As we start to settle into 2020, it promises to be a momentous year for UK manufacturing. In a post-Brexit climate, there is an opportunity for our Movers and Makers to explore new avenues of growth, exploit new trading relationships and demonstrate their strengths on the global stage.
The need for building digital resilience has never been greater. Our customers understand that cutting waste, driving efficiencies and streamlining operations through smarter use of data is key to their competitiveness. The challenge for us as an ERP provider is to help at this watershed moment and persuade more businesses to place digital transformation at the heart of their strategic plans.
There is nothing like entering a new decade to focus minds and savvy businesses are taking this opportunity to secure a competitive edge in an ever-shifting landscape. SYSPRO 8 offers a gateway to a new digital era, an industry-built ERP platform with advanced usability and functionality, which is in tune with their pain points and can help provide a competitive advantage.
Digital Technology Can Increase Productivity
Developing digital capabilities is key to addressing the UK’s productivity gap. UK productivity is currently more than 30% behind the US and around 10-15% behind Germany. According to the latest UK economic outlook from PwC, if the worst performing regions closed the gap on Germany by just 50%, it could add around £83bn to the economy.
The government’s Made Smarter Review has already stated that adopting digital technology could increase productivity by more than 25% by 2025 and everyone accepts that digital enablers such as ERP will prove key in meeting future challenges.
Business Challenges being Met with Emerging Technologies like AI and Social ERP
SYSPRO 8 allows customers to digitize their business quickly, affordably and with minimum disruption. It gives access to a range of emerging technology which can be applied to meet a range of business challenges. AI’s embedded machine learning helps identify trends, the in-built digital assistant handles queries from customers and suppliers, whilst SYSPRO’s social media platform, Harmony, supports greater collaboration.
This new wave of innovation will help businesses use real-time data to make sound strategic decisions within a global economy. Post-Brexit, our businesses must build their digital backbone. Manufacturing is already responsible for £192bn of output. Be it advanced forecasting tools, financial planning modules, or assistance with trading regulations, SYSPRO will play an important role in adapting to new conditions.
Company VAT records must be kept Digitally
Digital resilience is also required for UK VAT registered companies with a taxable turnover above £85,000. From April 2019, customers must keep their VAT records digitally and use Making Tax Digital (MTD) compatible software to submit their VAT returns to HMRC. Our Making Tax Digital for VAT app connects to the company’s ERP system and collates the necessary 9-box report.
The Importance of Technology in Gaining Competitive Advantage
SYSPRO is better placed than ever to support increased digital adoption. Last year, Panorama Consulting named SYSPRO in its 2019 Top 10 Manufacturing ERP Systems Report. It highlighted the value of its solutions in driving manufacturing performance through flexibility, digital innovation, and ease of use.
Panorama’s 2020 ERP Report goes on to highlight the importance of gaining a competitive advantage by replacing outdated technology. It’s encouraging to see that 34% of respondents had shifted away from legacy systems, compared to just 14% the year before. These systems are unable to offer real-time data insights and it is precisely this capability that will allow SYSPRO to continue taking major strides in the year ahead.