Benefits of ERP For Plastic and Rubber Industry

Plastic is a subset of the chemical industry; seeing that mineral oil is one of the main components used to make plastic, the industry is seen as a part of the petrochemical industry.

Along with production, plastic engineering is an integral part of the industry.

Despite the opposition to plastics, the industry continues to grow across the world.

Plastic products include thermosets, polyurethanes, thermoplastics, coatings, polypropylene fiber, adhesives, and sealants.

Due to the complicated nature of the production and storage of plastic and rubber industry raw materials, there are various regulations regarding their storage and recording their safety data sheet.

In fact, this sheet must be linked to the inventories and has to be easily accessible by every user.

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The plastic manufacturing industry is in a state of continuous growth, necessitating the effective increase of output to meet high demands.

However, this places a huge strain on business resources.

One of the most efficient ways to manage the processes is with plastics ERP solutions.

With a robust software that manages all elements of your workflow, you can boost productivity, decrease loss and expense, and enhance revenues and profitability.

The plastic and rubber industry needs a proper system to record and track all data to ensure a seamless process without delays.

The plastic manufacturing ERP software facilitates the testing of products in processes like distillation, polycondensation, polymerization, and adding chemicals; additionally, it handles integration, extrusion, and thermoforming in injection molding, etc.

The software thus makes sure that quality is maintained, orders are accurately recorded, pricing is performed correctly, and products are delivered in time.

Tracking and traceability are critical to gain a comprehensive view of the business.

You need all details about receiving raw materials, productions, internal transfers, and customer order shipments.

Tranquil ERP covers all your business requirements, whether it is design and manufacture or sales and accounting, or anything else.

This degree of integration makes the passage from one process to the next simpler.

As the rubber and plastics business involves a lot of equipment, you need complete visibility into your shop floor activities and machinery, which is possible with Tranquil.

Along with real-time information into every business process, Tranquil provides advanced analytics, generates reports, and delivers actionable insights which you can use to take better decisions for your business.

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Modules

1. Inventory Management

It is crucial to keep track of your inventory, which includes raw materials, work in progress, and finished products.

While this is important in any business, it is all the more essential for plastic manufacturing.

Tranquil provides all the tools you require to ensure smooth, undisrupted production, without overstocking or causing inventory shrinkage.

You can also set reorder levels to make sure you replenish raw materials in time.

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2. Finance Management

You can manage your finances better with this module.

It will help in maintaining compliance with financial and taxation regulations, analyzing your financial data, setting budgets, making forecasts, tracking expenses, allocating costs, managing your cashflows, and tracking profits.

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3. Project Management

Plastic manufacturing is a complex business; with the right ERP, you can manage your production efficiently from start to finish, making sure that you complete tasks in time and within budget.

Expense management and tracking, and logging billable hours by employees helps you bill customers accurately, and calculate profits correctly.

4. Sales and Distribution Management

You can efficiently manage your sales and distribution on the basis of real-time data from order management.

By ensuring timely and smooth product delivery, you can ensure customer satisfaction, which will help you retain your existing customers and tap into new markets too.

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5. Procurement Management

Procurement is one of the biggest expenses for any manufacturing business; this module will help you keep the procurement expenses properly controlled and manage the entire process much more efficiently.

The procurement process can be automated and streamlined, and you can track your purchase orders from the time you order till you get delivery.

Efficient vendor management, detailed transaction history, and credit limits are other features available.

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6. Fixed Asset Management Software

The plastic manufacturing industry involves a wide range of equipment – these are your assets, which you need to maintain well.

This module helps you track and maintain your assets, boost their operational efficiency, and extend their life.

You can also maintain detailed records of assets that have been retired, get damaged or stolen, or are disposed of.

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Additional Features Available

Specifically for the plastic and rubber industry, these features are available in the ERP.

Their functions are such that the modules may overlap.

For example, for material requirement planning or forecasting, both inventory and sales modules (departments) are involved – and so on.

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But these features are important for this business:

• Material requirement planning
• Production process defining
• Master production scheduling (project management)
• Work center management
• Demand management
• Machine efficiency (asset management)
• Bill of Material (project management, procurement)
• Batch or Lot manufacturing
• Engineering change request
• WIP tracking (inventory)
• Job Work Management (project management)
• Quality control
• Tools and Equipment tracking
• Compliance management for quality, labor, finance, tax etc.
• BI and reports
• Order management
• Document management
• Warehouse management
• Stock valuation and costing
• Warehouse management
• Audit trail
• Product costing
• Job estimation
• Machine Scheduling
• Multi-plant planning
• Scrap handling
• Barcode and RFID
• Quote generation
• Quote comparison

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Benefits of Investing in Plastic Manufacturing ERP Software

Tranquil offers in-depth visibility into your plastic manufacturing business thanks to AI and IoT which can be integrated.

