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.
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 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.
