The growth of Foxconn has proven that ERP is an effective solution for businesses, especially in logistics. ERP not only helps systematize operations and cut costs but also helps businesses plan, analyze and arrive at the optimal solution.
Foxconn's plan to automate its production lines
Foxconn specializes in machinery and electronic components. Products such as computers and conductive devices... are manufactured and managed by Foxconn with automated processes. To achieve today's success, Foxconn went through 3 phases:
Phase 1: planning and replacing manual operation with a number of solutions.
Phase 2: applying automated production lines using ERP systems to save costs.
Phase 3: experts take part in analysis and inspection.
Foxconn applies automated processes in production
This plan made Foxconn one of the leading businesses to apply automated processes successfully, saving the business a great deal of money.
How much did Foxconn save after automating?
The benefits of using technology are certainly many. Not just famous companies - even street eateries now use smart technology for easier management. For a large, technically demanding production line, this is even more necessary.
Technology has helped Foxconn make many savings thanks to automated processes
By implementing ERP software, Foxconn has saved the following:
Cutting its workforce from more than 110,000 workers to 50,000
Saving the cost of hiring managers.
Saving repair and installation time.
Optimizing production costs and increasing productivity.
How did Foxconn take over Sharp?
Foxconn's purchase of 66% of Sharp's bonds made plenty of headlines. Many said the price Foxconn paid was “dirt cheap”. The figure of US$3.5 billion surprised many people, who felt it was far too small for a brand with such a long history in technology.
Foxconn acquires Sharp for US$3.5 billion
Foxconn's deal is said to be the largest ever in Japan's technology sector. At first, Sharp announced an expected deal value of 6.2 billion. But Foxconn later said the deal was delayed because some financial issues had to be resolved. Finally, after a month, Foxconn and Sharp agreed on a figure of US$3.5 billion.
What Foxconn achieved by implementing ERP software
Foxconn has achieved a great deal. People doing management, evaluation and record-keeping work can spend hundreds of hours without guaranteeing accurate results. With ERP, this becomes extremely simple. As software that supports planning and in-depth analysis, ERP has helped Foxconn achieve the following:
Improved operating processes
Reading an article several times doesn't guarantee it is error-free, and managing large numbers of people in a business is even harder and more cumbersome. This leads many to believe any inspection result is only relative. ERP software has helped Foxconn solve this problem.
ERP supports management and improves operating processes
For a restaurant or eatery, such savings are certainly not small. Now imagine how much Foxconn has cut. The answer is certainly a lot. With an ERP solution, Foxconn can track staff work progress anywhere, at any time, so it can plan, allocate and cut its workforce and save costs.
Tight financial control
For any business, large or small, financial management is extremely important. It requires the person doing it to have knowledge and give the most detailed assessment.
ERP software helps businesses keep tight control of financial data
Besides choosing expert managers and supervisors, Foxconn also built an ERP system so that financial reporting is systematic, secure and as accurate as possible.
Capturing customer information quickly
Understanding customers is one of the prerequisites for increasing revenue. ERP software has helped Foxconn capture and exchange customer information quickly through the system.
ERP helps businesses capture customer information and arrive at effective solutions
Through ERP software, managers can easily track what customers bought today and at what price. Customer records are also continuously updated. This was important in helping Foxconn plan to cut 60,000 workers.
Speeding up production and service delivery
This is the main factor helping businesses reduce operating time and costs. ERP also helps control production scientifically, because managers can see all the figures in one interface. In addition, ERP helps Foxconn use computer systems to control and optimize production processes.
Clearly, Foxconn's purchase of 66% of Sharp's bonds surprised many people. And to grow quickly, Foxconn applied ERP to its operations. Your business can rise and grow just as quickly as Foxconn did.
>>>Learn more about how Vinamilk's ERP system has helped this business grow strong.