by Fronetics | Dec 16, 2013 | Blog, Logistics, Strategy, Supply Chain, Talent
Kathryn Minshew, founder and CEO of The Muse and The Daily Muse, began a piece for the Harvard Business Blog Network with this sage advice: “Network Your Face Off.” The truth and value of this statement cannot be underestimated. Here are 5 reasons why networking is essential and why connections matter.
1. The larger the network the larger the salary
A recent study of 6,000 executives in over 3,000 firms found that the more connections an employee has, the greater the salary. Specifically the study found that a 50 percent increase in network size accompanies a 3.8 percent increase in salary with respect to the average.
2. Networks beget jobs
A survey conducted by The Adler Group found that 46 percent of active candidates and 49 percent of passive candidates found employment thanks to networking. Similarly, a study conducted by Banque de France and the University of Toulouse noted that half of all jobs in the United States are filled through personal contacts. ABC News cites an even higher number – according to ABC News, 80 percent of jobs are landed through networking.
3. Networks bring opportunities
The opportunities networks can bring include: partnerships, invitations to events, introductions, and invitations to give talks and presentations. In short networks bring opportunities that benefit and feed your career, professional development, and personal interests.
4. Networks make you smarter
Knowing what is happening in your field and industry is vital. When you have a strong network you are more likely to be “in the know” than those who do not have a strong and active network.
5. Networks make you happy
Minshew writes: “Networks are powerful, and when done right leave you surrounded by a core of individuals who are all rooting for your success and happy to help you.” So true.
Networking is essential. Get out there and build your network.
by Fronetics | Oct 23, 2013 | Blog, Leadership, Strategy, Supply Chain
Red Sox fans are known for their loyalty, optimism, spirit, and patience. The Curse of the Bambino caused an 86 year championship drought. During these 86 years, and the equally long seeming gaps between the 2004, 2007 World Series wins and the upcoming 2013 victory (remember, Red Sox fans are ever optimistic) – Red Sox Nation aimed high. Yes we accepted each game won with fanfare, but we never too our eyes off the big win – the World Series.
In business the big win is achieving a specific goal or vision – typically large-scale change or a disruptive innovation. It takes time to win big. It also takes hard-work, motivation, and buy-in by your team. Here is where Red Sox Nation comes in. Here is what Red Sox Nation can teach business:
- Be persistent
- Celebrate the daily victories
- Never give up
- Never forget the big win is the goal
- Never aim lower than the big win
by Elizabeth Hines | Oct 22, 2013 | Blog, Leadership, Strategy, Supply Chain
Source: Simply Silhouettes
Within the logistics and supply chain industries, the key to providing your client with an end to end valuable offering is providing the core value yourself and outsourcing the rest. Finding the right outsource partner is critical to success. Here are seven things you need to consider when choosing a new outsource partner.
1. Culture and values
Choosing the right partner goes beyond capabilities. You have to consider the corporate culture as well. In addition to being able to do the work, the ideal partner should be able do it seamlessly by fitting with your team and with your client’s needs.
When evaluating a new outsourcing partner, it is important to look at their mission or value statements. How do these hold up to your own company’s mission and value statements? Are they well aligned? If they are, move on and explore the company further. If not, walk away. Mission and value statements speak to the core culture of the company, so if you can’t find common ground here, it is unlikely you will be able to build a positive working relationship.
2. Standards and metrics
What standards of quality and delivery does the potential partner employ? Here it is important to look at their metrics and processes. How do these compare with the ones within your company? If they are similar, it is not only likely your systems will be able to work well together, but also likely that the two companies have a similar approach to standards of quality and delivery.
3. Investments
Next, take a look at where the potential partner has made investments. Has the company spent in similar areas to your company? Similar investments show business culture or strategy alignment. If the investments are different, find out why.
4. Financial stability
What is the financial health of the potential partner? You don’t want to enter into a partnership only to find out in a few months that the company is not financial stable. Entering into a partnership with a company that does not have its financial house in order is a costly mistake. Take the time to do your due diligence.
5. Where will you stand?
What will your relationship be? That is, will you be a small fish in a big pond or a big fish in a small pond? When times are good this doesn’t matter, but when there is a customer satisfaction issue, it can mean the difference between client retention or client attrition. It is essential to know where you stand inside your partner’s organizational priorities. If you are comfortable with where you will stand, that’s great. If not, find another partner.
6. Long-term strategy
It is also important to look at the long-term strategy of your company and your potential partner’s company. Does the service they will be providing on your behalf align with their continuing plans? And with your ongoing plans? Continuity and service development is important to your company and to your customers. The potential partner needs to be able to provide the specified service for the foreseeable future and also needs to be able to grow with your company’s strategic needs.
