by Elizabeth Hines | Nov 2, 2017 | Blog, Data/Analytics, Logistics, Strategy, Supply Chain
In a recent study, MIT found that companies that focus on 5 key initiatives to improve their supply chain analytics can have a big impact on their bottom line.
Some supply chain companies are leaning on the power of analytics to help streamline their processes and get ahead of their competitors. But many companies have struggled to embrace the relationship between using analytics and implementing changes that can improve business performance.
The study, published by the MIT Sloan Management Review, asked 353 participants to discuss their understanding of their companies’ analytics systems. The results showed that though most companies have an analytics system in place, very few are using the results to implement necessary changes.
Obstacles to fully utilizing analytics included inaccurate data, cost, and lack of timely data. But the benefits far outweigh the challenges. Hanesbrand Inc., for example, used predictive analytics to make changes in their inventory processes and have since seen an increase in their production and purchase orders.
So how can your company start to incorporate supply chain analytics into your company culture?
Here are 5 tips to help kick-start your analytics implementation:
1. Supply chain analytics initiatives need a top-down mandate
In order to achieve analytical success that has an influence over organizational process, it’s imperative that upper-level management use the analytical systems. Executives need to promote and utilize the systems. Buy-in from managers and team members will be seamless when it’s coming from the top. David Dittmann, director of business intelligence and analytics services at Procter & Gamble Co., stresses that “it is impossible to win over thousands of people one small analytics victory at a time. Analytics must be a top-down mandate to succeed from an organizational perspective.”
2. The simpler the model, the more likely the use
If you want your company to embrace an analytics system, it’s important that the model is simple and easy to grasp. If employees don’t understand how to use the analytics or apply the results, they won’t take the time to implement the system. The more complex a system is, the greater the potential for team members to dismiss it. The Cleo Integration Suite (CIS), for example, promotes itself as an easy-to-use platform that can integrate seamlessly into your pre-existing software. CIS understands that supply chain companies need systems that are elementary to incorporate to achieve results.
3. Business knowledge is essential
Executives in the survey noted that an in-depth understanding of business processes and their effect on the bottom line is critical to supply chain analytics success. To develop the most effective model, companies need to have insight into all of the processes that make their company successful and be able to incorporate the results into these processes. Without this foundational information, the analytics are just “fun facts.”
4. Trust in the numbers
Time is a key factor in successful analytics implementation. In order to achieve timely results, organizations have to trust in the numbers the analytics provides them. “Trust can be built through a closed-loop change management effort that is centered on performance metrics that accurately reflect the current state of the supply chain system.” writes Melissa R. Bowers, Adam G. Petrie, and Mary C. Holcomb. Once these metrics are in place, it is easy to gauge the results against past processes.
Coca-Cola Global implemented a check-and-balances system to cultivate trust in their analytics. Anytime an employee chose to override the analytics system, it gave them feedback to see if their manual adjustments resulted in an improvement or a setback, creating trust in the employees and their dependence on the data.
5. Implement mechanisms to help develop analytics professionals gain business knowledge
Many supply chain companies are hiring analytics professionals to help implement these systems into their organizations. Though experts in their field, it’s important for these trained analytics professionals to learn about all aspects of your business. This business knowledge creates an open relationship between the business and the analytics, creating more opportunities for the numbers to aid in the processes.
Out are the days of order tracking and point of sales data, and in are the days of big data and analytics. Supply chain companies are quickly realizing the need to understand and implement these analytics systems into their day-to-day processes. Creating efficiency and savings using these systems is easier than you think.
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by Elizabeth Hines | Nov 1, 2017 | Blog, Manufacturing & Distribution, Strategy, Supply Chain
Manufacturing companies are hoping to continue their revenue growth in 2018 by focusing on 3 key areas.
KLR has released the results of its annual manufacturing industry outlook report, and the optimism following last year’s elections will continue straight through 2017.
With promises of tax reform, decreased federal regulations and looser trade agreements, manufacturers have slowly seen revenue growth throughout the U.S. markets. That growth is projected to continue into 2018.
56% of respondents expect business will continue to increase throughout the year.
And though manufacturing companies are striving to control their costs and cut back on unnecessary expenses, many companies reported increasing their marketing budgets, including technology, to invest in the future of their revenue growth.
