Posted on Monday, January 7, 2019 by Michael Knight, CPA
Manufacturing businesses must be able to monitor and benchmark different areas of their organization to support their goals and measure the extent to which they are accomplishing them. Monitoring areas like inventory levels, cycle times and sales can help set your organization up for success.
Posted on Monday, October 22, 2018 by Randal Slifer
Performance metrics can be a powerful tool to assist you in monitoring the health of your business; yet, their usefulness can be impacted by the quality and integrity of the input data.
Posted on Tuesday, September 11, 2018 by Darren Kerr
If you run an inventory-based business, it’s critical that you have systems and processes in place to manage your inventory effectively. There’s one simple ratio that can help you evaluate the health of your inventory management—the inventory turnover ratio.
Posted on Tuesday, July 24, 2018 by Sam Eartly
The variables that determine how and when a product is shipped are almost as important as the product itself. However, manufacturers are busier than ever, and your company may find itself falling behind in the rapidly evolving logistics game. In this case, a third-party logistics (3PL) firm could be the right move for your business.
Posted on Thursday, July 19, 2018 by Victor Thornburg
Companies that have implemented digital processes and tools, or are in the process of doing so, stand to benefit in big ways. Those that have yet to embrace digitalization, meanwhile, are quickly falling behind.
Posted on Sunday, July 8, 2018 by David Mustin, MBA
Industry 4.0 builds on all previous industrial incarnations by employing new ways in which technology is embedded within products and processes. For manufacturing businesses with the infrastructure, resources and leadership necessary to implement Industry 4.0, the potential benefits are significant.
Posted on Monday, June 4, 2018 by Jon Shoop, CPA
Manufacturers are increasingly implementing augmented reality (AR) technology to improve their manufacturing processes. And for good reason–AR typically results in cost reductions, increased speed and fewer errors.
Posted on Tuesday, May 29, 2018 by Nate Lorentz, CPA
Implementing artificial intelligence (AI) into business applications can produce game-changing circumstances that we can’t even imagine. While companies have made significant strides with AI, Forrester Research reports that only about one in eight companies have applied AI to logistics and supply chain management.
Posted on Wednesday, April 25, 2018 by Randal Slifer
Can your organization absorb the loss of key personnel, whether it’s via normal attrition or something more sudden like illness or a personal emergency? It may be unpleasant to consider the possibility, but it’s important to plan for such absences by creating and maintaining standard operating procedures for each key role within your organization.
Posted on Monday, March 26, 2018 by Jon Shoop, CPA
A change to the cash receipts and disbursements method can potentially yield sizeable benefits very quickly for manufacturing and distribution businesses and be a powerful tax deferral tool over time.