Another Sunny Day for Manufacturing
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.
However, while the manufacturing world is enjoying a sunny summer season, it isn't time to kick back and take a snooze on the beach.
Manufacturers have seen continuous steady growth for over a year now, and it has created the opportunity for them to capitalize in other ways. Now is the time to evaluate current processes and facility needs. Favorable manufacturing growth and profitability usually runs in cycles. It's economics 101. Supply, demand, economic growth, and economic outlook are terms that we hear every day.
Set up for Future Success
So during a time of favorable growth and profitability, it is time to invest something back into your business. Seizing the opportunity to update and upgrade during favorable periods of growth will set you up for future success. Updating and upgrading is a necessary step in planning for your company's future growth.
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 manufacturing growth this year, now is the time to position yourself for continued success.
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