Novotek UK and Ireland has created an infographic outlining five steps that businesses can take to combat market uncertainty. The infographic, left, (click on it to expand), offers practical tips for industrial businesses to remain resilient in the face of the uncertain market conditions presented ahead of Brexit.
Uncertainty is one of few certainties in business. While it’s not possible to predict or prepare for all shifts in consumer behaviour or economic conditions, businesses can improve their competitive position by implementing strategies such as diversifying the supply chain and making continuous efficiency improvements.
“Diversifying the supply chain is key during periods of uncertainty,” explained George Walker, managing director of Novotek UK and Ireland. “By involving numerous suppliers and forging quality relationships, reliance on specific companies and markets is reduced. This will also help to minimise the need to stockpile during difficult periods.
“With our infographic, we want to clearly identify practical tips that businesses can take on board. There’s so much uncertainty surrounding Brexit, so instead of focusing on factors outside our control, we want to empower business leaders to make internal improvements.”
Novotek UK and Ireland has taken a firm stance on market uncertainty over the past year. The company has advised many industrial, energy and utilities companies around the country to avoid shrinking or suspending activity ahead of Brexit, and instead looking at how smarter technology and systems can help improve operational effectiveness and reduce operating costs.
“By focusing on making continuous efficiency improvements, businesses can compensate for a hit to profits,” continued Walker. “For example, improving the operational efficiency of a particular process system or assembly line might yield a minimum operating cost saving of between one and four per cent, which could nicely offset a dip in profits.
“The first step to identifying these areas for improvement in complex operations is by having an effective management system or software. A digital overview of production processes and outsourced operations can reduce inventory by offering better visibility of work in progress, supplier lead times and quality data. Having an effective MES enables a swifter adaptation to challenges.”