Countries such as China, Brazil and Mexico are grasping the opportunities provided by new technology faster than the UK, and achieving greater growth as a result, according to a new report by global enterprise software provider, Epicor.
Epicor calls them the ‘grow getters’, companies who understand how to maximise opportunities presented to them by positive labour conditions, export opportunities and the edge that investment in technology such as ERP systems can provide.
In the UK, the ‘grow getters’ have been exploiting the low pound to boost exports and find new markets. As The Manufacturer’s Annual Manufacturing Report demonstrates, these same companies are keeping up with the opportunities that advances in technology can offer.
For further information on the research, click here.
But there are fewer of them in the UK than overseas, according to Epicor’s research, which was conducted among almost 2,500 business decision-makers and employees in 12 countries across the globe over the past 12 months.
Businesses in Mexico, India and China are the most likely to be growing in terms of geographic reach and overseas sales. India takes the lead, with 75% of businesses reporting overseas growth (63% in Mexico and 63% in China); compared to the US where 59% of businesses reported no further growth or a decline in growth overseas (47% of UK businesses reported the same).
India and Mexico are also the most likely to have grown their product ranges in the past 12 months, with more than three quarters (82% and 76% respectively) of all businesses reporting growth here, compared to the global average of 61%. Hong Kong and Singapore were among the least likely to achieve this, with only 45-46% of businesses in both countries reporting any product range growth.
India, again, leads the global charge in profit growth with 80% of businesses reporting growth, compared to just 34% in Singapore.
The common thread that ties the ‘grow getters’ together, according to Epicor, is that they have backed their commitment to growth and overseas expansion by investing in technology.
Chief operating and financial officer at Epicor, Kathy Crusco commented: “Business leaders around the world can learn from the experience of ‘grow getter’ businesses in emerging economies such as India and Mexico.
“These ‘grow getter’ companies have invested in technology to empower their workforces, drive efficiencies, increase agility, and increase their profit margins. They use technology to adapt quickly to change and demand, allowing them to drive expansion into new markets, and establish processes to adapt their product ranges to match consumer demand.”