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What are thriving companies doing?
- They are growing through strategic acquisitions that reach new markets and customers or achieve cost savings. Additional investments are made in information technology, equipment, workforce personnel development, marketing and other areas to lay the groundwork for their future growth.
- They are prioritizing their strategic plans, and managing them more effectively than other companies. And they are looking for new ways to generate revenue by maintaining an innovation- focused environment.
- They are utilizing continuous improvement techniques to streamline processes, train personnel, minimize corporate risk and improve customer satisfaction.
- They are working with suppliers to address anticipated cost increases and reduce cycle times while still maintaining product quality. They are enhancing their value proposition for both domestic and offshore customers.
- Finally, they are managing external challenges, looking for opportunities to minimize the financial impact of government regulations and taxation. And they are embracing the challenges with incentives and programs designed to make the best of a regulatory environment through lower costs and healthier employees.
How are these companies able to implement these strategies so effectively? Clearly, executives at thriving companies understand that success requires that they leverage a few process improvement best practices:
- Involve employees in the improvement process, who in turn become the company’s greatest champions and are much more likely to internalize and integrate the process improvement results.
- Provide just enough process to support the change, and avoid sharing too much detail that can make the change overwhelming.
- Established clear and concise measures of where the company is starting and what measures will accurately tell them how well it’s doing.
As the economy continues to gain momentum, it is encouraging to examine the reasons behind the success of thriving companies in the manufacturing and distribution industry. We will continue our in-depth analysis of the issues, challenges and concerns discussed in this report and look forward to sharing our insights.