7. Credibility
Finally, look to social media. What are others saying about your potential partner in an unfiltered environment? Are people pleased with the service the company provides? Are there any red flags with respect to the company or the service they provide? Social media can help call attention to potential issues.
Also talk with others within the industry – especially people who have worked with the potential partner before. What was their experience? Again, look for red flags.
By following these steps, you’ll be able to better evaluate potential partners and identify partners that are a good fit from both a business and cultural perspective.
by Fronetics | Oct 15, 2013 | Blog, Leadership, Strategy, Supply Chain
Here are five things the supply chain industry can learn from Top Gear.
1. Speed is essential
Jeremy Clarkson advises: “Speed has never killed anyone, suddenly becoming stationary… That’s what gets you.”
For the supply chain industry speed and stagnation can be deadly. PwC’s Global Supply Chain Survey found that industry leaders (financially and operationally) have “supply chains that are efficient, fast and tailored – a model that lets companies serve their customers reliably in turbulent market conditions and that differentiates between the needs of different sets of customers.”
2. Innovate
At the heart of every Top Gear episode is innovation. Whether it be turning a combine harvester into a snow plow, a car into a motorhome, or designing a mobility scooter to that will “tackle the wilds of the British countryside,” the boys on Top Gear know how to get creative.
Innovation is critical to growth and to gaining (and maintaining) a competitive advantage. Innovation can also save you money. In Colin White’s book Strategic Management, he provides the example of Ikea. Ikea redesigned their Bang mug with the pallet in mind. By doing so they were able to significantly increase the number of mugs they could fit on each pallet (from 864 mugs to 2,024 mugs). The product redesign enabled Ikea to reduce shipping costs by 60 percent.
3. There is such thing as too much power
Fast cars are the lifeblood of Jeremy Clarkson. However, after driving the Ferrari F12 Clarkson surprised everyone by pronouncing that the car had too much power.
As Lao Tzu said: “A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: We did it ourselves.”
4. Be social
One reason the Top Gear boys have around 350 million views each week and are entered into the Guinness Book of World Records for being the “most watched factual show” is because of their banter.
In a Supply Chain 24/7 article Adrian Gonzalez notes that 30 percent of supply chain professionals currently block access to social media sites. The reason being that “many supply chain executives and companies are stuck on the starting line because they can’t get past the word ‘social’ and the perception it creates.” This needs to change. As Clara Shih and Lisa Shalett point out in an HBR Blog post – it can be perilous to be a social media holdout. That is, being a social media holdout means that you let others define your company’s reputation, your company is invisible and less credible, and your company is perceived by potential customers as being behind the curve.
5. Never underestimate The Stig
“Some say he never blinks and that he roams local woodlands foraging for mouse meat. All we know is, he’s called The Stig.”
The Stig sets lap times and instructs celebrity drivers on Top Gear; we know nothing else about him. That being said he is an integral member of the team, effective at what he does, and is respected (he has a cult following inclusive of 6 million Facebook “likes”).
Within your company you most likely have a Stig – a silent performer who excels at their job. Unfortunately, the silent performer often does not receive the accolades the more outgoing employee receives. This is to the detriment of the company – your silent performer might be your star intrapreneur.
by Fronetics | Sep 10, 2013 | Blog, Logistics, Strategy, Supply Chain
This post is written by our Marketing Analyst Intern, James Kane. James is a senior at the University of New Hampshire’s Whittemore School of Business and Economics.
A recent article by Patrick Burson in Logistics Management discussed the use of 3PL providers. The article noted that 86 percent of domestic Fortune 500 companies use 3PLs for logistics and supply chain functions, and that the average customer utilizes multiple 3PLs. For example, companies such as General Motors, Procter & Gamble and Wal-Mart each use at least 50 3PLs.
I decided to take a closer look at the use of multiple 3PLs. What I discovered is that companies utilize multiple 3PLs to minimize risk, and to maximize efficiency and revenue; the decision to engage each 3PL is strategic.
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What do 3PLs think about the use of multiple 3PLs? It turns out the majority are ok with it. A growing number of 3PLs see value in companies working with more than one 3PL. A Market Insight Survey found that 51.2 percent of 3PLs polled believe customers should have more than one service provider. Thirty-nine percent of respondents reported that they feel customers should work with just one 3PL and 9.8 percent reported that outsourcing strategies should depend upon the customer and the scope of the venture.
I’m interested. With how many 3PLs does your company engage?