So where is the additional money going? Manufacturing companies are investing their profits back into new products, expanding markets and breaking into new territories.
Here are the top 3 priorities for manufacturing companies in 2018.
1. Increasing share in existing markets
Over the next 12 to 18 months, 64% of the manufacturers surveyed expect their growth to come mainly from increased market share and organic growth in existing domestic markets. Manufacturing companies are looking to increase their market share through innovation, strengthening customer relationships, reliable hiring practices, and staying ahead of their competitors.
2. Seeking new markets for products and services
Manufacturing companies are trying to think outside of the box when it comes to expanding their markets. Avon got its big break when it took the now-dated approach of selling products door to door. By trying a different avenue, it was able to increase revenue without fighting for retail space with other corporate giants. Like Avon, companies are working hard to come up with innovative ways to break into untapped markets.
3. Developing new products and services in response to changing consumption patterns
Using social media platforms and other marketing tools, it’s easy for manufacturing companies to stay in touch with their customers. This engagement provides the best insight into the types of products, features and solutions your customers are looking for. Based on this crowdsourcing, or social listening, companies are able to develop products that they know will resonate with consumers and their changing needs. Though product development can be expensive and risky, incorporating customers into the conversation helps manufacturing companies minimize risk.
Despite growth throughout 2017, there are still challenges that manufacturing companies face. How are manufacturers coping with these challenges? They are adjusting their priorities and focusing on these three areas to continue growing their business and, ultimately, their sales.
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by Elizabeth Hines | Oct 31, 2017 | Blog, Strategy, Talent
“I hate my job!” and “I don’t have any questions,” top our list of things you definitely shouldn’t say in a job interview.
Today’s supply chain and logistics professionals have all kinds of varied and exciting career opportunities. And increasingly, job hopping is becoming the norm: a 2016 study by LinkedIn found that “over the last 20 years, the number of companies people worked for in the five years after they graduated has nearly doubled.”
All these opportunities mean it’s probably time for you to brush up your interview skills. There’s an art to giving a good job interview. Making a meaningful connection with the person behind the desk, and confidently communicating your unique skill set is not as easy as it looks.
Check out these 4 things you should never say in a job interview — and what to say instead:
4 things not to say in a job interview
1) “I’m nervous.”
It might seem obvious, but you’d be surprised how many interviewees are too candid about their butterflies. You don’t want your potential employer to question your ability to act with confidence and decisiveness, no matter what pressures you’re under.
Instead, say: “I’m excited to be here!” Nerves and excitement are two sides of the same coin, and you’ll do yourself a favor by steering into the more positive emotional state.
2) Any lie
We’ve all heard it: “Everybody stretches the truth in a job interview.” Well, as tempting as it is to inflate your abilities or experiences, lying in an interview can come back to bite you in big ways.
Instead, tell the truth! It may not be as impressive, but it will save you from potential embarrassment and a severely damaged reputation.
3) “I hate my job!”
Nobody wants to hire a disgruntled worker. It should be obvious that anyone interviewing for a new job is ready for something different from their current role, so there’s no need to emphasize it.
Instead say, “I’ve enjoyed my work, but I’m looking to take on some new challenges.” Your interviewer is likely to be evaluating your emotional intelligence and maturity — explaining why you’re seeking a new position emphasizes just those traits.
4) “I don’t have any questions.”
Again, it may seem obvious, but not having prepared intelligent questions about the role or company you’re interviewing for is a clear red flag to any interviewer.
Instead, go the extra mile! Put in the time and intellectual curiosity to come up with at least two intelligent questions. It’s not just about impressing the person behind the desk. You’re informing yourself and gaining insight into whether this is the right position for you.
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by Elizabeth Hines | Oct 30, 2017 | Blog, Content Marketing, Marketing, Strategy
Relationships take time and trust to fully develop, and lead nurturing is no different.
Before I got married in 2009, I spent most of my twenties in the dating pool. I would meet someone. We would exchange phone numbers. And through a series of texts and calls, we would eventually meet for dinner. One dinner would lead to another and possibly another.
