Businesses are investing in technology to move forward: Epicor Growth Index

Phocas partner, Epicor enterprise software compiles the 'Epicor Global Growth Index' annually. The index is used to assess the state of growth in the manufacturing, distribution, retail and e-commerce industries along with what trends impact the bottom line. The 2020 report’s findings show that companies across the globe are investing in technology and IT infrastructure to offset the impacts of global volatility, such as covid-19 and supply chain disruptions. Data analytics is also driving growth and proving worth the investment for most organizations, by optimizing operations (42.7%), increasing sales (44%) and improving profitability (45.3%).

Myles Glashier, the co-Ceo of Phocas says the results of this year’s Epicor Global Growth Index are in line with what customers are advising across these markets.

“Business leaders can’t afford to stick with the status quo and are looking to ramp up their technology investment with data analytics and AI to enable faster decision-making,” says Glashier.

“B2B companies are reaping the rewards of implementing e-commerce platforms and data analytics solutions prior to 2020. The technology allows their customers to buy products online and the data shows them which segments of their businesses are affected – so they know what to change to stay profitable,”says Glashier.

Covid-19 has accelerated the way people and companies have turned to technology in their day-to-day lives be it remote work, educational learning or obtaining medical services.

Cloud technology is set to be a key strategic priority, with one out of four respondents saying they will prioritize investing in it in 2020. When asked about key technology trends that are expected to be emerging over the next 12-18 months, cloud was chosen as the second most likely to have the biggest positive direct impact on future industry growth.

The global report also revealed impactful insights from key decision makers about their business growth and their future plans in the following countries:

• US: When asked about key technology trends that they could see emerging over the next 12-18 months, 5G (38.5%), cloud technology (37.9%) and AI/ML (32%) were said to have the biggest positive, direct impact on future growth.
• UK: When asked about what played a significant role in creating a positive influence for business growth over the past 12 months, technology and IT infrastructure (33.9%) and staff skills and experience (31.5%) were said to have the biggest impact.
• Asia: Companies surveyed reported that increasing global competition (55.4%), tax implications (51.2%), and regulation changes (50.1%) had the biggest effect on the company’s global supply chain.
• Australia: Most companies surveyed are using excellent customer service (42.1%) and big data analytics (47.1%) to increase competitiveness.
• The Epicor Global growth Index is an online survey, the fourth one undertaken by Epicor, and was conducted by global research firm Dimensional Research. Responses from 2,002 professionals across 23 countries were collated. All respondents oversee or perform essential duties that informs the business decisions for their organization, across the manufacturing, distribution and shipping, retail and e-commerce verticals. The survey did not knowingly poll customers of Epicor or Phocas. Survey participants represented organizations with 100 employees to 5,000+ employees worldwide. To view the report in full, Epicor 2020 Global Growth Index.

For more information about Phocas data analytics and its partner program, check out the partner section of our website.