TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- According to a new IDC report, Canadian process manufacturing companies are now “riding the wave of uncertainty” as they look to address compliance challenges, reduce costs and increase total revenue. Nearly half say they’re concerned about regulatory changes, while 40 percent point to data breaches and 35 percent highlight labor shortages as their top priorities.
The solution? Sixty-two percent say emerging technologies are critical to stay afloat as the speed of market shifts increase.
“IDC – Riding the Wave of Uncertainty” - Get the report here.
The Only Constant is Change
As noted by the IDC report, Canadian process manufacturers now face market challenges in three key areas: Regulation, talent and traceability.
- 32 percent of companies say that changes to import/export regulations now have a “very high impact” on decision-making
- 49 percent point to moderate talent pool impacts from evolving immigration legislation
- 54 percent highlight loss of brand value if products and components are not effectively traced
The result? For many manufacturing companies, multiple market changes happening simultaneously and speed create a culture of uncertainty — while they recognize the need for process evolution, they’re not sure where to start.
Embracing Uncertainty
Solving for the state of continual shifts means embracing market uncertainty. In practice, the IDC report found that tactical technology investment is the top priority for process manufacturing firms.
- 35 percent prioritize reducing operational costs
- 25 percent want increased supply chain visibility
- 26 percent are looking for automation of repetitive tasks
The challenge? While 62 percent anticipate significant impact from emerging technologies like robotics, IoT and automation, “the majority of US, UK and Canadian process manufacturers said that they have struggled to get value from hardware, because the software they use to monitor, operate and connect devices was insufficient.”
As a result, it’s now critical for process manufacturing companies to both implement cutting-edge hardware solutions and deploy next-generation ERP and business solutions — such as Sage X3 — to confidently embrace market uncertainty.
"IWI helped us integrate our suppliers receipts and deliveries as well as improving our backup documentation for customers. Together with IWI's help, ATP was able to positively impact efficiency, with our month end process averaging from 20 days to now completed at 5-7 days. We were able to adjust quickly to everyone working remotely from home when the pandemic hit, as Sage X3 was operating the same as if we were in the office. We were able to transition smoothly and effectively in very little time" - Amanda, System Administrator, Alberta Tubular
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