AUSTIN, TX--(Marketwired - August 31, 2016) - Are "first-world" businesses becoming too complacent, opening up opportunities for emerging market competitors to outflank them? Very possibly, according to a new research study1 from Epicor Software Corporation, a global provider of industry-specific enterprise software.
The study of more than 1,800 global business executives shows emerging market executives are more bullish on leveraging technology to provide the requisite flexibility and agility to fuel growth as compared to their developed market counterparts.
- 77% of emerging market business execs polled cited having "cutting-edge" technology/IT as a significant growth factor (compared to just 62% of developed market business execs).
- Three-quarters (75%) of emerging market business execs said having support for flexible business processes was of "significant" importance, compared to just 62% of those in developed countries.
- Emerging market business execs were also more likely to see the value in using technology to liberate personnel from mundane tasks to focus on higher value-added work activities; 75% of emerging market business leaders said this was of "significant" importance as compared to only 65% of developed market business leaders.
The increasing digitization and virtualization of business has lowered competitive barriers to entry, making it easier to "land and expand" into new geographic markets. Take for example e-commerce marketplace behemoth Alibaba, which has experienced meteoric growth and is now responsible for $12.7 billion in commerce in 190 countries worldwide.
With access to highly skilled lower-cost labor, emerging market businesses are increasingly being tapped for global supply chain partnership and offshore support resources. As such, they have placed a great emphasis on developing highly virtualized digital infrastructures to foster commerce and collaboration.
"While emerging market business leaders are gearing up for growth, many of their developed-world counterparts may not be taking the necessary steps to be growth opportunists. This lack of foresight and initiative may put them at great disadvantage -- potentially even shifting the nexus of power in the global economic and business landscape," said Celia Fleischaker, chief marketing officer for Epicor Software.
"Whether developed-world businesses are resting on their laurels or relying on aging and inadequate business systems, they must be more strategic and proactive or run the risk of more technology advanced global competitors eroding their market share," Fleischaker continued. "Providing the information backbone needed for flexibility and agility, a modern ERP system is critical to support global 'land and expand' strategies and support competitive advantage as market barriers to entry continue to dissipate."
Organizations Need Flexibility and Scalability to Achieve Global Growth Agendas
"Market and global expansion" was identified as a key growth strategy by the vast majority of survey respondents (78%). Many organizations struggle with their global go-to-market plans due to legacy business platforms that are unable to scale to meet the demands of growth. Global growth requires highly extensible business platforms that are agile and can constantly evolve to meet the unique needs and requirements of different markets, but which can still provide the necessary depth and breadth of functionality and operational visibility.
Leaders Will Capitalize on Radical Shifts Reducing Competitive Barriers to Entry
Organizations need to move now to develop the right information framework to capitalize on the new and emerging market opportunities. New technologies such as 3D printing and the Internet of Things (IoT) are radically changing the economics of many sectors, such as manufacturing. As 3D printing technology adoption accelerates, new opportunities for product development and rapid prototyping are eliminating dependence on the traditional factory model, its limitations and significant labor costs. As well, the IoT is expected open up new opportunities for efficiency, and give birth to new revenue streams and business models.
Businesses Prepare for Life After Brexit: Staring Down Uncertainty
As business becomes increasingly more global, it becomes more volatile and complex. When asked about the top obstacles to growth, business execs surveyed cited "economic uncertainty" (41%), and "regulations and bureaucracy" (39%); both top of mind as Europe undergoes massive change and disintegration following Brexit.
In a rapidly changing and uncertain future, organizations must have a flexible approach and be ready to change plans and processes quickly. To this end, the systems that support those processes must be agile and easily scalable to facilitate change.
In Search of an Enterprise Enabler for Global Growth
In today's dynamic and highly global business environment where competitive threats can arise almost overnight in the next county or across the globe, a modern ERP system can help organizations remain flexible and quickly adjust to new economic environments, cope with new regulations and successfully meet the rigors of competing on a global scale through innovation and agility.
Epicor offers forward-thinking business leaders a modern ERP platform that automates best practice processes, and integrates data to reveal key insights for better, more streamlined decision-making and improved collaboration at every level in the organization. Incorporating new technologies such as mobile, social and analytics, Epicor ERP closes the gap between the boardroom and the shop floor, between company and customers, and empowers the next-generation workforce through simplicity, ease-of-use and visionary technology and industry expertise.
About Epicor Software Corporation
Epicor Software Corporation drives business growth. We provide flexible, industry-specific software designed around the needs of our manufacturing, distribution, retail, and service industry customers. More than 40 years of experience with our customers' unique business processes and operational requirements are built into every solution -- in the cloud, hosted, or on premises. With this deep understanding of your industry, Epicor solutions manage complexity, increase efficiency, and free up resources so you can focus on growth. For more information, connect with Epicor or visit www.epicor.com.
Epicor and the Epicor logo are trademarks or registered trademarks of Epicor Software Corporation, registered in the United States and other countries. All other trademarks referenced are the property of their respective owners. The product and service offerings depicted in this document are produced by Epicor Software Corporation.
1 The research was conducted by MORAR Consulting and surveyed 1,824 managing directors, and heads of finance, operations and IT in businesses with 100+ staff spanning the manufacturing, distribution and service industries (and in businesses of all sizes in Retail) in Australia, Canada, China, France, Germany, Hong Kong, India, Mexico, Singapore, Sweden, the UK, and the US. (MORAR, Growth Survey, 2015).
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