3 Key Issues for Mid-Market Manufacturers
If you’re a mid-market manufacturer, you’ve come a long way to get to where you are now, but the journey doesn’t end here. There are still markets to conquer and plenty of room to grow. Unfortunately, there are also several challenges that might be stunting your business’s growth. Industries constantly change, and your company has to keep up while maintaining high standards of quality and service.
Don’t think you can accomplish this with your outdated accounting software and overflowing filing cabinets. Thriving as a modern manufacturer requires modern technology. With up-to-date ERP software, you can tackle challenges and get set for future business growth. We’ll explain how ERP can help you combat three key issues for mid-market manufacturers.
1. Poor Data Management
Swelling datasets are often one of the factors prompting mid-marketing manufacturers to invest in ERP. In your company’s early years, you may have accumulated multiple platforms, spreadsheets and documents, tacking on new methods to record data as your organization grew. However, with this data dispersed across departments, you can’t gain an overview of your business. Employees are stuck manually inputting and updating data in multiple locations rather than truly leveraging this information to make strategic business improvements. Because of these issues, only 29% of mid-market firms have data-driven processes, according to Techaisle.
ERP software not only serves as a central hub for your enterprise’s data but also includes the analytics capabilities to generate actionable insights. ERP has the space and sophisticated technology necessary to quickly process big data. Automatic data collection and analysis free up your workforce to go after valuable opportunities. Embedded BI, AI and reporting tools will translate data into deep insights and deliver them to you in user-friendly dashboards and interactive charts. An assortment of disconnected applications and spreadsheets can’t provide the information and predictions you need to grow. ERP is a must in the age of big data.
2. Competitive Disadvantage
Mid-market manufacturers often wear several hats to keep the business running. They don’t have a bounty of resources to climb the ladder and go toe-to-toe with industry leaders. But the increasing availability of ERP software gives businesses of all sizes the opportunity to become competitive forces. Cloud computing has made enterprise software projects simpler and more affordable. Leading vendors, such as Epicor, have also designed their solutions for mid-market manufacturing needs.
ERP serves as the baseline for digital transformation. By automating workflows and leveraging advanced technology to generate insights, ERP makes manufacturers more streamlined and responsive. When hosted in the cloud, ERP also opens the door to mobility and the Internet of Things (IoT). Making data accessible across mobile devices and connecting equipment and products to the internet help you capitalize on real-time insights no matter where you do business.
Even with the increasing affordability of cloud ERP, mid-market manufacturers still perceive the software’s cost as an obstacle. Instead, they should think of ERP as an investment in their company’s future and a means to cutting costs and driving revenue. ERP’s in-depth data can be leveraged to detect and eradicate waste across your organization, helping you become a lean manufacturer. Plus, you can develop a complete picture of your customer (especially when you integrate ERP with CRM), so you can improve customer service and gain more repeat business. With ERP, you can become an Industry 4.0 enterprise that can go up against your biggest competition.
3. Higher Risks
All manufacturers are up against some risks, but mid-market businesses don’t have much of a cushion to protect them in the event that something goes wrong. Outdated processes and technology increase exposure to risk. Manual data entry makes your business more susceptible to human error. Disconnected platforms limit visibility and prevent you from obtaining a real-time view of your enterprise. Lapses in product quality could result in dwindling sales or hefty fines.
ERP provides a modern infrastructure to protect mid-market manufacturers against risks. By updating data in real time, users can receive instant alerts, so they can respond rapidly to issues. Automatic data processing also reduces manual entries, so you can maintain high data integrity. Additionally, ERP delivers an end-to-end view of your enterprise. This allows you to check that your supply chain is running smoothly without any problems with product quality or efficiency. The software makes manufacturers of all sizes more productive and less vulnerable to critical issues.
However, mid-market manufacturers often look at ERP implementation as a risky venture. ERP implementations do carry the potential for failure if your business undergoes the project all by itself. SMBs are increasingly enlisting the expertise of software consultants to guide them throughout the process. Certified consultants bring years of IT experience to projects. They know all the tips and tricks to successfully deploy your software on time and on budget. Top-tier consultants will even offer on-going support to help you enjoy long-time value from your investment. With consultants by your side, there’s nothing stopping you from obtaining a dynamic ERP solution that can mitigate manufacturing risks.
ERP tackles manufacturing challenges to get SMBs set for growth, but you don’t want to select the wrong solution. Epicor ERP’s flexibility and ease make it ideal for mid-market businesses. Unlike the monolithic and cumbersome solutions of other vendors, Epicor is modular and user-friendly. Epicor makes innovative features available to manufacturers and distributors of all sizes.
Datix, an Epicor Gold Partner, equips mid-market manufacturers and distributors with the right solutions to reach greater levels of success. Our certified consultants will execute your ERP project form start to finish. We’ll also stick with you after go live to ensure you’re always generating value from your software. With a large range of solutions and services under one roof, you can count on us to stick with you as your business expands and faces new challenges.
Transform your manufacturing business through the power of ERP software. Contact Datix today to get started!