ERP BLOG

What is Advanced Manufacturing?

Curious about Advanced Manufacturing?

Explore how advanced manufacturing extends beyond traditional labels, encompassing innovative value chain strategies and embracing workers across industries.

Read on to discover the broader, inclusive vision of modern manufacturing and learn how you can adopt Advanced processes within your business.

Breaking The Mould: Redefining Advanced Manufacturing​

The Australian Government defines advanced manufacturing as “any manufacturing process that leverages high-technology or knowledge-intensive inputs as an integral part of its manufacturing process.”

While this classification includes sectors such as chemical and medicinal manufacturing, vehicle and transport, professional and scientific equipment, computer and electronic, and specialised machinery and equipment manufacturing, it confines advanced manufacturing to a select few industries.

Nevertheless, it is imperative to assert that the success of manufacturers often hinges on their adept utilisation of sophisticated value chain structures and production techniques. Typically, these manufacturers harness a combination of three pivotal factors to maintain their competitiveness: advanced knowledge, advanced processes, and advanced business models.

Embracing this more comprehensive perspective of manufacturing acknowledges the absence of a clear separation between advanced manufacturers and others. Rather, varying degrees of advancement can be attained across virtually every industry.

Expanding the view beyond a narrow production-centric focus also brings into the fold the invaluable contributions of individuals within the entire value chain. These individuals actively engage in research and development (R&D), design, logistics, sales, and service roles. Although they may not be directly engaged in the manufacturing process, they play an indispensable role in supporting manufacturing enterprises.

Thus, the modern definition of advanced manufacturing should encompass these diverse talents and functions that collectively contribute to the vitality and dynamism of the manufacturing landscape.

How Can You Adopt Advanced Processes?

You can adopt advanced processes to enhance efficiency, productivity, and competitiveness by following these key steps:

Assessment and Analysis

Conduct a comprehensive assessment of your current processes. Identify bottlenecks, inefficiencies, and areas where improvements are needed. Gather data to quantify the performance of existing processes.

Embrace Technology

Leverage new technologies and tools that are relevant to your industry. This may include automation, artificial intelligence (AI), data analytics, and cloud computing. Invest in software that can streamline operations like MYOB Advanced.

Employee Training + Development

Ensure that your workforce is equipped with the skills to operate and manage advanced technologies. Provide training programs to keep them updated on the latest industry trends and tools.

Process Redesign

Redesign your existing processes to incorporate advanced techniques. This may involve rethinking workflow, eliminating redundant steps, and optimising resource allocation. 

Data-Driven Decision-Making

Implement data analytics to monitor and analyse processes in real-time. Use data insights to make informed decisions, identify areas for improvement, and predict potential issues before they occur.

Continuous Improvement

Implement data analytics to monitor and analyse processes in real-time. Use data insights to make informed decisions, identify areas for improvement, and predict potential issues before they occur.

Quality Control

Implement stringent quality control measures to maintain high product or service standards. Use advanced quality management systems and tools like those offered by MYOB Advanced Manufacturing to monitor and improve quality at every stage.

Benchmarking

Compare your processes and performance with industry benchmarks and best practices. Benchmarking can provide valuable insights and help you identify areas where you can gain a competitive advantage.

Risk Management

Identify potential risks associated with adopting advanced processes, such as cybersecurity threats or technology failures. Develop robust risk management strategies to mitigate these risks and ensure business continuity, like moving to a cloud ERP system.

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Monitoring and Feedback

Compare your processes and performance with industry benchmarks and best practices. Benchmarking can provide valuable insights and help you identify areas where you can gain a competitive advantage.

Compliance and Regulations

Identify potential risks associated with adopting advanced processes, such as cybersecurity threats or technology failures. Develop robust risk management strategies to mitigate these risks and ensure business continuity, like moving to a cloud ERP system.

How can MYOB Advanced help?

MYOB Advanced ERP is a comprehensive Enterprise Resource Planning (ERP) system designed to streamline and optimise various aspects of your business operations. Here’s how MYOB Advanced ERP can help your organisation:

Integrated Financial Management

MYOB Advanced provides a complete financial management solution, including accounting, budgeting, and financial reporting. It enables you to track and manage your financial data in real-time, ensuring accuracy and compliance.

Efficient Inventory Management

You can manage your inventory more effectively with MYOB Advanced. It offers features for demand forecasting, order management, and multi-location inventory tracking, helping you reduce carrying costs and stockouts.

Streamlined Sales + Customer Management

MYOB Advanced allows you to automate and optimise your sales processes, from lead management to order fulfilment. This includes (CRM) tools for better customer engagement and sales insights.

Enhanced Manufacturing + Production

If your business involves manufacturing, MYOB Advanced offers tools for production planning, scheduling, and quality control. You can manage BOMs, work orders, and shop floor operations more efficiently.

Project Management

MYOB Advanced offers project accounting and management capabilities that allow you can track project costs, resources, and timelines, helping you deliver projects on time and within budget.

Business Intelligence + Reporting

MYOB Advanced provides robust reporting and analytics tools. You can create custom reports and dashboards to gain insights into your business’s performance, allowing for data-driven decision-making.

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Scalability + Cloud-Based Access

Being a cloud-based ERP system, MYOB Advanced offers scalability. You can easily adapt to changing business needs by adding users or modules as your business grows. Plus, you can access your ERP system from anywhere with an internet connection.

Compliance and Security

MYOB Advanced helps you maintain compliance with accounting and tax regulations. It also prioritises data security with encryption, authentication, and regular system updates to protect your sensitive business data.

Mobile Accessibility

The system’s mobile app enables remote access to essential functions, allowing your team to work on the go and ensuring that critical business processes are not disrupted.

Customisation and Integration

MYOB Advanced offers customisation options, allowing you to tailor the system to your specific business needs. It also supports integration with other software solutions, such as e-commerce platforms or CRM systems.

Customer Support + Training

At BusinessHub not only do we sell and implement MYOB Advanced Business, but we also provide customer support and training resources to help your team get the most out of the ERP system. This includes our very own extensive KnowledgeHub, video tutorials, our BootCamp courses, and we have a team of MYOB-qualified support staff to assist you with any issues.

Get Your Interactive MYOB Advanced Demo

In summary, MYOB Advanced can help your organisation by streamlining processes, improving efficiency, providing real-time insights, and facilitating better decision-making. It’s particularly beneficial for businesses looking to centralise their operations, gain better control over finances and inventory, and scale as needed in a competitive business environment.

The best way to grasp the transformative power it holds is by seeing it in action. Our online interactive demo is your ticket to discovering firsthand how MYOB Advanced can propel your business to new heights of efficiency and success.

Click the green button below to view the interactive demo right now and take the first step towards business excellence with MYOB Advanced.

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