An essential overview of the key manufacturing concepts. Just to add, between raw materials and finished goods inventory you also get 'work-in-progress' (WiP) and 'intermediates', depending on the industry. Moreover, the manufacturing process can produce by-products, co-products and scrap or waste (scrap is generally a discrete manufacturing term, while waste is generally a process manufacturing term).
Mapping manufacturing in ERP IS VERY NICHE skill. Understanding manufacturing concepts are not only important for one who works on the Shop floor but also for an ERP consultant. You explained in very simple to understand way, but most important concepts.
after selling an MRI and Electro-Diagnostic Business, I purchased a custom family speed boat (21' to 32' up to 137MPH) manufacturing and sales company out of BK. Prior to Purchas, I did ~ 2 years of R&D and had boats most of my life, I cut costs (materials and labor) by a total of 23.7%, paid the employees more (which attracted the best craftsmen), and kept them working throughout the winter season (which they were not accustomed to, seasonal business, yet wanted). I then monetized "all" marketing costs, (with a profit) and created an amazing customer referral program that resulted in 1.7 Boat Sales (typical $67k to $1.2M) prior to a customer taking delivery of their boat (All custom builds - typical 45 Days) using some of the techniques you go over, and I feel that if I knew what you know it would have been well over double...I'm pretty interested in discussing details. Thx Jeff
Great high level summary Eric. My only suggestion is maybe you can consider adding more elements such as NPD and standard cost roll-up which are unique and critical to typical maufacturing business.
Great stuff I've been surfing all your videos recently, Quick Q, What brand of shirts do you typically wear? cause that is a crispy shirt, I know how hard it is to keep a shirt looking nice throng the day etc, Thanks!
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An essential overview of the key manufacturing concepts. Just to add, between raw materials and finished goods inventory you also get 'work-in-progress' (WiP) and 'intermediates', depending on the industry. Moreover, the manufacturing process can produce by-products, co-products and scrap or waste (scrap is generally a discrete manufacturing term, while waste is generally a process manufacturing term).
Mapping manufacturing in ERP IS VERY NICHE skill. Understanding manufacturing concepts are not only important for one who works on the Shop floor but also for an ERP consultant.
You explained in very simple to understand way, but most important concepts.
Woow !!, exactly why I cam to saw this vid
after selling an MRI and Electro-Diagnostic Business, I purchased a custom family speed boat (21' to 32' up to 137MPH) manufacturing and sales company out of BK. Prior to Purchas, I did ~ 2 years of R&D and had boats most of my life, I cut costs (materials and labor) by a total of 23.7%, paid the employees more (which attracted the best craftsmen), and kept them working throughout the winter season (which they were not accustomed to, seasonal business, yet wanted). I then monetized "all" marketing costs, (with a profit) and created an amazing customer referral program that resulted in 1.7 Boat Sales (typical $67k to $1.2M) prior to a customer taking delivery of their boat (All custom builds - typical 45 Days) using some of the techniques you go over, and I feel that if I knew what you know it would have been well over double...I'm pretty interested in discussing details. Thx Jeff
Great high level summary Eric. My only suggestion is maybe you can consider adding more elements such as NPD and standard cost roll-up which are unique and critical to typical maufacturing business.
Good simple overview
Thank you for sharing your wealth of knowledge.
Great stuff I've been surfing all your videos recently, Quick Q, What brand of shirts do you typically wear? cause that is a crispy shirt, I know how hard it is to keep a shirt looking nice throng the day etc, Thanks!
Thanks for this 🙏🙏
Thank you
Could you use a 10% savings on your next apparel order? T-shirts, polos hats, etc. We can make it possible for you.
BTW, Nice video!
Thank you so much .