As we go through the four “must-haves” for transforming your factories, the second is potentially the most transformative because it optimizes and empowers the people making your inventory decisions.
In this continued series, we’re talking about the four must-haves of a successful factory management operation. First up: Total visibility.
Almost 36 percent of supply chain leaders during our recent factory operations webinar with IndustryWeek said digital transformation in the factory means “standardizing and automating manual processes.” Frankly, I couldn’t agree more.
Whether it’s upgrading the factory floor with robotic assembly technology, providing wearable information technology to workers, or proactively predicting inventory needs with artificial intelligence solutions—standardization and automation are a top priority.
While most companies have made significant investments in modernizing and automating the factory floor, not many people are talking about the other part—you may call it the back office, or factory management, or factory operations. We call it the secret to unlocking a massive competitive advantage.
We’ve been talking a lot about digital transformation for the factory—specifically optimizing your factory management processes to make sure inventory is in the right place at the right time for your teams. In our dialogues with industry experts and innovators—as recently as last week in an IndustryWeek webinar featuring our team and Mike Louderback, VP of Operational Excellence at Morgan Advanced Materials—we’ve heard a lot of excellent questions about this transformation.
Here are the most common factory management inquiries and subsequent answers from the pros.
We always knew digital transformation in inventory management would continue to grow in the manufacturing space, but the unpredicted challenges amid COVID-19 catalyzed that need. In 2021, manufacturers are tasked with ramping production back to the place it was in 2019—a level that took decades for some to establish. These companies are turning to technology to quickly re-establish and sustain best practices critical in today’s complex supply chain. Cloud-based software, AI-driven technology, and smart, standardized work have gone from a nice-to-have to a company-wide mandate.
As manufacturers ramp back up and make their operations “disruption-proof,” here’s how I predict manufacturing will transform in 2021.
Continue Reading “Five Ways Digital Transformation Will Shake Up Inventory Management in 2021”
2020 has brought a whirlwind of change, uncertainty, and ongoing disruption to normal business operations. But at the same time, the world has seen first-hand the importance that manufacturing and supply chain plays in the day-to-day life of every individual. While this year has been challenging, one thing remained constant: We continue to be honored and proud to work with such incredible partners in the manufacturing space. Continue Reading “Letter from the CEO: Top 5 Procurement Moments in 2020 for LeanDNA”
This year brought massive challenges and unrelenting uncertainty for manufacturers. But with challenge comes opportunity. In a time when optimizing physical factory operations is more important than ever, our customers navigated new obstacles with grace and innovation. With 2021 nearing, we wanted to stop and take a moment to appreciate and recognize the tenacity of this year’s LeanDNA-Listers—whose work laid a foundation for efficiency and resiliency for whatever challenge came next. Continue Reading “2020’s A-Listers Persevered Against the Odds: Read their success stories”
The medical device manufacturing industry is undergoing a significant transformation. Driven by global economic growth, innovation, and an aging population, the U.S. medical device market was poised to reach $800B by 2030 before COVID-19 hit. During the pandemic, some medical device companies selling essential supplies and equipment faced demand surges. Others were impacted by a loss of revenue due to procedure postponement. Still, many expect the industry as a whole to recover by 2023.
As supply chains grow increasingly global and complex, having the right parts at the right time has become imperative to keep supply chains running smoothly. Yet, even as digital transformation initiatives rapidly expand across the factory and supply chain, operational procurement teams continue to be left behind.
Continue Reading “The Age of Analytics and Beyond: What’s Next for Manufacturing?”
