing Edition here or reach out to me directly. We would be honored to add your business to our growing group of happy Acumatica customers.
Velixo Reports is an Excel-based reporting tool that was built by ERP experts and works with Acumatica, MYOB Advanced and CEGID. It compliments your Acumatica program by allowing you to build financial and project reports in Excel with live ERP data.
Velixo can be used in every industry, from retail to service-based business, construction and project management and manufacturing. No matter what industry you’re in, Velixo can help leverage your data and make reporting easy.
Join the Aktion hosted webinar presented by Gabriel Michaud from Velixo. Gabriel is an ERP software expert and programmer with 20 years industry experience. As an Acumatica Developer MVP, Gabriel created Velixo to enhance the power of Acumatica. Friendly, smart and incredibly helpful, Gabriel wants to share the power of Velixo with others to help them make better business decisions. So join him at the Velixo webinar, to learn more about how Velixo Reports can help you.
Over time businesses makes decisions to grow in new directions which can lead to challenges in the future. We’re seeing three distinct types of companies in our target industries of Construction, Distribution and Manufacturing that have adopted new avenues of growth. We call these multi-industry hybrid companies.
One type is a distribution company that starts a lucrative value-add business to convert lower margin products into higher margin by offering modified or tailored products. An example is a packaging product distributor that creates custom packaging for a product used by an Original Equipment Manufacturer (OEM) looking to reduce its manufacturing labor costs.
The second type is a manufacturing company that reaches capacity in its production operation and decides to add more buy-sell products. Expanding a manufacturing operation can be costly so dedicating some floor space to warehouse consigned or purchased inventory can add margin without a large investment.
The third type is a manufacturer that manufactures and installs a product. Aktion has a few clients that make cast concrete products and also need to install and service their products. This example has combined needs for inventory, manufacturing and project accounting which is an interesting combination of requirements.
Again these are just three examples. There are many more and I will go into a detailed analysis of specific challenges and solutions for these Multi-Industry hybrid businesses.
Of these three types, the majority are running their business using multiple disparate, disconnected software systems or, even worse, using a central accounting system and manually managing these additional requirements using spreadsheets and other home-grown methods.
As an ERP reseller and technology adviser, Aktion receives inquiries weekly from companies who need to modernize their business software and are looking for a single, integrated ERP system that meets the company’s diverse needs and growth capacity.
We anticipated these diverse and evolving requirements and earlier this year invested in adding staff, services, skills, and deliverables to provide these multi-industry companies with the software and support they need to run their business. The Multi-Industry (MI) Division was launched in January 2020.
The MI Division includes application consultants and software engineers focused on servicing the complex needs of a multi-industry company. To ensure the success of the new division, Aktion transitioned senior staff from our Distribution, Construction and Manufacturing practices.
The cornerstone solution of the MI Division is Acumatica Cloud ERP. Four years ago, Aktion became an Acumatica Gold Partner. Acumatica is a modern, cloud-based, integrated ERP solution that delivers everything a hybrid company needs to manage operations. Acumatica developed its own XRP platform which gives each customer control over integrations and upgrades, even in a SaaS environment.
Acumatica offers Construction, Distribution, Manufacturing, Field Service and Commerce editions. Each of these editions may be combined to include cross-over functionality needed for hybrid company requirements making it an ideal platform for Multi-Industry division customers.
In future blogs, I’ll go into more detail about some of the common hybrid business scenarios we’re addressing. Every business is unique and presents its own set of challenges, however; we’re seeing commonality and repeat scenarios to solving these complex challenges.
If you’re a hybrid company that’s struggling to find a solution, just know there is one available – Acumatica.