The manufacturing and trading industry is a leading contributor to the US economy. Steel, Machinery, chemical and airplane manufacturing sectors are key contributors in Manufacturing Industry.
The business process in manufacturing includes raw material procurement, production, accounting of inventory, amount payable / receivable at various stages of production, and the supply of finished products to clients. These business processes involve a lot of paper document processing.
Manual document processing may result in a lot of human errors. These human errors decrease the productivity and profitability of the industry.
Metal ERP OCR software reduces these human errors by automating your Accounts payable, Material Test certificate reports or any other document.
OCR, know as Optical Character Recognition is a software that reads manual texts and images present on paper documents, and converts them into digital formats. These digitized documents can get stored in an ERP system from where anyone can search the required documents.
ERP Software combined with AI based OCR software reduces the errors and timely processing of documents.
With the help of ERP OCR, Manufacturing Industry can streamline its business processes and provide quality products to the end customers.
For example, raw material suppliers or manufacturers provide the required materials for manufacturing the final products. These raw materials contain quality certificates in the form of the material test report. Manual reading and data entry of the material test report into the Metal ERP results in errors that hamper the production process.
ERP OCR software reduces the error of reading material test certificates. Even the data gets stored centrally that gets searched easily. Thus the production process is made error-free resulting in quality products.
There are many advantages of using Metal ERP OCR software in the Manufacturing Industry. Some of them are:
1) Reduced Manual Entry Errors:
Using Metal ERP OCR software results in reduced errors, be it paying for the client invoices, testing the suitability of materials for production, automating the sales orders, or even making invoices for the end-users. OCR scans all the manual documents or even email documents and transfers the extracted data to the ERP system. ERP system then retrieves the required information to the concerned department.
The information is error-free since the data gets collected through the AI based OCR software.
2) Improved Business process efficiency:
The business process efficiency gets increased using Metal ERP OCR software. Manual processing of Invoices gets decreased using Metal ERP OCR software. OCR scans the invoices and stores the information in central repository or can be further integrated to the Metal ERP like STRATIX, Estelplan, Enmark, SAP, and Microsoft Dynamics etc.
Invoices get categorized into different files and stored in the ERP system; Voucher creation can further be automated with reference to extracted data from the vendor invoices. Further payment can be made with the help of STAR Accounts Payable Application.
From ERP, invoices get distributed to the concerning departments to authorize and link of our application from where payments are made.
Even sales orders and other forms get scanned properly using Metal ERP OCR software. The efficiency of doing a particular business process gets increased due to the reduction of the human element.
3) Improved Worker productivity:
Metal ERP OCR by reducing the human element in business processes increases the productivity of workers. Workers are no longer liable fordata entry, maintaining and checking documents stored in files.
Thus workers can do other more important work that increases their productivity.
4) Improved product quality:
Metal ERP OCR improves and maintain the quality of the product produced in the manufacturing industry. OCR scans the quality certification or report provided on various materials from the Mills and helps in classifying them into different categories. This data gets stored on different files in the ERP system.
When the production process gets started, the production supervisor can easily access the information about various materials and use them to prepare the production planning process.
The Material Standards in the MTR automatically detects, if the values are in the range mentioned in the PO. Once the values like chemical properties are in the acceptable range, the application will automatically upload the material standards to the ERP through an API.
5) Improved Supplier manufacturer relations:
ERP OCR software enables the manufacturer to pay bills more quickly and without any errors. Invoices get scanned properly, and duplicate invoices get rejected.
The authorization of payment gets processed without any error and the payment gets done. This cycle gets repeated with proper integration making the payment cycle fast. This faster and consistent payment cycle ultimately results in better supplier manufacturer relations.
6) Inventory Management:
Inventory management is a curb some task for most manufacturing and trading organizations. OCR with the help of its scanning abilities scans invoices, purchase orders, delivery receipts, bill of lading, and other documents relevant to the receipt of the goods.
In storing products again scanning of materials receipts and storing information related to materials is important to the warehouse manager.
Returning unused and scrap materials and parts also contribute a task to engineers. These add to the inventory cost that may result in duplicate materials getting ordered.
OCR by scanning serial numbers on embossed materials helps in the management of inventory. All this data gets stored in a centralized ERP system that may get retrieved at any point in time.
7) Improved profitability:
ERP OCR software by timely reporting and improved product quality increases the profitability of the manufacturing industry.
Reporting time is improved since different departments and their workers have access to accurate and sorted data. Communication workflow gets improved with ERP OCR software.
Faster decision making is the result of rapid communication workflow. ERP
OCR software also reduces the operational cost by reducing the human element. This results in cost savings and improves profit.
Star Software provides ERP OCR software for the Metal Manufacturing and Trading Industry. All the systems get properly integrated using ERP OCR software.
Business processes get efficient using ERP OCR. The success of any organization depends on how the various departments coordinate with one another using information provided. ERP OCR software helps in providing accurate information.