Advances in technology have transformed the way we manage our businesses and interact with customers. The fast-paced marketplace and new digital tools have put pressure on businesses to work faster, deliver quality products and services, and respond faster to changing customer needs. The steel and metals industry has also felt the effects, but many steel service centers and metal manufacturers have delayed making any big changes. This delay may have saved companies from experiencing costly mistakes, but now it’s time to take advantage of this game-changing technology.
Trends Facing Steel and Metals Companies and How to Solve Them
Business technology has advanced in recent years. Of the many tools available, few can support the complex and unique needs of steel service centers and metal manufacturers. It’s becoming more and more difficult to remain competitive and profitable in this digital era.
As suggested in “6 Trends Changing the Game for Steel Service Centers and Metal Manufacturers,”it’s time to find the ideal business management solution to keep your company productive and profitable. Here are six trends facing steel service centers and metal manufacturers and how the right business management solution can lead you to a profitable future.
- Data mastery: Businesses generate vast amounts of data every day, yet few have the tools in place to put it to use. With the right business management solution, you can capture and monitor data from across your organization from financials to inventory to production to customer service. Business intelligence (BI) features guide your team toward discovering new ways to optimize operations, reduce waste and boost profits.
- Internet marketplace: Customers are able to find your company online just as fast as they can find competitors. An integrated business management solution is essential for any eCommerce or internet sales model. Centralizing data and making real-time data readily available expedites the quoting process, inventory management, customer orders and other services.
- Operational efficiency: Inefficient software systems frustrate employees who then turn to spreadsheets, further decentralizing data. Workflows and other time-saving automations built into integrated business systems streamline common daily tasks. Each manual or redundant task you eliminate will save valuable time and dollars throughout your company.
- Specialization: It’s a fast-paced, competitive marketplace and steel and metals businesses need to be able to differentiate services. Pricing alone won’t set you apart from competitors. Specializing services, serving a niche market or adjusting the products and services you offer, will set you apart but requires accurate costing to ensure profitability. A modern business management solution will track costs, automatically adjust unique material and production variations, and provide end-to-end costing to protect profit margins.
- Customer expectations: Amazon has raised the bar for customer services. Customers expect to be able to track orders at any time between quote to delivery. Consolidating data in an integrated business management solution enables employees to answer questions and respond to other customer needs on-the-spot.
- Regulatory compliance: Regulatory compliance puts added pressure on businesses to capture and report on certain information. Safety, environmental protections, and product traceability require close attention, but it doesn’t have to be a burden on profits. A modern business system will automate documentation and data management to strengthen compliance with regulatory agencies.
Technology has finally caught up to the pace of business in the steel and metals industry. Now, steel service centers and metal manufacturers can embrace modern technology. Download our eBook and contact The Wolcott Group for guidance with deploying a business management solution, like RealSTEEL, that will align with your operations today and support continued growth and success well into the future.
By The Wolcott Group, providers of RealSTEEL,‘real world’ ERP for the steel and metals industry