Lawson Software said its Lawson M3 Analytics package for Food and Beverage has been developed to assist decision-makers in the two sectors identify underperforming operational areas in time to help them take corrective action.
The application could benefit manufacturers that are being forced to streamline their operations amid significant raw material, energy cost volatility and uncertain prospects for the global economy.
Key performance indicators
The product comes with 70 preconfigured key performance indicators (KPIs) and 50 prebuilt scorecards commonly used by the two sectors, according to the manufacturer.
Sample KPIs include day sales outstanding, inventory turnover, delivery performance and gross margin percentage, while the scorecards highlight critical data such as sales vs. budget, supplier performance, production variances and customer debt, said the company.
Rob Wiersma, director of industry strategy for food and beverage at Lawson Software, said the application has been designed to help food and drink manufacturers eliminate unnecessary reports so decision-makers receive the right information at the right time.
"By offering our customers quick and easy access to industry-specific business intelligence tools, we can help them manage their business more strategically," he added.
Benchmarking benefits
According to a 2007 report from global distribution facilities owner, ProLogis, benchmarking is a way of improving performance by identifying, understanding, and adapting the best practices and processes found inside and outside an organisation.
"Companies that eschew rigorous benchmarking exercises are destined to lose their way in the competitive fray," said Leonard Sahling, vice president of research for ProLogis.
"However, those with the foresight and discipline to institutionalize benchmarking stand to reap substantial rewards in the form of improved efficiency and lower costs,” he said.
Sahling added that high-level management participation and support is generally a hallmark of any successful benchmarking effort.