Remember how the barcode revolutionized the way people do business and measure inventory? That was back in the 1970s, but what’s next? Radio frequency identification technology (RFID) is the future for manufacturers. RFID is helping manufacturers and retailers more efficiently collect data. Although RFID has been around since the 1990s, it has steadily gained …
Distributors can be reluctant to change the way they figure out pricing. There are many factors that determine pricing structure, but keeping it simple may not be the best way to maximize profits. Pricing should be about the value of products, not the cost.
A good place to start is with product category, region, and …
How committed are you to continuous improvement across multiple plants? Do you have plants that perform better than others, even though they produce the same products? Here are the things you need to begin this process:
Clear vision of how you would like things to function
Outlined path to achieving excellence
Comprehensive plan of communications
Thorough training program
Deep …
Companies of all sizes in a variety of industries are using data to give their businesses a boost. There are a number of ways new data can give fresh insight into your company’s operations.
What do you know about your suppliers? Are they still meeting the demands of other manufacturers or are they losing clients? …
Developing a risk mitigation plan is essential to efficient supply chain management. Waste in the supply chain translates to higher costs and decreased revenue, as well as negative customer service experiences.
The first step is identifying risks in your supply chain. Procurement, delays, transportation, inventory, and many other forms of risk need to be considered. …
Capital intensive industries often struggle to find a level of stability beyond satisfactory. By restructuring your portfolio, there is capital to gain. Many investors are abandoning industries that were once the cornerstones of financial security for new, more stable opportunities.
Capex and Cost Base
Capital intensive industries often forget how important having a firm foundation is …
Innovation and capital are two items that keeps businesses turning. Finding common ground between the innovators and the financers can be a difficult task for all parties involved. Often the finance department can be perceived as blind to the needs of operations, seeing only the costs involved and not the benefits.
Strategic communication is vital …
The constant market fluctuation of demand creates a seemingly unending state of change for manufacturing. Data is everything in modern industry, without up-to-the-minute knowledge, companies can become too out of touch with market needs and potentially fail. For manufacturers to remain viable, some retooling may be needed.
3D Printing
Manufacturing companies are often required to keep …
With the new rate changes, companies stand to lose in 2016, however, these few changes could make 2016 a winning year for manufacturing. The goal is to reduce long-term costs while capitalizing on reduction opportunities afforded by the IRS. Rates have long been kept low in an effort to facilitate growth after the recession …
This past year saw steady growth throughout the industrial sectors of the United States and Canada. With the stress of an election looming, and an uncertain future in Asia, businesses are seeing a steady decline at the start of the New Year.
Business cycles come and go. Growth will eventually prevail, but until then, here …
