We are thrilled to share the exciting news of the launch of the IMEC innovative Supply Chain Center! In the short time that the center has been alive and active, we have been actively fostering and nurturing meaningful business partnerships between manufacturers and suppliers. The center aims to become a one-stop shop for manufacturers who are in search of an easy-to-use and effective platform designed to find your business new opportunities or suppliers!
Inventory control practices are one of the best ways a company can stay organized - and is an area that companies in any industry can and should practice to ensure long-term growth. Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items.
This is an original article from the NIST Manufacturing Innovation Blog.
By: Art Thomas
Credit: iStock/Yuri_Arcurs
Many manufacturers have had to make significant changes in suppliers in recent years because of various disruptions. Small and medium-sized manufacturers are often resource-challenged and do not have supply chain specialists to focus on vetting suppliers.
Supply chain is one of the most important aspects of the manufacturing industry. In order for the manufacturing process to actually begin, companies need the necessary materials to make the desired product. What exactly is supply chain? Supply chain consists of the sequence of different processes involved in the production and distribution of a product, good, or other commodities.
This is an original article from NIST Manufacturing Innovation Blog.
Disruptions in the global supply chain have led to a new dynamic for many small and medium-sized manufacturers (SMMs) – the need to be more strategic about “second sourcing” and reshoring. The biggest increase is in what’s referred to as second sourcing, which adds redundancies such as a second source of a supply to minimize risk while increasing options. But supply chain experts also are seeing an interest in relying long term on domestic supply sources.
Global supply chain disruptions pose unique, unprecedented problems and opportunities for small manufacturers.
The problems are bigger for small manufacturers than large companies and the worst case is production disruption. At the very least, increasing costs lead to compressed margins or even outright losses; yet opportunities abound. Disruptions make small U.S manufacturers more valuable to big companies that are pivoting to domestic sourcing.
This article first appeared on the NIST Manufacturing Innovation Blog and is written by Samm Webb, Project and Resource Coordinator with the NIST MEP Extension Services Division.
The persisting crisis in the global supply chain has disrupted many small and medium-sized manufacturers (SMMs) and put a premium on problem solving and short-term solutions for getting parts and supplies. While there are no easy answers to untangling these global supply chain challenges, the dynamic has created opportunity and momentum for supplier scouting. It is possible to see how the focus on supply chain management strategies and total cost of ownership will lead to more reshoring of manufacturing.
This is an original article written by Scott Schein, Director of National Network Programs at GENEDGE, part of the MEP National Network.
The pandemic revealed potential vendor-based weaknesses for many small and medium-sized manufacturers (SMMs). Late deliveries have increased, materials have become scarce, quality is less reliable, and prices have ticked upward. These issues and general upheaval in global supply chains make supply chain management an urgent focus for many SMMs.
Say what you want about 2020, but it forced each of us to push our personal and professional boundaries of accepting change and quickly adapting to our new reality. One of the greatest lessons we should take away from this year is that we are capable of accelerated change when forced to do so. We now know that we are capable of rapid change and it will be the norm in our professional lives moving forward. We now must embrace change more quickly than ever. With industry 4.0 and the Industrial Internet of Things (iIOT) on our doorstep, we have the opportunity to make the greatest leap forward in manufacturing in 2021 that we have seen in 50 years.
Part 8 of "The New Supply Chain" blog series by Mike Loquercio, Vice President of Supply Chain at Greenleaf Foods.
Like many of you, we see hope on the horizon with vaccines, schools moving back to in-person learning, restaurants beginning to see a path to success, and all the other “return to normal” practices! We can all envision getting back to the “blueprint” for 2021 – or should we?
