Benefits of ERP system
Under benefits of ERP system there are 2 points 1. Reduction of lead time and 2. Reduction in cycle time. What is the difference between lead time and cycle time?
lead time is time gap between order placed for purchase of an item and its delivery. Cycle is completion of full cycle ( cycle could mean production / manufacturing / sales cycle) i. e placing and order for purchase of an item , delivery of that item , paying for that item and using that item in production, selling the final output, collecting money from customer post sale