Globally, manufacturing business growth has increased by 3.7 percent despite the fact that half of the manufacturers admit they have grown under challenging circumstances, said a report from technology firm Epicor Software. The report has found that business growth across the globe has increased by 3.7 index points in the last 12 months, awarding the state of business growth with a score of 103.7.
The report attributes the reasons to significant growth in the number of manufacturers reporting strong sales/turnover in the last 12 months—up 5 percent from last year to 70 percent overall. “A similar trend was observed with profits and product ranges, with a 3 percent boost in the number of businesses growing in each of these areas compared to last year,” said report.
Comparing figures on a global scale, the report named as ‘Global Growth Index’ shows a solid performance from India—with manufacturers outperforming global average figures in terms of expanding product ranges (75 %), profits (83%), workforce (61%), geographic expansion (65%), and exports (also 65%).
Apart from India, manufacturing businesses in Mexico and China came above global average figures in all growth metrics, with the exception of workforce growth, which was reported by just 39 percent of Chinese businesses, compared to a global average of 48 percent. European businesses have been most likely to experience growth in terms of geographic coverage and exports/overseas sales–French and Swedish businesses have lead the way, with over half growing in these areas, compared to 44 percent of UK businesses and 46 percent of German businesses, said report.
Despite this worldwide increase in business growth performance, almost half (45%) of businesses also admitted that the growth they had experienced in the last 12 months had been challenging and one-in-four (23%) said it had been stressful. However, half (46%) of businesses globally also agree that investing in new/better technology is a strategy that will help them overcome their growing pains.
“Although we have seen impressive overall rates of growth this year, there’s an underlying consensus among the businesses we surveyed, that growth hasn’t been easy to achieve,” said Thiru Vengadam, regional vice president for India, Epicor Software.
“Nevertheless, businesses in the manufacturing sector have also affirmed that investing in the right technology will help position themselves for growth in the future. With automated systems reaching production lines around the world, cloud adoption continues to rise, and enterprise resourcing planning (ERP) solutions transforming the way businesses manage workflows and share their data, this is a sentiment that we will track year-on-year,” he added.