How using financial statements can help you grow your business
Financial statements are the building blocks of any well-run company. Here's how they can help you to manage and grow your business.
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Achieve 75% faster process cycle time and 57% faster inventory turns in your process manufacturing business.
It’s impossible to streamline your operations when your ERP, CRM, and supply chain processes are siloed.
Old infrastructure, high costs, reduced lead times and a need for improved visibility continue to make the environment a tricky one for process manufacturers. Add into the mix the introduction of environmental and safety standards that require additional management and controls, not to mention pressure to improve customer satisfaction, and suddenly the story looks different.
A major concern for many manufacturers. You need software that can help you raise the productivity bar, break new ground, and ensure compliance, if you want to stay ahead of the competition.
In a Global CEO Survey on manufacturing competitiveness, Deloitte identified “cost, availability of labour, materials, cost competitiveness of materials, and availability of raw materials” as the third most competitive driver for manufacturers. So it's crucial you understand how much your process manufacturing is spending each week, month, or quarter.
In recent years, it’s become normal for large sections of the food and beverage industry to launch products every year, while pharmaceutical companies are often pushed to accelerate the development of new antibiotics as outbreaks of drug-resistant ‘superbugs’ continue to rise.
This means that manufacturers need to be lean and highly flexible in order to keep pace - those encumbered by rigid processes and inefficient systems will be left behind.
A crucial requirement for all process manufacturers is the ability to keep up with new environmental and safety standards and successfully achieve compliance with new regulations, such as the UN Globally Harmonised System of Classification and Labelling of Chemicals (GHS).
Navigating this maze of global laws and restrictions can be a huge challenge, and failure to comply can be extremely costly in financial and reputational terms.
The good news is many UK process manufacturing businesses are overcoming these types of challenges with the right enterprise solution.
Martin Wallen, managing director
Firwood Paints
Financial statements are the building blocks of any well-run company. Here's how they can help you to manage and grow your business.
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