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Manufacturers Call for Less Compliance Bureaucracy to Boost Prosperity
Studley, England (ots/PRNewswire) -
- Cut red tape and interest rates says UK manufacturing and distribution community
Red tape from regulatory compliance is still inhibiting manufacturing development according to research released today. The research conducted in November by enterprise software provider Geac shows that over half (55%) of UK mid market manufacturers and distributors would place "less red tape in the form of compliance" at the top of their wish list for a more prosperous manufacturing/distribution environment.
Recent UK GDP figures show a fragile 0.4% increase for manufacturing and 0.2% increase for distribution(1). Therefore it is not surprising that survey respondents are calling for less bureaucracy to free up vital resources and improve UK competitiveness. However increasing amounts of red tape are forecast, according to IT analyst house IDC, which believes spending on compliance will grow at a compound rate of 22% per annum(2).
Macro-economic measures such as lower interest rates were also popular with almost a quarter of respondents (23%) placing it at the top of their wish list. Tax breaks were top of the list of a further 11%. However only 6 % thought a dedicated Minister for Manufacturing would be worthwhile enough to place at the top of their list.
Richard Smith, VP of operations for Geac System21, said: "Modern manufacturing and distribution organisations face challenges that range from overseas competition to domestic skills shortages. However, these seem to be dwarfed by concerns that the processes of doing business itself, from manufacture to HR and marketing, are becoming a burden under the weight of compliance legislation.
"We are used to manufacturers calling for tax breaks and lower interest rates, and it is a measure of the severity of the bureaucracy problem that it has become the number one issue so quickly. Businesses are investigating ever more streamlined processes to remain competitive and management technology will be crucial in keeping businesses ahead of their peers."
Notes to Editors
128 senior decision makers in UK mid market manufacturers and distributors were questioned by internet poll by Geac in November 2005.
Geac (TSX: GAC, NASDAQ: GEAC) is a global enterprise software company that provides best-in-class technology products and services to help organizations do more with less in an increasingly competitive environment, amidst growing regulatory pressure, and in response to other business issues confronting the CFO. Geac RunTime, which has hundreds of customers in the fashion and apparel industry, develops and sells software for the design and pre-production phases of the manufacturing process, product data management, customer relationship management and sales force automation www.runtime.geac.com Corporate information is available at http://www.geac. com or through e-mail at info(at)geac.com.
This press release may contain forward-looking statements of Geac's intentions, beliefs, expectations and predictions for the future. These forward-looking statements often include use of the future tense with words such as "will," "may," "intends," "anticipates," "expects" and similar conditional or forward-looking words and phrases. These forward-looking statements are neither promises nor guarantees. They are only predictions that are subject to risks and uncertainties, and they may differ materially from actual future events or results. Geac undertakes no obligation to update or revise the information contained herein. Important factors that could cause a material difference between these forward-looking statements and actual events include, among other things: our ability to increase revenues from new license sales, cross-sell into our existing customer base and reduce customer attrition; whether we are able to deliver products and services within required time frames and budgets to meet increasingly competitive customer demands and performance guaranties; risks inherent in fluctuating international currency exchange rates in light of our global operations and the unpredictable effect of geopolitical world and local events; whether we are successful in our continued efforts to manage expenses effectively and maintain profitability; our ability to achieve revenue from products and services that are under development; the uncertain effect of the competitive environment in which we operate and resulting pricing pressures; and whether the anticipated effects and results of our new product offerings and successful product implementation will be realized.
These and other potential risks and uncertainties that relate to Geac's business and operations are summarized in more detail from time to time in our filings with the United States Securities and Exchange Commission and with the Canadian Securities Administrators. Please refer to Geac's most recent quarterly reports available through the website maintained by the SEC at www.sec.gov and through the website maintained by the Canadian Securities Administrators and the Canadian Depository for Securities Limited at www.sedar.com for more information on risk factors that could cause actual results to differ. Geac is a registered trademark of Geac Computer Corporation Limited. All other marks are trademarks of their respective owners.
@@start.t1@@ (1) GDP figures from the office of national statistics, Q3, 2005 compared
to Q3 2004.
(2) IDC report "Worldwide Financial Compliance Applications" March 2005,
on global investment in compliance. Figure includes software hardware
ots Originaltext: Geac Computer Corporation Limited.
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