Epicor Software Corporation, a global provider of industry-specific enterprise software, has issued the findings from its annual Insights Report, which finds profitability, competition and market volatility are the top business challenges currently facing UK mid-sized companies. However, these businesses have a positive long-term outlook, with over half (53%) expecting to expand in size and scale and 52% expecting to grow their workforce over the next three years.
Epicor’s Insights Report surveys leaders from UK mid-sized businesses in the manufacturing, distribution and building supply industries, reflecting their challenges and priorities during the Covid-19 pandemic. It shows that almost three-quarters (73%) believe their business will be fully recovered from the negative impact of the pandemic by the end of 2022, and see cloud technology as a key enabler to this recovery.
The UK’s manufacturing sector is the most optimistic about future growth plans. Approximately three quarters (77%) expect business expansion within the next three years, compared to 44% in distribution and 41% in building supplies.
Cloud as a business accelerant
The Insights Report also highlights how cloud technology will be a key driver for business growth during the Covid-19 recovery period and beyond and 83% have already accelerated cloud migration plans to cope with business challenges.
Currently, only 31% of UK mid-sized businesses surveyed are completely or mostly on cloud and 27% have an even split between cloud and on-premises, but 98% have plans to further migrate business solutions to the cloud by March 2022.
“A key takeaway from this year’s study is the sea change in attitude toward cloud as a critical business accelerant. Leaders have moved from consideration to adoption. While the companies who make, move, and sell what is most essential to economic growth may be all aboard the cloud train, the data suggests their implementation needs vary vastly,” stated Steve Murphy, CEO Epicor Software Corporation, during his keynote address at the annual customer Insights conference.
“This is no longer a ‘why move’ conversation but rather a ‘how to move’ to gain advantage – which is exactly why Epicor will continue to prioritise partnership, and we are proud to share that our dedicated migration teams currently support over 75% of implementations, a number we expect to grow.”
Recognising we have a vital role to play in supporting these essential businesses, Epicor prioritises initiatives to address the needs and concerns of its customer base including, cybersecurity, implementation-as-a-service, total cost of ownership, and connectivity equity.
Focusing exclusively on bringing the voice of the world’s most hard-working businesses to the forefront, the report provides opinion from across the supply chain landscape. While the overwhelming message of digital acceleration is encouraging for economic recovery and future growth, the data does provide signposts for the IT industry around the support these mid-size essential businesses need to thrive.