How Should Your Business Measure Success?

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Measuring success

It is essential for large and small businesses to measure the success or failure of their operations because it’s impossible to solve problems they can’t see or improve on successes they are unaware of.

According to a Next Generation Manufacturing study, about 45 percent of manufacturers with reportedly excellent supply chain management monitor and modify their supply chains on a regular basis. At least the top performers try to manage their supply chains. Companies with lower-rated supply chains are much less likely to check their efficiency. This can lead to problems down the road, preventing manufacturers from growing and reaching their potential.

A supply chain is a string of suppliers, delivery experts and others that a company depends on to obtain parts and products. In manufacturers’ case, they need a healthy supply chain to avoid disruptions in their production line. Failing to plan ahead for possible supply disruptions can lead to serious consequences, so it’s important to stay on top of this.

Manufacturers that take the time to measure their supply chains’ performance can often judge when they are about to face difficulties and how best to overcome them. For example, if a manufacturer notices that one of its suppliers is having trouble delivering parts on time, it could contact that supplier to identify and fix the problem, or it could go through a different supplier to get those parts. Either way, the manufacturer solves a potentially serious problem because it was paying attention.

Manufacturers should use manufacturing inventory software to strengthen their supply chains. Fishbowl Manufacturing gives manufacturers the resources they need to balance their inventory levels, optimize their warehouses’ organization and make their manufacturing processes more efficient. All of this is designed to keep costs down and help businesses succeed.

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