Manufacturing is growing and that means manufacturers that want to maximize growth opportunities and be competitive market leaders need to prepare for growth by focusing on the technologies and best practices fit to drive lean manufacturing, eliminate waste, increase customer satisfaction and make better, more informed and real-time business decisions.
A 2016 global growth tracker survey, commissioned by Epicor, published results of the top characteristics that differentiate manufacturing organizations poised for sustainable growth. The survey determined 10 principal characteristics that separate the manufacturers ready for growth from the manufacturers not enabling growth.
These principal characteristics include the following:
- Focus outside of the business
- Investment in planning
- Managing stress effectively
- Staying optimistic
- Believing in capabilities
- Embracing change
- Investing – where it counts
- Investing in new technology and innovation
- Demanding quick returns from IT spending
- Focusing on the customer
Now is the right time for manufacturers to position for organizational growth. Institute for Supply Management (ISM) in its latest Manufacturing ISM Report On Business, shared that manufacturing expanded in February at its fastest pace since August 2014 – as factory managers reported stronger orders and production. The ISM’s index climbed to 57.7, the sixth straight advance, from 56 a month earlier. Readings above 50 indicate growth.
Manufacturing is growing – are you a growth seeker?
Manufacturers focused on high growth are twice as likely to look for external opportunities to grow their business, compared to low-growth companies – seeking expansion and technology investments to empower sustainable growth.
Seeking innovation and performance, high-growth manufacturers are investing in the Internet of Things (IoT) by leveraging the latest technologies for inventory management, big data analytics and cloud-based production monitoring. The goals are elimination of bottlenecks and impediments to cost-effective production.
Technologies that help manufacturers solidify the foundation for sustainable growth include cloud-based Enterprise Resource Planning (ERP) solutions, Manufacturing Executive Software (MES) products designed to increase manufacturing efficiency, quality and profit margins while monitoring processes, inventory management and overall manufacturing operations.
Are you a growth seeker? CompuData leverages solutions from leading technology innovators, including Epicor, so today’s manufacturers benefit from innovative software solutions designed to create agile, high-performance production environments. If you are ready to grow your manufacturing business, contact CompuData today.