The Manufacturing sector's steady positive results over the last year and a half has provided the sector with a much needed boost of confidence after several years of decreased profits and little growth. The most recent report from the Manufacturing ISM Report on Business is favorably reporting that the manufacturing sector is enjoying its 13th consecutive month of growth, further adding that 15 of the 18 manufacturing industries are reporting growth in June of this year.
The overall sentiment is that manufacturing is continuing to see steady growth in orders and volume, which will hopefully continue throughout the holiday season. So while the manufacturing sector is riding a wave of increased profitability and positive results, it's time for them to question whether or not their surf boards are ready for the next big wave.
The positive growth that the manufacturing sector is enjoying should be a time to seize the opportunities that come from positive cash flow. It isn't time to sit on the beach and watch your competitors ride the waves. It is time to evaluate current processes and facility needs. Favorable growth and profitability usually runs in cycles. It's economics 101. So the last thing your want is to be caught on the shore waxing your board when the competition heats up.
So during a time of favorable growth and profitability, it is time to invest something back into your business. Updating and upgrading is a necessary step in planning for your company's future growth, and it's also the next step as you become more skilled in your sector.
Here are some reason's to look at updating your ERP software:
1. Happy Customers - If customer's orders are received on time and they are provided excellent service while utilizing the latest technology and customer portals, then they are more likely to be repeat customers.
2. Planning and Scheduling - If you are using an antiquated ERP system then you are lacking the benefit of visibility and flexibility that new ERP software offers.
3. Reduce costly errors - ERP software offers the ability to efficiently use materials even when product modifications become necessary. ERP software also has the ability alert you to potential problems on a line, thus reducing down time and errors.
4. Inventory - With customer and supplier portals, ERP software has the added benefit of increased visibility into raw materials and other inventory necessary for production. Integrating cloud technology and new ERP software can provide a seamless system that gives vendors insight into inventory levels in a real time environment.
So, if you have struggled in the past with efficiency and have enjoyed some steady growth, then now is the time to position yourself for continued success.
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