Business Automation and Software Blog

According to a global survey conducted by SYSPRO to understand how manufacturers and distributors handled the operational shifts brought on by COVID-19, more than half were impacted by supply chain disruptions. In addition, 47 percent of businesses were unable to function due to reliance on their on-premises operational staff. And nearly a third felt that their business systems did not provide them with the availability and accessibility to manage the changes the pandemic introduced.

Did you know that the average cost of a data breach in 2020 was $3.86 million USD? While that’s a 1.5 percent decrease over 2019, it’s still a hefty price tag. Lest you think that smaller businesses aren’t as much at risk, think about all the data that is in your ERP system. If the wrong person were to gain access through hacking or ransomware it could spell disaster for your business. Attackers could steal financials, manufacturing secrets, and other sensitive information. Cybercrime can even go so far as halting critical infrastructure, effectively crippling your business.

The popularity and availability of online purchasing continues to rise. With so much competition, businesses may also rise—or fall—based on their customer service. Customer service is crucial to survival, and manufacturers can provide an excellent customer experience by ensuring customers get accurate information about their orders in a timely fashion.

It seems as though, in the last year, there has hardly been one company that has not tried to figure out a way to go digital and run business over the internet. Ecommerce is a familiar model for most business-to-consumer (B2C) organizations. In 2020, it became rapidly familiar to many business-to-business (B2B) enterprises as well, and many entered the ecommerce space for the very first time.

There are multiple plusses to having a recurring revenue model, such as having predictable revenue that remains largely stable into the future. Businesses with recurring revenue models experience less risk and more revenue predictability, while customers enjoy regular delivery for things such as standing pet food orders or box subscriptions.

Profit is the lifeline of many businesses, and predictable profit can be the difference between growing, or not. The last thing you want are surprises, such as finding major gaps that are draining your bottom line, especially if those gaps aren’t discovered until it’s too late.

Like many areas of technology, artificial intelligence (AI) gained more attention and interest with the rapid and drastic changes to work environments that 2020 experienced. Still, mid-sized manufacturers may relegate AI usage to the bigger players in the marketplace. In reality, AI is for many different types and sizes of businesses, and with manufacturers of all sizes needing to adapt to new realities, AI could be a major player for them:

It’s no secret that 2020 challenged businesses in many new and unexpected ways. From deeply interrupted supply chains to a near overnight switch to remote work, 2020 made organizations take a critical look at processes to uncover where they were more resilient than expected—and where significant work was still needed.

The manufacturing response to the disruption of 2020 was found by one study to be largely reactive and uncoordinated, with many firms’ crisis communication plans not including management of an infectious disease outbreak. Certainly, there are challenges for manufacturing when dealing with such an abrupt, massive disruption, from supply chain disruptions to shortage of business system accessibility, to a lack of worker availability.

With the lockdowns and recessions that resulted in 2020 from the COVID-19 pandemic, the world of work has changed dramatically. For some, the labor market outlook is considerably more uncertain than it was this time last year as remote work and other accelerated technical adoptions—such as robust business management systems—created a new frontier for the world of work.