As we close in on year-end, successful manufacturers are focused on executing proactive plans. Learn about the strategies the best companies are using to accelerate the pace and separate from the pack. The ability to scale, provide customer value and gain EBITDA will drive success in the New Year.
In this Supply Chain Byte, Lisa Anderson explains why manufacturers must upskill their workforce not only to improve efficiencies and reduce low-level work done by highly skilled employees, but also to preserve critical knowledge as Baby Boomers retire.
Taking your supplier / customer relationships to the next level of partnership is integral to supporting profitable growth with exceptional customer service and cash flow (ie. inventory turns) levels. Vendor managed inventory (VMI) can be integral to maximizing revenue/ service, profitability, and working capital.
As companies are concerned about declining backlogs, they are searching for solutions to keep top talent and stop the bleeding. Executives are using SIOP to maximize margins while preparing to scale up successfully for a manufacturing resurgence.
As companies navigate tariffs, geopolitical risks and high interest rates, there is an emphasis on reducing costs and inventory levels to free up cash and maintain profit levels while successfully serving customers’ ever-changing needs. The most successful companies are upgrading their planning processes and rolling out automation and advanced technologies.
"SIOP" stands for Sales, Inventory, Operations Planning (SIOP). Depending on the industry or organization, you may also hear it referred to as “S&OP” or Sales and Operations Planning. Sometimes, it is even referred to as “IBP” or Integrated Business Planning. Typically, they mean the same thing. The most important words to emphasize are planning and alignment.
Increasing inventory levels is seen as a trade-off with service and efficiency levels; we find that a win-win-win is achievable. The key: Have the right inventory in the right place at the right time and gain a predictive view of demand to optimise your schedules to reduce inventory while increasing service and efficiency.
It is past time to ensure your supply chain is ready for growth. As companies scale up, shortages and lead times are extending. Develop plans to take advantage of the opportunities by preparing your supply chain to scale.
As companies experience slowing backlogs, high interest rates, and inflationary spikes in costs over the last few years, revving up sales and keeping margins intact has become of paramount importance.
Sales forecasting, also known as demand planning, is integral to achieving profitable growth. To ensure superior service and operational performance, visibility into customer and operational requirements is a must.
