We are the largest manufacturers of leather wallets in Kolkata. Our products are sold in leading shopping malls across the city. But a chunk of our revenue comes from international markets. We supply our wallets Bangladesh, Germany, and the United Kingdom. The decision to go international was taken two years ago after recommendations from our well-wishers.
We were treading waters initially since the challenges of international trade were overwhelming. There were a lot of problems due to inventory invisibility. Factories located far off became independent units with us having little control over them. Quality deteriorated and was inconsistent leading to unhappy customers.
Another glaring problem was that of shipment tracking. Our customer overseas often complained of late and untracked deliveries and we felt sorry for not providing them with a valid solution. Moreover, due to mismanagement, the cost of production went up which led to reduced profits and low morale. We were also battling issues relating to supply chain management which led to inaccuracies in billing, faulty outsourcing, and scraping of time and materials.
Another issue which plagues the export industry is the Exchange Fluctuations during payment from a foreign country. Because invoice generation and payment during international transactions are days apart, there are often gains or losses due to the change in the foreign exchange rate. This information has to be manually accounted so that the Profit and Loss and Balance Sheets remain accurate.
Under the burden of the aforementioned problem, our business suffered from inefficient planning and incorrigible operations. It wasn't till a friend from the manufacturing industry suggested me to get Export ERP Software in India. I had heard about ERP before but had no idea about its functioning.
Upon research, I found that Cloud ERP is a Software as a Service (SaaS) program which can be accessed anytime from anywhere. Cloud ERP retains all the benefits of a traditional ERP program. Data is stored in the cloud and not on the company's server and can be accessed anytime.
By the implementation of Export Management Software in India, we overcame most of the problems that had plagued our leather business. In fact, it allowed us to grow and multiply our business without being bothered about managerial issues.
With live data access, we could know exactly was happening in our factory located far away. Similarly, real-time data access solved the problem of inventory invisibility. We exactly knew how much to stock without running into the fear of drying out. ERP software also made our business streamlined. There were better coordination and communication and the entire business started functioning as a cohesive unit.
The problem of inconsistent quality was solved by batch inspection and quality monitors. The software was customized to include shipment tracking of deliverables. Task delegation became easier and so did reporting. Data manifestation allowed for verification of submitted reports. All this led to efficient planning and business development.
Cloud ERP also solved the issue of Exchange Fluctuations. A new section under the software was made. Under this section, we were required to link the Export Invoice and tag the bank account as and when funds are transferred from the customer. The accounting entries related to foreign exchange gain or loss is passed automatically when the details of the transfer of funds are entered and saved. Such seamless software experience led to time-saving which was then dedicated to more constructive business chores. Costs decreased and profits increased.
It has been around a year since we got Export ERP Software in India. The entire outlook of my business has changed. We are flourishing and taking in new strides.