Monitor ERP
Country of application:
Sweden/Norway
Scope of innovation
☐ Office work
☒ Production / Service supply process
Sector-specific
☒ Yes / please, specify sector(s): Plastics, Metals, Electronics industry, Furniture and interiors, etc
☐ No (relevant for all sectors)
Description of the needs
In today’s manufacturing sector, there is a pressing demand to stay efficient, quickly adapt to changes, and uphold sustainable practices. With complex global supply chains, the need to access real-time data, and the increasing emphasis on eco-friendly operations, manufacturers are under considerable pressure to innovate and remain competitive.
The solution to these pressing challenges is the Monitor ERP system. Specifically tailored for manufacturing businesses, it streamlines operations, offering real-time insights that drive better decision-making. Its intuitive design ensures that businesses can adopt it without the hurdles of extensive customizations, saving both time and resources. Moreover, as sustainability becomes a core aspect of modern business, Monitor ERP stands out by providing tools to track energy consumption and carbon emissions. This not only assists in complying with upcoming regulations but also positions businesses at the forefront of sustainable practices.
Description of the solution
Monitor ERP is an ERP system for manufacturing companies and has emerged from a strong impetus to assist these companies in reaching their full potential. While every company is unique, there are numerous common work methods and challenges. Regardless of what is produced, whether it is plastic bottles, circuit boards, potato chips, office chairs, or hydraulic pumps, there is a need for a system capable of managing all facets of the business. Monitor thus help with gaining control and making the right decision with everything from material needs to invoicing.
*Winner of ERP-System des Jahres 2022 in Germany and of Sweden’s best ERP system in 2022
Planning and control
Monitor ERP ensures a comprehensive perspective is maintained across all areas of business operations. In essence, complete control over processes and flows is established. Furthermore, meeting customer commitments becomes more straightforward:
• Reduced administration: Automate processes and let the system do the work.
• Making the right decision: Focus on the products that are truly profitable.
• Traceability: Monitor the entire production chain.
• Daily Management: Maintain a clear overview with updated data and information.
• On-time delivery: Fulfil promises and enhance customer satisfaction.
• Minimal inventory: Material planning that results in a cost-effective stockpile.
Monitor ERP represents a standard system. This indicates that it is already optimized for manufacturing companies, eliminating the need for expending time and resources on customizations and solutions for businesses. It is implied that it is pre-optimized for manufacturing firms, removing the necessity of dedicating time and money to adapt the solution to business operations. Moreover, it suggests that staying updated within the system is straightforward, and naturally, access to all new versions released (approximately 10 per year) featuring new functionalities and continuous improvements will be available at no extra cost.
To make Monitor ERP as accessible and user-friendly as possible, the functionality has been divided into the following six modules: Production, Procurement, Sales, Inventory, Time Reporting, and Accounting. Collectively, they provide extensive system support for most processes and flows within a manufacturing company. Each module represents a major aspect of a manufacturing company’s operations, streamlining and automating key tasks within that realm. Here is an overview of what each module entail:
• Manufacturing: This module covers everything from production planning and scheduling to shop floor data collection and quality control. It provides the tools needed to optimize production processes, maintain accurate production data, and ensure that products are made correctly and efficiently.
• Purchase: The Purchase module helps manage procurement processes. This can include supplier management, purchase requisitions, purchase orders, receipt of goods, invoice reconciliation, and returns to suppliers.
• Sales: This module supports all sales-related activities, including customer management, sales order processing, pricing and discounting, invoicing, and returns from customers.
• Stock (Inventory): The Inventory module provides comprehensive control over stock levels, helping to optimize storage costs and availability. It can handle multiple warehouses, track inventory levels in real-time, and conduct stocktaking.
• Time recording: This module is used for tracking time, such as employee work hours, machine usage time, or project time tracking. It can help in labor cost calculation, productivity analysis, and in keeping track of time spent on different tasks.
• Accounting: The Accounting module handles all financial transactions and reporting. It includes accounts receivable, accounts payable, general ledger, fixed assets, cash management, and financial reporting.
Monitor is taking an active role in helping companies navigate the upcoming European Sustainability Reporting Standards (ESRS) implemented by the European Commission. This includes standardized reporting of ESG (Environmental, Social, and Governance) aspects. The Monitor ERP system has developed functionality to meet these new requirements. This means that a person can input and manage Scope 1, 2, and 3 data within the system. This allows companies to begin their sustainability work on a broader level.
