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Technology has Manufacturers Optimistic about 2018

02/01/2018

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For two years now, top ranked professional services firm LBMC, has conducted the LBMC/Leading Edge Alliance (LEA) National Manufacturing Outlook Survey.

More than 450 manufacturing executives participate in the survey. The feedback is generated from a variety of manufacturers who produce industrial/machining, transportation/automotive, construction, food and beverage, and other products.

Optimism is high as manufacturers’ responses indicated they have a positive outlook about the economy for 2018. The growing U.S. and global economies, rising energy and commodity prices, and improved business and consumer confidence support this positive outlook.

Survey results for 2018 National Manufacturing Outlook include:

  • 81% of manufacturers believe their revenue will increase in 2018, with 72% eyeing organic growth in the U.S. as their primary opportunity to increase sales.
  • Manufacturers see more potential in the regional and national economy than the global economy, notably the optimism rating for all three has increased by more than 10 points since the 2017 outlook.
  • 62% of manufacturers expect their sectors to grow, more than doubling the 2017 outlook results; food and beverage and construction materials cite the highest optimism for sector growth.
  • Manufacturers’ top three priorities are growing sales, cutting costs, and addressing the talent gap.
  • Over 50% of survey participants cited labor shortage as the greatest risk or barrier to growth, and more than half of manufacturers plan to increase hiring.
  • 75% of respondents plan to utilize technology to reduce risk and build a competitive advantage, while investigating/prioritizing cybersecurity in 2018; 50% will investigate/prioritize Big Data/ERP/IoT.

Hurdles remain, despite the improved outlook. The dichotomy of growing sales while cutting costs presents a challenge. Through all the potential changes, working with a team of industry-experienced advisors who provide insight and answers continues to be critically important.

LBMC Technology Solutions will help your manufacturing or distribution company lower costs, increase margins, and compete more effectively in today's challenging global market.

Services Built to make your Good Business Better

Enterprise Content Management Systems (ECM): to reduce reliance on manual, paper-based processes, saving time and money. This allows employees to focus on more important tasks - like delivering excellent customer service and complying with evolving regulations. ECM speeds interdepartmental processing, improves decision-making and empowers departments and offices to share critical information.

Customer Relationship Management (CRM):  to help you identify new business opportunities and ways to collaborate with suppliers and customers. Capture, monitor, and analyze information relating to customers and purchase histories to allow you to segment the market, refine your offerings, optimize production, and increase customer loyalty.

Enterprise Resource Planning (ERP): to streamline business processes from sales to warehouse to general ledger to suppliers. Drive down costs for distributing manufactured goods by integrating business and financial systems with the warehouse. Improve quality, reduce costs, and get your product to market faster with the proper financial software from LBMC Technology Solutions.

Contact us to discuss the best solution for your organization.

About LEA

Founded in 1999, LEA Global/The Leading Edge Alliance is the second largest international association in the world, creating a high-quality alliance of 220 independently owned accounting and consulting firms focused on accounting, financial, and business advisory services. LEA Global firms operate in 110 countries, giving clients of LEA Global firms access to the knowledge, skills, and experience of 2321 partners and 24,000 staff members. LEA Global firms’ combined annual revenue totals more than $3 billion. Members stand out as leaders in their markets with firms ranking in the top tiers throughout all regions of the world. In the U.S., more LEA Global firms are in the top 100 than any other association or network. 

Tagged with: Manufacturing