Lead nurturing isn’t all that different. When you first meet your lead, chances are they won’t be ready to purchase right away. In fact, 63% of consumers requesting info on your company today will not purchase for at least 3 months. But if you spend time establishing a relationship and building trust, the moment your lead is ready to purchase, you’ll be miles ahead of your competition.
As more and more buyers are engaging with brands before they are ready to purchase, an essential function of any marketing department is lead nurturing. That is, moving leads through the sales funnel by leveraging what you know about their needs and online behavior. Marketing software company Marketo describes lead nurturing as being “personalized, adaptive, and able to listen and react to buyer behavior in real time.”
Lead nurturing, like dating, takes time to establish a relationship and move toward the ultimate goal of converting from lead to customer. Here are five tips to help nurture these relationships.
5 lead nurturing tips
1. Make a good first impression
You would never go on a date without looking and feeling your best. The same should be true for your website, your company’s online home. As part of your preparation for a lead nurturing campaign, review your website and make any necessary modifications so that it presents the best digital representation of your business. Beyond increasing conversions, having an attractive, modern website that’s free of broken links and out-of-date contact information establishes your company as a trusted resource for information.
2. Make a plan ahead of time
Where are you going to dinner? Are you making a reservation? What are you doing after dinner? Preparing for a date requires some thought and planning, especially when considering your date’s preferences. Content selection requires the same forethought. The decision about what content you’ll offer your leads will be guided by the preferences and needs of your prospects. Create content that is relevant to your leads, and make sure to identify appropriate channels of distribution in order to extract maximum value from your content.
3. It takes time
Dating tends to happen in stages that occur over weeks and months. Similarly, the lead nurturing process is intended to push content to leads in a linear fashion, with the ultimate goal being that they’ll emerge as customers. Once you’ve moved past the first date, so to speak, you’ll want to decide how to continue romancing your leads. To do that, align content with where your leads happen to be in the buyer’s journey. Leads will enter and exit your lead nurturing campaign at different points, and that’s okay. Just be certain that your content is relevant to leads in their specific stage. Regardless, each nurturing touch should be focused and specific and include a call-to-action to promote advancement in the buyer’s journey.
4. Communication is key
As with any relationship, the foundation of lead nurturing is communication. Being able to hold meaningful conversations builds a genuine interest and helps improve any relationship. In other words, don’t view the lead nurturing process as a way to blast your prospects with promotional information or marketing materials; treat it as a dialogue. The best lead nurturing campaigns are designed to help you learn as much about your leads as you would have them learn about your company.
5. Show your interest and appreciation
We all want to feel appreciated, and the same is true for your customers and leads. Whether it’s by showing gratitude to current customers for their continued support or showing appreciation to leads for their download, saying thank you goes a long way in building connections and professional relationships.
In our personal and professional lives, we want relationships built on trust over time. A successful lead nurturing campaign is constructed on these same principals. When you plan ahead, don’t rush the process and create opportunities for meaningful communication, the possibilities are endless.
Want to learn more about lead nurturing? Check out these 30 tricks and tips that will change the way you nurture leads.
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by Jennifer Hart Yim | Oct 26, 2017 | Blog, Strategy, Talent
More and more companies are contemplating how to cut their expenses and retain exceptional talent by offering work from home policies.
This guest post comes to us from Argentus Supply Chain Recruiting, a boutique recruitment firm specializing in Supply Chain Management and Procurement.
Time was, companies in the corporate world measured their employees’ success by time that they spent at their desks and in meetings. But over the past 10-15 years, the workplace has seen some radical transformations spurred by the rise of digital communications. Companies are becoming less formal, less rigid in their expectations, and more likely to hire on short-term contracts even for high-skilled positions. Every company is different, but today’s most successful corporate cultures are more interested in evaluating employees based on their results rather than process-oriented metrics like time spent in the office.
Companies are competing for talent by offering a more humane workplace, including an emphasis on work / life balance that allows high performers to maintain a family and hobbies as well as a demanding career without going insane. Since work / life balance became a buzzword, more companies are paying lip service to the concept. But a few big companies are stepping up and recognizing that the concept can pay dividends for companies as well as workers.