As such, Monitor ERP is launching a new feature in the fall of 2023 that provides the people with the ability to carry out sustainability assessments and quantify the environmental effects of the manufacturing processes. Hence, see CO2 emissions at the component level. This in-depth functionality gives people the ability to evaluate suppliers in a more detailed way, by comparing their CO2 emissions. This gives businesses more control and information to make wise and sustainable decisions. Moreover, this enhancement aids in seamless adherence to the EU’s CSRD directive and ESRS standard. The capability allows for meticulous and straightforward quantification of the operations’ impact, empowering people to strive for increasingly sustainable and accountable production.
Monitor ERP system views CO2 emissions as a future high-value currency and is actively working on developing features in this direction. This makes Monitor an attractive choice for businesses looking to enhance their sustainability reporting and make better environmentally conscious decisions.
Description of the effect
In contrast to alternative software, the ERP solution offered by Monitor is a standard system. This indicates that it is pre-optimized for businesses engaged in manufacturing, facilitating a more cost-effective and straightforward implementation and maintenance process. This is achievable due to their specific focus on the manufacturing sector. Regardless of whether the operations involve plastics, metal, electronics, or any other domain, Monitor equips businesses with all the necessary tools.
Monitor ERP system has a wide-ranging effect on businesses that implement it. Some of the impacts are:
• Operational Efficiency: Monitor ERP helps streamline and automate a wide variety of business operations, such as production planning, inventory management, order processing, and financial management. This can lead to increased operational efficiency, reduced errors, and cost savings.
• Decision-Making: With real-time visibility into various business processes, Monitor ERP can provide valuable insights that inform strategic decision-making. This can lead to improved performance, reduced risks, and a stronger competitive position.
• Customer Service: By managing customer data and interactions in a centralized system, Monitor ERP can help businesses improve their customer service and relationship management. This can result in higher customer satisfaction and loyalty.
• Scalability: Monitor ERP is scalable, which means it can grow with a business. It can handle increased data volume and additional users without the need for significant additional investment. This makes it a viable long-term solution for businesses of all sizes.
• Compliance: Monitor ERP can help businesses meet various regulatory requirements, thanks to features like traceability, audit trails, and built-in controls. This can reduce the risk of compliance issues and related penalties.
• Productivity: By automating routine tasks and providing user-friendly tools for managing complex processes, Monitor ERP can help increase productivity. This allows employees to focus on more strategic, value-added tasks.
• Embracing sustainability standards: Considering the newly established CSRD (Corporate Sustainability Reporting Directive) from the EU, smaller and medium-sized companies will be required to generate sustainability reports using the ESRS (European Sustainability Reporting Standards) from 2026 onwards. To assist in the transition towards these new guidelines, Sustainability by Monitor has been created. It enhances the existing data in the ERP system by incorporating energy consumption and carbon dioxide equivalent (CO2e) information. Monitor ERP, therefore, has the capability to measure the environmental footprint at the component level and assist in strategizing company-level emissions (as per Scope 1 and 2). This empowers businesses to consistently monitor, report on their environmental impact, and make informed decisions promoting sustainability.
• On April 19, 2023, the Factory Innovation Awards were presented at the Hannover Messe. Monitor ERP took first prize in “The Sustainable factory” category. The winner was chosen by an independent jury of experts. The decisive factors in the category were functions in the area of sustainability reporting and carbon dioxide emission calculation.
In essence, the Monitor ERP system can have a transformative effect on businesses, helping them become more sustainable, efficient, data-driven, customer-focused, scalable, compliant, and productive.
Company/companies that developed/implemented/offer the innovation
Established in Hudiksvall, Sweden, in 1974, Monitor is also represented in Norway. From the outset, Monitor’s dedication has been to process optimization. The escalating demands of today’s industry landscape make manufacturing efficiency essential for global market competitiveness. Recognizing that customer requirements evolve over time, there is a consistent push to innovate and enhance the ERP system.
Monitor ERP, the flagship product, holds a position as Sweden’s top enterprise resource planning solution for manufacturing firms. This system represents a comprehensive set, specifically tailored to accommodate the unique requirements of manufacturers. Close collaborations with customers allow Monitor ERP to be both intuitively user-friendly and economically efficient.
Services offered extend beyond the software itself, including provision for in-house training, consulting, and support. Despite the Monitor ERP System team being globally distributed, a considerable segment resides at the Hudiksvall headquarters, the primary hub for most software development activities.
Contact
Atle Karlsrud
SALES MANAGER, NORGE
atle.karlsrud@monitorerp.com
Visit and postal address:
Monitor Norway AS
Grimmergata 5
6002 Ålesund Norway
Visiting address:
Drammensveien 130
Entrance C19
0277 Oslo
Phone: +47 35 69 72 00
Email: norge@monitorerp.com
Additional information