Perhaps one of the most difficult segments to budget for a business is R&D. This is due in part to the difficulty of tying R&D spending to results. While projects are funded, developed, launched, and sold, it could take years until there is enough data to tie the spending to the results. It’s also rare that only one R&D project is going on, so these costs need to be tracked and appropriately associated between tens to hundreds of simultaneous projects.

The good news is that, according to PwC, R&D spending is reaching record levels, which means many companies are figuring out the mystery of planning R&D budgets and spending. Where a company allocated funds is critical to its long-term growth and success, so knowing where your budget goes is essential not only to your board, but the future success of your enterprise.

This is where using ERP business software can help you take advantage of available funding by maximizing cost and time management efficiency. By leaving nothing to chance, streamlining processes and accessing the data you need to cut costs and drive growth, you may find that there’s enough money to pursue funding for new technologies and innovations, no matter what industry you’re in.

Food and Beverage

In the food and beverage industry, managing expiration dates minimizes waste, boosts inventory turnover, and enhances materials management efficiency. Using an ERP, food and beverage manufacturers can streamline operations and have more financial leeway due to lower costs. Improving quality assurance with recipe control and full traceability also helps in this regard, as does having a crystal-clear view across all your operations.

Industrial Machinery and Equipment

Manufacturing software systems are the best friend of anyone responsible for keeping factories up-to-date and maximizing their performance. Using industrial machinery software, improving plant efficiency is simplified, and you’ll also benefit from plenty of business insights. Whether you want to improve inventory forecasting and materials planning, maintain audit trails more efficiently, or take control of rework metrics, continued investment in new breakthroughs is essential in this business.

Electronics Manufacturing

Inefficient product lifecycle management is a quick way to lose a lot of money. Get products to market sooner and reap the financial rewards with the right electronics manufacturing software systems. These systems help you benefit from streamlined quoting, planning, and scheduling to cut down on time and capital wastage. The right solution can help you reduce lead times to ensure faster deliveries, protect your IP, and implement automated Engineering Change Control to reduce instances of human error.

Automotive Parts and Accessories Manufacturing

One of the most time-consuming and expensive aspects of manufacturing automotive parts and accessories is the design phase. Simplifying operations with the right software—such as a specialized ERP—can speed up this process and get your products to market quicker, meaning faster profit gains. At the same time, this is a solution that will provide ample, accurate industry and facility data, leading to much-improved sales forecasting and inventory management. You can even simplify quoting, estimating, and scheduling with this streamlined software to maximize capacity, helping your business reach its utmost potential when combined with faster lead times.

Optimize Innovation With PositiveVision

If you want to take advantage of funding and financing technologies that can help your business grow and become more profitable, you first need to ensure your supply chain management is optimized. Using ERP business software, such as SYSPRO, customized for your business can effectively minimize cost and time wastage, and improve customer service by boosting visibility into your business via analytics. Your margins will also see an improvement with the reduction in product and material waste as an effect of better inventory control.

If it’s time to upgrade your ERP business software to boost your innovation capability, then it’s time to talk to PositiveVision. For more than 20 years, we’ve focused on helping our clients streamline inefficiencies to grow revenue streams and reduce costs, all through the right ERP software. Connect with a consultant now to get started.