One of the biggest related growing trends in the workforce is the rise of work from home policies. Tools like Slack, Google Drive, Skype and others are making working from home (or offsite) more feasible than ever before. Companies have long offered occasional “telecommuting,” and many startup-style corporate cultures are known for their flexibility, but more major companies are offering official, codified work from home policies. IBM recently slashed its work from home policy, but organizations as large as Amazon, Xerox, GE and Dell have adopted official policies allowing employees to work offsite at least some of the time.
Anecdotally, as a recruitment firm, we’re seeing more companies include official work from home policies in their job descriptions when they’re hiring – recognizing that it’s a great selling point for people hoping to avoid lengthy commutes. The practice is growing. According to data from GlobalWorkplaceAnalytics.com, the number of individuals at corporate jobs (not self-employed) who are able to work from home has increased 115% since 2005, which is almost 10 times as fast as the rest of the workforce.
Working from home can be great for candidates with young families, those who want to avoid lengthy commutes, or who want to be able to concentrate without the distractions of a busy office environment (putting aside, for now, the distractions of the home or a 3rd party working space). Working from home is also green; it saves on greenhouse gases from commuting. But they can also offer dividends to companies themselves: a typical business can save up to $11,000 per person per year by allowing candidates to work from home at least some of the time. This is money that your company can shave off the bottom line, or put into higher salaries to try to attract even stronger performers.
It’s a great policy, and workers are demanding work from home policies more than ever before, especially passive candidates who need to be enticed to make a move. As we recently mentioned in another post, more of the candidates we speak with are asking about work from home policies when we approach them with opportunities. According to statistics, 80-90% of peoplewho don’t work from home want to start doing so at least 2-3 days a week to split their time between the kind of collaboration you can accomplish in an office, and the concentration you can achieve at home.
It’s where things are going, with more tools that make working from home easy coming online every day, and more Fortune 500 companies embracing it. Yet only 7% of corporations in the U.S. make working from home available to most of their employees. It can be a radical shift for a company to adopt a work from home policy, so it’s no wonder why so many companies are reticent. It doesn’t work for every industry and organization, but it can be an excellent strategy for talent attraction and retention.
Whether you’re a candidate thinking about looking to avoid a commute, or a company thinking about how you can save on overhead and attract exceptional talent, it’s worth thinking about working from home policies and what they have to offer the workplace.
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by Elizabeth Hines | Oct 24, 2017 | Blog, Current Events, Logistics, Strategy, Supply Chain
Cities should consider Amazon’s HQ2 search criteria as a roadmap for attracting innovative companies, empowering residents, and driving a healthy local economy.
We’re living through a seismic shift in the way business transactions are being conducted. E-commerce is now king. We might be tempted to think the decline of retail equates to business transactions being moved from physical space to a digital world. Will our cities and the shops that line their streets become obsolete in the face of e-commerce?
Amy Liu and Mark Muro of the Brooking Institute’s Metropolitan Policy Program contend that if Amazon’s recent search for a second headquarters (“HQ2”) has anything to show us, it’s that America’s cities still have an important role to play in the future of e-commerce.
How cities could change
Liu and Muro suggest cities take a close look at Amazon’s selection criteria for HQ2’s location and extrapolate the best ways to “build up the fundamental assets prized by innovative firms and industries.” In this way, cities can best “garner a bigger share of high-tech growth,” and furthermore, be a part of our nation’s gaining “a competitive foothold in the digital future.”
Liu and Muro draw four main takeaways from Amazon’s city selection criteria:
- Capacity to produce skilled, technical talent
- Access to domestic and global markets through modern infrastructure
- Connected and sustainable placemaking
- Culture and diversity
Cities that boast these characteristics will have the best chance at attracting the kind of companies that will shape the future of how we do business — e-commerce and beyond. These companies will employ and empower local talent. And not just highly skilled talent. I can’t help but think of this recent Wall Street Journal article about the impact that Amazon’s presence has had on Fall River, Massachusetts.
Such employment opportunities will attract new residents. New residents will boost the local economy. Strong local economies boost the health and well-being of the community. And the positive benefits snowball from there.
I’m speaking in generalizations here, but cities stand to gain quite a bit from considering Amazon’s HQ2 search criteria. Of course, there are plenty of negatives to making way for the Amazons of the world — the decline of Main Street being one of them. But if the digital world plays an increasingly important role in the ways we conduct business and commerce, isn’t there value in strategizing around it?
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