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 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 19, 2017 | Blog, Leadership, Strategy, Talent
Investing in your employees through wages, time and energy can have a big impact on your company’s productivity.
Successful companies understand that employees’ job satisfaction and engagement affect productivity. After all, employees are an extension of your business. Keeping them challenged and encouraged is key to their success, as well as the overall success of your company. In research for their book, Time, Talent, and Energy, Bain partners Michael Mankins and Eric Garton discovered that investing in your employees does, in fact, pay off for companies. “The top-quartile companies in our study unlocked 40% more productive power in their workforce through better practices in time, talent and energy management,” says Garton.
Here are the 3 investments that Mankins and Garton found most impactful to productivity.
3 investments that will invigorate productivity
1) Wages
Three economists studied OECD data representative of the whole population of businesses in 16 countries around the world. They found that firms paying higher wages were reporting higher productivity. The link between the two seems pretty basic: Pay workers higher wages and they will feel valued and be more productive at their jobs.
But many companies believe that higher wages come at the cost of their consumers. This doesn’t have to be the case. Dan Teran, chief executive of Managed by Q, is a thought leader in higher wages creating a culture of respect and productivity.
“Teran believes that most American businesses, and especially fast-growing start-ups like Uber, have mistaken short-term gains for long-term value, undercutting the share of revenue that flows to workers in a way that will perversely hurt their bottom line. He believes, even more radically, that decades of rising inequality and stagnant wages in America are not an inevitable byproduct of capitalism; instead, they come from a simple misunderstanding about how best to deploy workers and recognize the value they bring to a company.” Managed by Q’s ‘Good Job’ Gamble, Adam Davidson
From small businesses like Managed by Q to retail giants like Walmart, the ideology behind better wages and benefits is catching on. Companies are understanding the relationship between production and pay and trying to narrow the gap.
2) Time
The pressure of working long hours and being available around the clock has a lasting effect on employees. Such practices often lead to burnt out, overworked team members. In fact new research suggests that, on average, managers have fewer than 7 hours per week of uninterrupted time to do deep work. Their days are filled with meetings, responding to emails, and having short increments of time to complete tasks.
The average company loses more than 25% of its productive power to organizational drag, processes that waste time and prevent people from getting things done. Meetings that last too long and processes that move too slowly contribute to lower productivity, less quality work, and low employee morale.
Allowing employees the time to feel creative and focused on their projects will lead to breakthroughs in productivity. Try establishing quiet hours for certain times of the day to encourage workers to spend more uninterrupted time deep thinking, which can lead to innovative and fresh ideas.
3) Energy
An inspired employee is more than twice as productive as a satisfied employee and more than three times as productive as a dissatisfied employee. Yet, only one in eight employees are inspired. One of the most beneficial things a company can do is to inspire its employees. Engaged working environments and positions that allow creative and innovative thought will lead to increased employee engagement and productivity.
Companies like Apple, Netflix, Google and Dell are 40% more productive than the average company. Why is that, you ask? These companies invest in inspiring their employees.
“Inspirational leadership can be taught. Companies that recognize that and invest in making it happen create meaningful impact on the productivity of their company,” says Mankins. Studies have shown that employees that feel satisfied with their jobs are more productive.
Give your employees the autonomy to feel engaged in their work. This freedom will give them the opportunity to get creative and involved in their projects.
The opportunity exists for all employers to positively affect worker happiness while simultaneously increasing productivity. If your company is interested in exploring the benefits of investing in their employees, focusing on wages, time and energy is a good place to start. You might be surprised to find currently untapped financial gains just by putting investment in your employees at the top of your priority list.
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