Manufacturers Ditch One-Size-Fits-All Solutions

When it comes to a multinational, digital B2B supply chain, one size simply does not fit all. It’s a fact that led ICD Manufacturing Insights to publish a new report on how today’s manufacturers are obtaining the “right-sized” approach to their individual needs in inventory management — and managing their money better because of it.

[bctt tweet=”Today’s manufacturers are obtaining the “right-sized” approach to inventory management.”]

According to experts, manufacturers today will need to examine their own practices and policies to identify the most crucial needs and points of friction. Analysts at ICD Manufacturing Insights have published their new MaturityScape report, released on Monday (Sept. 28), to provide guidance on how manufacturers can more efficiently manage operations.

In a statement announcing the new report, IDC Manufacturing Insights Research Manager John Santagate explained that inventory is often the crux of business for manufacturers. “Inventory is a significant asset of any manufacturing organization and is tied up until that inventory is used in production or sold to the end customer,” Santagate said.

“Therefore, effective inventory management can play a critical role in helping manufacturers to improve cash flow and create value for the firm,” he added. “Considering that inventory can reside both within the four walls of a manufacturing organization as well as out in the distribution channel, it becomes imperative that manufacturers seeking to optimize business performance place a heavy emphasis on improving inventory management.”

IDC said it began an effort to help manufacturers optimize their inventory procedures by first taking a look at its own. The firm added that its guidance can be especially beneficial in helping manufacturers ease friction in inter-organizational and cross-functional collaboration, another aspect of manufacturing that can lead to better cash flow management.

The cloud, the Internet of Things, Big Data and other emerging technological trends have emerged as crucial aspects in manufacturing inventory management. Further, IDC concluded, “competition is no longer between leading companies as much as it is between leading supply chains.”

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