If you're like most manufacturers, you don't track order-processing. Yet focusing on this performance metric can identify operational inefficiencies that are cost-cutting opportunities. And continued monitoring lets you keep those costs in check and predict future outlays.
In the News
Thursday, June 3, 2021
High gas costs translate into high shipping costs, but manufacturers needn't passively accept this. Those companies that learn how less-than-truckload (LTL) carriers classify freight can modify their shipping processes to lower shipping costs. That requires research into the complex, ever-changing freight classification rules set forth by the National Motor Freight Traffic Association, an organization that most LTL carriers belong to.
Thursday, May 20, 2021
Lost sales are among the most important financial data a company needs to track. When you lose sales, the dollar amount doesn't just have a one-time effect on your bottom line. The situation can result in unhappy, dissatisfied customers who take their business somewhere else. It's like money down the drain.
Thursday, May 6, 2021
Using sophisticated inventory management software is supposed to solve the problem of inaccurate counts, but that's not always the case. Delays in order fulfillment and angry customers are inevitable if your warehouse is plagued by erroneous inventory counts.
Thursday, April 22, 2021
One of the most nerve-wracking experiences in a manufacturing executive's career is when an Occupational Health and Safety Administration (OSHA) inspector shows up at the door and says something like: "We received a complaint, and we'd like to take a look around."
Thursday, April 8, 2021
No matter how careful your manufacturing company and your workers are, accidents and injuries can still happen. When they do, responding properly is an important factor in keeping your workers' compensation costs under control.
Thursday, March 25, 2021
A trademark is a brand name. It may include any word, name, symbol and/or device that's used (or intended to be used) to identify and distinguish the goods and services of one seller or provider from those of others, and to indicate the source of the goods and services, according to the U.S. Patent and Trademark Office (USPTO). In some situations, trademarks may extend beyond company names and logos.
Thursday, March 11, 2021
Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company's behalf that would never meet with your approval? An effective purchasing system is essential to survival in the competitive manufacturing industry.
Thursday, February 25, 2021
If you're like most manufacturers, your on-time delivery rate could use some improvement. This is most critical in a just-in-time environment. But it can be an issue for every manufacturer in terms of building customer satisfaction and maintaining a competitive edge.
Thursday, February 11, 2021
It's a rare business owner who doesn't want to improve profits and boost cash flow by reducing the carrying cost of inventory. Here are two cutting-edge ways to help you manage inventory more efficiently.