How Manufacturers Can Successfully Manage the Complexities of Growth
It’s simple: you want your business to be profitable, and growth can lead to increased profitability. However, the reality of growing your business is anything but simple. In fact, business growth can be fraught with complexities and challenges that, if not properly managed, could threaten your current and future success.
For example, on one hand, growth may lead you to take on bigger, more complex projects, diversify your product offerings, and expand your target markets. But on the flipside, the excessive pressure on operations may damage quality and slow down service, causing your customers to lose satisfaction and go elsewhere. You might not be able to get the right information to the right people at the right time, and senior executives could struggle to make decisions or manage a larger, more diverse business.
Aberdeen research confirms: “When a manufacturer grows, it becomes increasingly difficult to keep costs in check, maintain efficiency and customer service, and present an organized front. These challenges are compounded by the fact that a significant amount of today’s manufacturers just don’t have easy access to timely, relevant information. Therefore, it becomes extremely difficult to continue to operate, as well as make quick decisions to support growth."
The answer lies in technology
Fortunately, managing your business’s growth becomes a far simpler and more successful undertaking when you’re supported by the right technology. A recent survey commissioned by Epicor and conducted by MORAR Consulting revealed what manufacturers considered to be the proven factors in their successful growth, and what they saw as the potential risks to their future growth. The findings pointed to one consistent conclusion: the difference between a manufacturers' success and failure can be made by the technology they use to run their business.
Before you grow, ask these critical questions
There’s no doubt that having the right ERP system in place will help you stay ahead of the curve and your competition. So it’s worth asking the following key questions of your business IT environment to help you determine whether it can support your growth plans:
• Can you get instant access to accurate, real-time data and grasp new opportunities fast?
• Do your systems support the way your employees work instead of forcing them to work around your systems?
• Can you get a view of your entire organization to spot opportunities for improvement and optimization?
If the answer to even one of these questions is “no,” it may be time to implement a new technology solution that will enable you to say “yes”—not only to these questions, but to the profitable growth that is so important to manufacturers’ success. Having the right systems in place will ensure that your business can productively plan future growth. It will provide the agility to handle new opportunities as they arise. And ultimately, it will determine how far, how fast, and how profitably your business grows.
To learn more about managing the complexities of growth, read our new eBook.