Metal fabricators succeed when they can provide a high-quality product using efficient production processes. But increasing customer demand for a diverse product mix, material, and labor costs are putting a strain on manufacturers’ profitability.
Strategic competitive advantages can be found by investing in software technologies such as specialized ERP.
The Benefits of ERP Systems for Metal Fabricator Manufacturers
Modern ERP systems enable metal fabricators to:
- Optimize the quotation process
- Keep control of costs
- Juggle complex job schedules
- Keep quality high
- Prevent re-work
- Connect digitally to customers and suppliers throughout the value chain
Unfortunately, many companies think they need to make a trade-off between investing in machinery and investing in software and consequently choose the machinery because the ROI seems more tangible.
In fact, investments in software capabilities don’t have to come at the expense of capital projects. Canadian manufacturers have the opportunity to access several funding programs that can support digital transformation projects.
For instance, the Canadian government recently announced a plan to invest over $100 million in supporting small and medium-sized steel and aluminum manufacturers to innovate their businesses. Your competitors may already be leveraging programs like this to adopt new Industry 4.0 technologies like cobots, artificial intelligence, IIot (industrial internet of things) and additive manufacturing. Don’t get left behind as customers choose companies that can deliver precisely what they want, with the quality they expect and the price they can afford.
Extra Funds Waiting for You
Did you know that Canadian manufacturers, including those in the metal fabrication industry, can access up to $20 billion in grants and incentives on an annual basis? Only 28% of manufacturers surveyed recently said they took advantage of these financial incentives, and most are still self-funding innovation by way of internally-generated cash flow. Perhaps you also were aware of these programs but didn’t have the time to explore them and understand how accessible they might actually be to your company. It’s easy to assume that these funds are only for certain types of businesses, or that they require a huge commitment of time, forms and disclosure. Working with a professional partner can help you pinpoint the programs that can work for you and guide you to success in securing this funding. Before choosing any partner, speak with the vendor of the equipment or software you are interested in for their suggestions. Good technology partners know who can assist and how.
Funding programs can make the difference in supporting your own innovation journey. So instead of worrying about what trade-offs you need to make in order to finance your projects, start exploring how you can attain as much improvement as your business can stand by leveraging financial support.