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Identifying the Best Opportunities for Business Growth

The Industrial Revolution changed the way we did business, and now the Internet of Things (IoT), referred to by many as the second phase of the Industrial Revolution, is again changing the way we do business and with that come new opportunities for growth and change. The challenge is in identifying the best opportunities for business growth.

For manufacturers growth can mean a merger or acquisition, new products, new markets, or any of a number of things. To stay competitive, manufacturers must be innovative and able to understand and anticipate the needs of their core customers. Manufacturers also need to utilize new technologies to improve their operations, business processes and the customer experience.

Manufacturers must think outside of the box, look to collaborate both within and outside of the organization, make use of analytical and performance management tools to take a deep dive into the vast data collected within their ERP system. Technology must be embraced and used during the decision making process to assure the best decisions are being made so that the company can keep moving forward and at be its competitive best.

How to Grow While Doing More with Less

While companies are expected to do more, they are also expected to do more with less. Faster delivery times, quicker answers, lower costs, more competitive products, better pricing, fewer employees, and the list goes on. How do you accomplish more with less and find the time to be creative or look for new opportunities?

Technology can help you accomplish more with less. Businesses need to look to technology to identify bottlenecks and improve efficiencies, to find new ways to meet changing customer requirements, to identify cost saving opportunities and more. If implemented right, with the help of a professional that understands your industry and your unique challenges, technology can help your business achieve its goals and objectives sooner. Without the right technology, your organization will be limited and handicapped, unable to adapt to the changing needs of your organization and it’s customers.

The right ERP system can help your business be smarter. In fact the right ERP system can streamline processes and operations tremendously while providing the flexibility to adapt to your changing requirements.  Why? Because ERP systems like Epicor ERP have been designed to simplify and automate many processes. For example:

  • The replenishment of production inventory can be automated to the point of the Purchase Order needing approval.
  • Management can be automatically alerted when certain parameters are met that require management’s attention.
  • Business intelligence can be used to understand in real-time the consequences of an event while additional scenarios are quickly analyzed for their bottom line impact.

Modern ERP lets management see evolving trends, providing insight on new opportunities faster than ever before. Data is more accurate and in real-time with the ability to analyze multiple scenarios which leads to less guessing and more confident decisions. With modern ERP, business processes and operations are more efficient and users are less reliant on IT. All of this means organization’s have an opportunity to do more with less, to be leaner in all they do, which should ultimately result in cost and time savings and the ability for management to focus more on what matters most.

Business Growth with Analytics and Performance Management

“Fewer than 10 percent of companies make a disciplined effort to unlock new sources of profitable growth from their core business.” Ilan Mochari

“Fewer than 10 percent of companies make a disciplined effort to unlock new sources of profitable growth from their core business,” according to Ilan Mochari, Senior writer for Inc.

“Most look to the wrong places for growth and should instead be analyzing their core business for as-yet-untapped growth opportunities,“ write L.E.K.’s Alan Lewis and Dan McKone in their new book, Edge Strategy: A Mindset for Profitable Growth.

Lewis suggests looking for opportunities to create new revenue from your core business, referring to these opportunities as ‘edge opportunities’ as they are on the edge of your existing business. Edge opportunities have the potential of generating additional revenue with relatively less effort and resources.

In depth analytics and performance management can help you identify opportunities to expand your business beyond its core. Knowing and understanding your customer and your customer’s journey can help you see customer needs that are not being met by you today; your opportunities for growth.

PC Financials Performance Management Tool

PC Financials by DSPanel is a robust performance management tool that integrates with multiple ERP systems, providing in depth analytics to help your management team identify developing trends and potential edge opportunities.

With PC Financials you can analyze multiple business scenarios to gain an understanding of how your bottom line would be impacted by a potential edge opportunity, an evolving trend, or a sudden halt in production.  PC Financials can be used to measure any aspect of your business, including KPI;s and industry specific metrics.

To learn more about PC Financials or how Epicor ERP can help you meet your business goals and objectives, contact MIS. MIS has spent 30 years helping organizations utilize technology to meet their business goals and objectives. MIS knows what it takes to help you get the most from your ERP and for you to be happy with your investment. Contact MIS so you too can experience Exceptional ERP™ .

Sources:

5 Steps to Finding New Growth Opportunities in Your Core Business

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Karen Beaulieu

Karen Beaulieu has worked in the ERP software industry for over 15 years. Having worked in a variety of roles from product development, channel and direct sales to marketing, Karen has a unique understanding and perspective of the ERP software industry. Currently Karen works in a marketing capacity for MIS Consulting & Sales and MIS Solutions Canada, ULC.

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