It collects real-time data which is presented in an easy-to-use central dashboard.

You get actionable insights and identify problem areas so that you can take the right decisions for your business and ensure smooth operations continuously.

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Let’s take a look at the benefits of plastics ERP:

1. Quality Assurance

There are numerous steps involved in rubber and plastic manufacturing, beginning with the creation of the initial plastic form, up to building the final polymer.

With manual QA measures, it’s quite possible that you will end up making crucial mistakes that hamper the product quality and the customer relationships too.

With Tranquil ERP, your quality management is automated, allowing you to ensure that your product quality is maintained across your supply chain.

Tranquil unifies and centralizes all your quality functions so that you can record and track materials and products throughout their life cycle.

From the central dashboard, QA personnel can access lists of items to be inspected, identify parts to be reviewed, and any other activity required to ensure quality of your finished products.

You also can track vendors and get real-time updates on inbound shipment inspections so that before you commence manufacturing, you get good quality raw materials and components.

Furthermore, plastic companies manufacture products for industries like aeronautics, automotive, defence, medical device manufacturing and so on.

This means that the plastic manufacturer has to meet compliance standards and industry regulations.

With detailed audit trails and automatic checks for compliance certificates, Tranquil simplifies your compliance.

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2. Production Control

The plastic and rubber industry has a very complicated supply chain, with customers demanding numerous customized and intricate products.

Tranquil ERP is equipped to handle these challenges.

It allows you to govern processes and manage products whether simple or complex.

The project management module affords you full control over any project and gives you in-depth estimations, and helps you plan, schedule, execute costing, and logistics information.

You can even manage bill of operations, multi-level BOM, and assemblies in a single engineering structure, allowing them to confirm parts visually to accurately cost and schedule.

Automatic generation of BOM, routing, component numbers, complete CAD integration, and more, help you to make your engineering workflows robust, and assist in designing products.

With production control from start to finish, you can handle subtle manufacturing processes and customer requirements, simultaneously minimizing waste and maximizing yield.

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3. Reduced Design Times

The plastics manufacturing business handles a wide variety of customers with disparate requirements.

While the design process can take time, it can be quickened with the help of Tranquil ERP.

You can map consumer requirements to your plans while considering what can be done technically.

4. Lower Margin of Error

Mistakes can be costly for any business.

Design phase miscalculations or missing crucial customer requirement information can cause excess spending.

With Tranquil, you can keep track of these details efficiently and make precise calculations so that your bottom line is not hampered.

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5. Accurate Pricing

Your customers will want proper quotations before they decide to order.

When you can factor in the pricing restrictions, you will be able to generate quotations effectively.

You will also be able to issue a BOM quickly and with precision.

You will be able to generate and deliver quotes even in a very tight time limit, which is better for you and your customer.

6. Better Lead Times

With an efficient workflow, your goods delivery turnaround time will be short; the reduced lead times will not only keep current customers happy and get repeat orders from them but can help you acquire new ones too.

A speedy turnaround also means being able to take up more business opportunities as well.

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7. Effective Management of Production Scheduling

Varying production challenges accompany each customer order.

However, ERP helps you plan how you can produce a particular design the most efficiently.

You can schedule and manage tasks and resources with the project management module – ensuring even the minutest aspect of the whole project can be properly managed.

8. Supervise Material Consumption

Wastage is one area of business where you can lose a significant amount of money.

Tranquil ERP can help you reconcile discrepancies discovered in the raw material weight vis-à-vis the output.

The precise data provided by plastics ERP can help you keep your production costs under control.

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9. Manage your Tooling Process

As a plastics manufacturer you will be managing several jobs simultaneously, and keeping track of it all can be very daunting.

Tranquil ERP can help you track each project and each task within a project.

can easily track the lifecycle of your equipment and tools, and you can schedule maintenance services for them as required.

In fact, the asset management module can help you automate the maintenance, improving their operational efficiency and extending their lifespans.

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Tranquil ERP can simplify the complexities of your plastic and rubber manufacturing industry. Schedule a free demo to see what exactly the software can do for your business. We are happy to answer all your queries.