Manufacturing companies around the world are always looking for ways to improve their processes and increase profitability. One methodology that has been gaining popularity in recent years is lean manufacturing. Lean manufacturing is a system that aims to reduce waste and maximise efficiency in the manufacturing process. By adopting lean manufacturing, companies can improve their bottom line, streamline their processes, and provide better products and services to their customers. In this article, we will explore 7 benefits that can improve your company's efficiency, reduce costs, and increase profitability.
Supply chains are working on their image, muddled by COVID-19, international distress and material inaccessibility, among other adverse factors. Counterfeit materials, lack of supplier diversity and reliance on fossil fuels damage resilience. Demand will continue to increase, so supply chains need a swift and straightforward answer — could it lie within renewable energy?
Robotic Process Automation (RPA) is using technology to automate processes in a company. RPA excels for repetitive tasks like data entry, data extraction, report generation, client support, sales order, invoice processing, and sometimes, headhunting. Research by insights firm Gartner shows that the RPA industry will reach $12 billion in 2025, up from $250 million in 2016. Such exponential growth shows that more and more companies will take up automation of processes in the quest for a more streamlined day-to-day operation. Robotic Processing Automation is essential for companies that look to become more efficient, reduce the cost of production, and streamline their operations.
Big data and data-driven decisions in logistics have a considerable impact on the entire industry. We have seen substantial changes in logistics due to the recent pandemic. Companies all around the world toiled to keep their businesses running and to deliver quality service to their customers. Even today, some sectors in logistics struggle with finding employees, managing the increasing costs of operations, and adapting to the changes in the market. Big data is crucial because it allows managers to make data-driven decisions and improve their processes.
Supplier relationships play a vital role in the success of your company. Suppliers are responsible for providing a steady flow of your raw materials and other resources to keep the business going. Keeping a positive working relationship with them will help streamline logistics and prevent production delays and lost sales. There are several ways to strengthen your relationship with your suppliers. One of them is by giving promotional gifts. This article will list some unique gift ideas and how promotional gifts can improve your supplier relations.
Financial planning plays a critical role in supply chain management, as it involves managing the flow of goods and services while ensuring that costs are controlled and profits are maximised. Finance and supply chain are two critical functions in any business, and they are closely interconnected. Here are some scenarios where finance and supply chain work together.
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