ACCELERATE
YOUR
BUSINESS
GROWTH
STRATEGIES TO EXPAND
& CAPITALIZE ON
EMERGING TECHNOLOGIES
BROUGHT
TO YOU BY:
2 | ACCELERATE YOUR BUSINESS GROWTH
Cutting-edge technologies have allowed
small businesses to storm into nearly every
marketplace and disrupt industries that never
saw it coming. One case-in-point often used
is Uber — the world’s largest transportation
company that doesn’t own any cars.
“With technology, even the smallest
company can look like a big player,” says Terri
Hiskey, vice president of product marketing
with Epicor Software Corporation, an
industry-specific software solutions company.
This is especially true in the tech industry,
which continues to enjoy fast growth, even
as it is flooded with new companies building
a business around one niche, like a new app.
With the threat of new competition
lurking ahead, manufacturing companies
must stay nimble and be willing to innovate
their operations to drive future growth.
How can your manufacturing enterprise
set itself up to grow even as the competition
becomes more intense? This report will
explore strategies to help keep your
company ahead of the curve, such as
understanding how to navigate changes in
customer expectations and what to consider
when updating your legacy ERP system.
WHO’S GROWING AND WHY
According to Hiskey, a healthy amount of
business growth is at least 2–3 percent
increased revenue year-over-year.
For some industries, the conditions are ripe
for achieving an even more satisfying target.
The medical devices market, for example, is
set to capitalize on major gains as America’s
population ages and looks to medical devices
to help extend and improve quality of life.
Meanwhile, in the chemicals industry,
major players are looking to turbocharge
growth by embarking on mega mergers
and acquisitions. Because the process of
going through a merger often necessitates
that the companies streamline processes
and divest less profitable arms of the
business, it also helps companies trim
the fat from their portfolios and bring the
goals of the company into sharper focus.
Throughout the manufacturing industry, the
push has shifted in recent years from going
lean to seeking growth by capitalizing on
Industry 4.0 — the revolutionary shift toward
automation, IoT and smarter operations.
Below are some strategies Hiskey
recommends for manufacturers looking
to boost business growth by adjusting
their business model and capitalizing
on the latest technologies.
There’s a simple adage
in the business world that
separates the winners
from everyone else:
growth equals.
survival.
—Statista 2017 2020
ESTIMATED GROWTH OF
WORLDWIDE CONNECTED DEVICES
$28.4
BILLION
$50.1
BILLION
3 | ACCELERATE YOUR BUSINESS GROWTH
EXPAND YOUR HORIZONS
“Many manufacturers are looking at new
geographies they can sell into,” Hiskey
says. This could mean going global, which
Hiskey admits is a regulatory “can of
worms” — but one that can also pay off.
Another way to expand is to utilize your
brand in a new way. If you have a popular
product, for instance, maybe there is an
opportunity to offer a spin-off? Look at
related markets and your competition
to see how you can disrupt them with
your unique products and offerings.
ADD VALUE TO
YOUR E-COMMERCE
In the age of Amazon, customers are
used to buying almost everything they
want with just a few clicks from wherever
they are, and they expect that experience
with any kind of product — including
business-to-business transactions.
With that in mind, your e-commerce platform
should be easy and intuitive to navigate.
Communication about orders should
also be prompt and helpful, so that
customers aren’t left wondering if
their order is confirmed, when it will
arrive or if they have been billed.
Many manufacturers also have yet to
improve their e-commerce process — but
doing so is a way to add value for your
customers and edge out your competition.
“Smaller companies are starting to
understand this and the fact that if they want
to grow they have to offer different ways for
buyers to interact with them,” Hiskey says.
USE TECH TO ATTRACT
THE NEXT GENERATION
It’s no secret that emerging technologies
have revolutionized the factory line in
manufacturing facilities — from robotics
to automation to remote monitoring.
All of those updates should be a welcome
change to manufacturers, Hiskey says.
And while there may be concerns about
the impact of these changes on jobs,
Hiskey argues that investing in these
tools can be a boon for employees.
