How Using ERP can Help Fund New Innovations for Your Business

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A recent study out from PwC in November 2018 week shows R&D spending by companies reached record levels in 2018—a good sign for the future.

The study looks at the 1,000 public companies around the world that spend the most on R&D, and found a hefty 11.4% jump from 2017, to a record-high $782 billion.

The question is, will your business join them and embrace change as a benefit?

It can be hard to move forward, particularly if you’re struggling to find time and funds to apply for government grants and other financial incentives – after all, there are a lot of moving pieces to keep track of.

Keep in mind that where you allocate funds is critical to long-term growth and success. Perhaps you’re being dinged each month with expenses tied to wastage or inefficient processes that hold your company back.

This is where using an ERP solution can help you take advantage of the funding opportunities available by maximizing cost and time management efficiency. By leaving nothing to chance, streamlining processes and accessing the data you need to cut costs and drive growth, you may find that there’s enough money to pursue funding for new technologies and innovations.

See how using an ERP can make financing opportunities more accessible for your business:

Food and Beverage Manufacturing

In the food and beverage industry, managing expiration dates minimizes waste, boosts inventory turnover and enhances materials management efficiency. Thus, food and beverage manufacturers streamline operations by using ERP and have more financial leeway due to lower costs. Improving quality assurance with recipe control and full traceability also helps in this regard, as does having a crystal-clear view across all your operations.

Industrial Machinery and Equipment

Are you responsible for keeping factories up-to-date and maximizing their performance? With the right software, obtaining enough funding for your ambitious goals is no longer a pipe dream. For instance, with SYSPRO’s industrial machinery software improving plant efficiency is simplified, and you’ll also benefit from setting out on the right strategic path with plenty of business insights available. Whether you want to improve inventory forecasting and materials planning, maintain audit trails more efficiently or take control of rework metrics, continued investment in new breakthroughs is essential in this business.

Electronics Manufacturing

Losing money on inefficient product lifecycle management? Get it to the market sooner and reap the financial rewards with the right electronics manufacturing software. By doing so, you can also benefit from streamlined quoting, planning and scheduling to cut down on time and capital wastage. The right solution can help you cut down on lead times to ensure faster deliveries, protect your IP and implement automated Engineering Change Control to reduce instances of human error.

Automotive Parts and Accessories Manufacturing

One of the most time-consuming and expensive aspects of manufacturing automotive parts and accessories is the design phase. Simplifying operations with the right software, such as a specialized ERP, can speed this process up and get your products to market quicker, meaning faster profit gains. At the same time, this is a solution that will provide ample, accurate industry and facility data, leading to much-improved sales forecasting and inventory management. You can even simplify quoting, estimating and scheduling with this streamlined software to maximize capacity, helping your business reach its utmost potential when combined with faster lead times.

If you want to take advantage of funding and financing technologies that can help your business grow and become more profitable, you first need to ensure your supply chain management is optimized. Using an ERP customized for your business can effectively minimize cost and time wastage, and improve customer service by boosting visibility into your business via analytics.  Your margins will also see an improvement with the reduction in product and material waste as an effect of better inventory control.

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