With the adage “necessity is the mother of all invention” as a guide, businesses are embracing change and cultivating innovation in response to continued supply chain turmoil.
Finding new ways to compete, implementing new technologies, and changing growth approaches all became commonplace throughout the pandemic.
The Epicor 2022 Industry Insights Report takes a closer look at how it all played out. Examining how businesses across manufacturing, supply chain, and retail—the so-called “make, move, sell” companies—fared in 2021, the report includes insights on how these firms shifted their business models in order to thrive.
Top takeaways include:
- 78% of businesses changed their core business competencies over the past year to better compete.
- 85% have seen growth by diversifying their offerings.
- Primary strategies added for growth include direct-to-customer sales and delivery (47%), e-commerce (40%), and configure-price-quote (39%).
- 56% of all survey respondents are prioritizing growth and the outlook is most optimistic for distributors (63%) and retailers (59%).
- 85% chose to diversify their supply chain and 84% diversified to e-commerce; 86% say they changed their technologies to adjust for these expanded capabilities.
