The Ledger

Efficient Processes are Transforming the Manufacturing Industry into a Lean, Mean Profitable Machine

Efficiency is crucial in any manufacturing process. Consumers never think about all the time and money it took to create the products, instead their sole interest is getting the product they want at an acceptable price point and within a reasonable time frame. In an effort to optimize operations, many manufacturers have adopted a “leaner” way to refine processes without being afraid to scrap inefficient practices or roll out better-optimized procedures—even if those changes seem minuscule at first glance. If properly executed and implemented, lean manufacturing will not only improve the efficiency, effectiveness, and profitability of the work done on a factory floor but also transform the whole of a business and its processes.

Read More at Manufacturing.Net >

Are You Relying on The Best Tools to Make Important Business Decisions?

Business leaders need an advanced tool to gain important insights into their business. However, implementing a new technology is only part of the solution, rather than the complete answer to their business challenges. When applying a new technology tool, it is important to integrate it with their organization’s business processes and data management so they can ensure the validity of their analytics. Applying a new IT tool might lead to doing something better than it was being done before, but that might not be the right thing to do. By adding effectiveness at the beginning of the solution, then the right thing will be done, with the right tools, in the right way. Before relying on a new technology for making business decisions, it is important that you can first answer the questions, “why use this tool?” And “how can I best use this tool?”

Read More at Strategic Finance Magazine >

Your Supply Chain Could Benefit from A New Take on Budgeting

“With advances in digital technologies and analytics, adopting a zero-based mindset is not about slashing costs in whatever way possible. It’s about finding the resources that are not being used efficiently and reallocating them to improve capabilities, fund growth initiatives and increase competitive agility in a rapidly changing and complex environment.”

Because half of a company’s costs lie in the supply chain or cost of goods sold (COGS), supply chain leaders are under constant pressure to reduce costs. A zero-based mindset is more than hunting down old costs in new ways. It requires a major shift in thinking about spending and cross-organizational commitment, and it’s enabled by digital technologies.

Read More at Industry Week >

New Priorities in the Consumer Goods Marketplace

Consumers have completely changed the way they shop, and it is up to the consumer goods industry to adapt. Today’s consumers expect their consumer goods brands to provide the products, services, and experiences that meet their individual needs at just the right moment. However, the traditional operating models simply weren’t designed for this level of complexity. To be successful, brands must pivot to operating models that can deliver consumer relevance and capture new growth opportunities in a highly complex, uncertain, and ever-changing consumer goods marketplace.

Read More at CFO Magazine >