For example, many automation devices
free employees from having to do repetitive,
dull work and could instead allow them to
find a new specialty in the facility. It also
shows your employees that you want a
top-notch facility for them to work in.
“Investing in technology and training
your employees in new tools...shows
confidence that you’re investing in
your workforce,” Hiskey says.
High-tech upgrades also give the
manufacturing industry a facelift in the
eyes of the younger generation — an
issue of growing importance as the
current workforce ages and retires.
“You can backfill jobs...and bring in younger
folks who want to work with new technologies
and see it as a cool area to be in,” Hiskey says.
TAKE ADVANTAGE
OF BIG DATA
The right enterprise resource planning
(ERP) software not only helps manage all
the major functions of the office — from
purchasing to sales and HR — but it can
also generate useful data to give new
insights to every aspect of the business.
The reduction in year-over-year operating costs
“best in class” organizations achieve by taking full
advantage of their ERP system.
— Jack Payne, Aptean26%
4 | ACCELERATE YOUR BUSINESS GROWTH
“It’s really about knowing what
you want from the start and
then enacting it,” Hiskey says.
When sizing up different ERP systems, have
a clear set of priorities can help you zero in
on which system will serve your company
best. From there, make sure you have a
system that is going to stand the test of time.
Technology is moving so fast that upgrades
and new features come along all the time
— you don’t want to wind up with a system
that isn’t compatible with these changes.
Hiskey likens it to not being able to
download a new app because you
don’t have the right smart phone.
“It’s about having an open application
interface (API),” Hiskey explains. “[That way if
there’s an application you want], you can plug
it into whatever system you have in place so
that all of your systems talk to each other.”
ERP SYSTEM SHOPPING
1. SET PRIORITIES
“Technology is to the point that
when you download an app you
don’t expect a week of training
to use it,” Hiskey says. “In the
business environment, people
expect the same thing.”
Hiskey says that many companies
are using ERP solutions that are 90
percent pre-made and about 10 percent
customizable. This way, the system can
be implemented more quickly and is easy
to learn, yet allows for enough flexibility to
allow users to personalize their experience.
2. KEEP IT EASY
It’s important to have a plan about
how your company is going to
aggregate and analyze that new data.
“One of the issues companies have
raised for years is that they are collecting
data but they don’t know what to do with
it,” Hiskey explains. “Recent statistics show
that up to 70 percent of manufacturing
data that’s collected is untouched.”
Fortunately, ERP vendors often now
provide prepackaged analytics tools that
can generate useful analysis for many
aspects of the business — from work
flow to the packaging line. These analytics
tools can help manufacturers predict and
address problems before they happen.
And down the line, Hiskey says that
artificial intelligence will be leveraged
analyze data and make recommendations
for business operations.
3. ANALYTICS
Finding the right ERP system can be
overwhelming, however. With so much money
on the line, it’s crucial to invest in a system
that doesn’t just provide the right functionality
today, but will be easy to upgrade in the future.
“You want to make sure that whatever
[ERP system] you put in today will be future-
proof so that if something else becomes the
industry norm in a few years, you will be able
to take advantage of it, instead of having to
re-architect your technology,” Hiskey says.
CONCLUSION
The technology revolution in business
is far from over. Changes are not just
still happening — they are occurring
at a rate faster than ever before. To
continue growing, manufacturers
have to be willing to adapt quickly and
utilize tech tools to their advantage.
The good news is that many of these
tools — including ERP systems — are
becoming easier to implement and can
offer manufacturers a treasure trove
of new data to improve operations.
On the e-commerce side, an improved
interface can give your company a
competitive boost. In fact, if done well, these
technology improvements could become the
reason people want to do business with you.
5 | ACCELERATE YOUR BUSINESS GROWTH
The information in this i-Report was researched and produced by
Manufacturing.Net in conjunction with Epicor. Statistical data was
researched and compiled by Advantage Business Media in April 2017.
Epicor Software Corporation
(epicor.com) provides industry-
specific business software
designed around the needs of
manufacturing, distribution,
retail and services organizations.
Epicor’s more than 40 years of
experience with its customers’
unique business processes and
operational requirements is built
into every solution — in the
cloud, hosted or on premises.
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