The report benchmarks manufacturers’ current export business and illuminates their challenges, success strategies and plans for growth in overseas markets
Vancouver, BC – December 7, 2016
SYSPRO, a provider of award-winning, best-of-breed Enterprise Resource Planning (ERP) software solution for on-premise and cloud-based utilization, today announced its sponsorship of the inaugural Export Insights report, exploring strategies and lessons learned for opening new markets for the Canadian manufacturing industry. The report, commissioned by CanadianManufacturing.com, was developed in partnership with Grant Thornton LLP.
Export Insights highlights results from a national survey conducted by Bramm Research, a leading market research firm, of more than 500 Canadian industrial executives. Results from the study were tabulated and discussed at a live roundtable that consisted of nine manufacturing exporters and industry subject matter experts, on September 29, 2016.
Several key findings from the Export Insights report include:
- Go-to-market approach: Direct sales is the top strategy used by Canadian exporters penetrating new markets, with 70 percent of respondents going that route. Establishing a joint venture was second at 28 percent.
- Growth on the horizon: 80 percent of respondents are confident their exports will grow within the next 12 months.
- Value-added: 40 percent are exporting highly engineered or custom-made products.
- New markets: 25 percent of respondents are planning to enter a new market within the year; Western Europe is by far the top target market for these companies, at 40 percent.
- Getting started: 48 percent of respondents said they began exporting due to demand from an existing customer; 41 percent started exporting to grow sales.
- Challenges: Currency fluctuation was cited as the top hurdle to exporting (33 percent), followed by competition in export markets, foreign regulations and tariffs, lack of internal resources, among other challenges.
“Throughout the report we outline more than the strategies of successful exporting firms,” said Michael Ouellette, editor of CanadianManufacturing.com and moderator of the roundtable discussion. “We identify some of the common risks a new exporter will face, regardless of where they plan to export; and some of the proven methods of mitigating those risks. Opening new markets is not easy. And it’s certainly not cheap. But for Canadian companies, it is a vital source of new revenue-the national market simply is not large enough for most companies to focus solely on home turf.”
“We are pleased to see high levels of cautious optimism with regards to exporting practices,” according to James Weir, Vice President of Sales for SYSPRO Canada. “We feel strongly that Canadian manufacturers have limitless opportunity to develop a successful expansion strategy, aimed at strengthening their reach beyond the Canadian market, and establishing themselves as sustainable global market leaders. We anticipate great success for Canadian manufacturing in global markets in the coming year, and are excited to participate in the opportunities that lie ahead for manufacturers in Canada.”
SYSPRO is one of the longest standing and largest independent, international providers of ERP systems for mid-market manufacturers and distributors worldwide. SYSPRO has for more than 35 years delivered on its promise to provide thousands of its customers globally with the tools required to effectively operate and compete. Backed by a truly dedicated and professional team of employees and partners around the world, the company’s ability to innovate and develop technologies based on the needs of customers is one of the reasons why SYSPRO enjoys one of the highest retention rates in the industry.
For more information on SYSPRO Canada visit: www.syspro.com/ca or contact SYSPRO Canada’s Head Office at Toll Free: +1 (888) 259-6666.
Discover helpful content to help you grow your business for Canadian manufacturers by visiting the SYSPRO Canada Resource Hub: http://resources.syspro.com/h/ and the SYSPRO Canada Blog: http://canadablog.syspro.com.
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