A global markets means that you are constantly seeking new opportunities—be it regional expansion, global expansion or an expansion of your product/service offering. However, this can quickly lead to a catch-22 situation. While you’re working to increase your competitiveness to drive growth, you could be caught out by surprising surges in demand that you have not planned for.
At first, such unplanned growth may not sound like a significant issue. However, as a result of surges or spikes in demand, unplanned growth can become detrimental when it surprises organisations with challenges they aren’t prepared or equipped to handle. In such a scenario, it is vital that an organisation is flexible and able to adjust their supply chain to support the growth. If not, businesses risk overwhelming their operations and damaging product quality and customer service.
Aberdeen research1 confirms this risk: “When a manufacturer grows, it becomes increasingly difficult to keep costs in check, maintain efficiency and customer service, and present an organized front. These challenges are compounded by the fact that a significant amount of today’s manufacturers just don’t have easy access to timely, relevant information. Therefore, it becomes extremely difficult to continue to operate, as well as make quick decisions to support growth.” It stands to reason that these issues are often amplified when surges in growth are unexpected or not sufficiently planned for.
We recently hosted an executive roundtable in Singapore with a handful of our South East Asian customers to hear their growth journeys and understand their growth challenges. Surprisingly, they all shared similar journeys and concerns for future growth.
THE BIGGEST RISKS TO MANUFACTURERS’ GROWTH
In light of South East Asia’s rapid economic growth, we found that our customers have grown significantly over the past five years, often expanding both regionally and internationally.
A recent Epicor survey2 identified three common risks emerged as a result of rapid business growth:
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