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- Title
TECHNOLOGY'S ROLE IN ELEVATOR BUSINESS SUCCESSION PLANNING: In this Readers' Platform, your author observes that advanced ERP software can mitigate risk and put owners in the driver's seat.
- Authors
Taub, Jonathan
- Abstract
The article discusses the importance of succession planning in the elevator contracting industry, which is largely comprised of multigenerational family businesses. Succession planning involves identifying and developing new leaders to ensure business continuity and minimize disruptions. The article highlights the challenges faced by elevator companies, such as embracing new technology, understanding compliance regulations, and managing skilled labor scarcity. It emphasizes the role of technology, specifically advanced ERP software, in mitigating risks and empowering the next generation of leaders. The article suggests that implementing elevator industry-specific business management software can streamline workflows, improve communication, and offer real-time visibility into operational margin and risk. It also mentions the use of Microsoft cloud-based ERP software tailored to the elevator industry's unique needs. The article concludes by emphasizing the need for businesses to leverage technological advancements for their succession planning needs.
- Subjects
MICROSOFT Corp.; BUSINESS planning; SUCCESSION planning; ELEVATORS; FINANCIAL planning industry; SUBCONTRACTORS; BUSINESS skills; ENTERPRISE resource planning; CUSTOMER relations
- Publication
Elevator World, 2024, Vol 72, Issue 5, p64
- ISSN
0013-6158
- Publication type
Article