The leading manufacturing company was challenged in automating and monitoring the production process
Country
Greece
Client
Farad S.A. Heat Exchangers
Project
Enterprise Resource Planning
Solution
Epicor Kinetic
Automated process pre-costing
Updated purchase history and management of prices
Production planning (MRP)
FARAD S.A. Heat Exchangers, based in Greece, has been designing and manufacturing high-quality marine and industrial tubular heat exchangers since 1979 for the domestic and international markets. Their basic requirements included to fully automate the pre-costing process, allowing the board of directors to manage costs more efficiently and gain immediate insight into individual cost elements (i.e. raw material cost, according to the London Metal Exchange or FIFO, labor cost and sub-brands cost).
Most of the raw materials the company uses are industrial metals traded at the London Metal Exchange (LME). Using advanced algorithms, Epicor Kinetic provides continuous, real-time product and raw material prices, allowing FARAD to achieve the best rates. For non-LME supplies, the procurement procedure includes supplier requests to authorized suppliers, tender workflow, and bid evaluation criteria up to the delivery of goods.
In addition, production planning within Epicor Kinetic, which is purpose-built for the need of the manufacturing industry, provides FARAD with an accurate, real-time view of their manufacturing process so they can proactively manage their operations with confidence.
Embedded business process management provides the flexibility they need to drive production costs down, deliver products at specified quality levels and meet schedule commitments. They can even incorporate the subcontractors’ production schedules into the production cycle so they fully interact with the factory, avoiding delays and having full control of production progress.
The implementation of Epicor Kinetic allowed the production department to execute and monitor the entire production process, improve product line planning, achieve a better balance between resources and features, and adjust production based on customer orders. The adjustments to product specifications can be easily applied reflecting automatically updated cost information.
‘The implementation of Epicor Kinetic significantly improved coordination between sales and production teams, since it provided a real-time view of the manufacturing process. Moreover, Epicor Kinetic helped us minimize workflows idle times and data entry errors, accelerate the decision-making process, and consolidate more than 700 production methods into five product configurators’, mentions Evangelos Fanouriadis, Production Director and co-founder at FARAD Heat Exchangers S.A.
Moreover, Epicor Kinetic has accelerated the company’s decision-making process and flexibility as they can more easily adjust retail prices, add services, and apply possible alternatives. With Epicor Kinetic in place, FARAD now has a 360-degree view of production costs, right down to order level, financial results, and comparisons with the budget. In addition, each department can build reports and dashboards to ensure performance and maximize results.
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