Using Technology to Add Gusto to Your Growth
Once a business has determined what its growth objectives are, and has prepared to overcome the external hurdles of the fast-paced business landscape, its leadership team will naturally find itself searching for ways to accelerate growth.
Businesses of all sizes are increasingly turning to next generation technologies and intelligent enterprise resource planning (ERP) solutions to do this. But what should come first, the technology or the growth?
Technology and growth are sometimes caught up in a ‘chicken and egg’ situation, where growth produces the need for a business to have the latest technology at hand, yet technologies such as ERP solutions are regularly viewed as a key driving force for growth itself. Currently, 27 percent of companies buying software cite growth as their reason for wanting to implement ERP solutions. They have invested in chickens and now they need eggs. On the other hand, in our recent survey1, 39% of manufacturers globally cited ‘having the right technology in place’ as a key factor that helped their organisation achieve growth. These businesses have eggs and are expecting chickens.
Whether an ERP solution is implemented to make growth happen, or implemented in response to growth, there’s no doubt that the two – like chickens and eggs – are inextricably linked. You can’t have one without the other. Whether you believe the chicken comes before the egg, or the egg before the chicken, the latest technologies can provide businesses with the tools they need to grow effectively.
The latest ERP solutions interpret and analyze vast amounts of relevant business data, making it possible for businesses to react to market forces before the competition. By scaling up and out to new locations or new markets, businesses using modern ERP solutions also find it easier to expand their operations, while minimizing disruption. It becomes possible to keep costs in check, maintain efficiency and customer service and present an organized front – everywhere, all the time.
ERP solutions can automate mundane processes for staff. This can free them from unnecessary pressures and give them more time to manage the higher workloads that are often a natural consequence of growth. ERP systems can also help business leaders cope with the pressures of growth. The latest solutions deliver an accurate ‘birds-eye’ view of business data, making it possible to keep track of more orders, projects or customer requirements than before.
Whether you decide to take the chicken or the egg approach to technology, implementing the latest ERP solutions can certainly provide you with the information, efficiency and automation you need to make growth happen. Implemented correctly, the right ERP solution will ultimately add gusto to your growth.
Posted by Celia Fleischaker, SVP, Global Marketing at Epicor
1 MORAR, Growth Survey, 2015