By Brent Ray
The Institute for Supply Management released more good news about the manufacturing sector this week in its December 2011 Seminannual Economic Forecast.
Purchasing and supply chain executives responding to the ISM survey said they are optimistic about the manufacturing economy in 2012, with nearly 70% predicting revenues greater than in 2011. Overall, manufacturing executives expect a 5.5% increase in revenues in 2012, compared to a 7% increase reported for 2011.
The results bolster claims that the economy is continuing the slow recovery that began in mid-2009 and shed light on steps manufacturers will take to improve their businesses in the year ahead. In particular, ISM asked executives what supply chain improvements they plan to make in 2012. Nearly three-quarters of respondents said they do, in fact, plan to take steps to improve their supply chains, citing the following key areas:
Such efforts echo a common refrain in the industry over the last few years, as manufacturing organizations of all shapes and sizes sought to reduce costs and become more efficient in the face of a declining economic environment. As business conditions improve, it looks as if manufacturers remain focused on implementing best practices that can help them achieve better results in the years ahead.
For more on the ISM report, please click here.
As founder and CEO of OrderZone.com, Brent D. Ray has over 20 years experience in wholesale MRO and OEM distribution, supply chain consulting and business-to-business marketing. He is an experienced MBA professional with a broad history of entrepreneurship and business development credentials.
He’s served as a strategic consultant and value added partner to Fortune 1000 firms. In addition to his executive and supply chain experience, Brent possesses experience related to the latest web-technologies including Web 2.0, RIA, SaaS, web APIs, mobile computing and advanced UI design.
Nikita Saharia Chaturvedi
“Our professional services folks were down in the trenches, sleeves rolled up with corporate procurement teams helping them to analyse indirect and MRO spending patterns, identify and prioritize cost savings opportunities, execute on sourcing activit… Read More
Nikita Saharia Chaturvedi
“When the 2015 contract season wraps up, most of those price increases will be realized, as most of the companies under contract have not absorbed the increase yet,” Prime Advantage's Mike McDonald tells My Purchasing Center. “For example, aluminum p… Read More
One of the most valued characteristics of a leader is integrity. A purchasing leader needs to never waiver in being honest to everyone in all their relationships. The quickest way to demoralize your team is to not keep your word. There can be no comp… Read More
Staples Advantage is the one supplier that offers all the business solutions you need, all with the expertise of a specialty vendor. Read More
It started in 1972 with an idea, a new concept in distribution. Today, Digi-Key Corporation is one of the fastest-growing electronic component distributors in the World. The stimulus for this growth is Digi-Key's customer-centered business philosophy… Read More
Lunney Advisory Group was founded in 2007. Our firm is not your typical consulting company. Some members of our firm are highly qualified and experienced industry executives/practitioners while others are full time or adjunct university professors.… Read More
Procurement and supply management leaders have a seat at the table, and management’s expectations are high. But what do CEOs really want, and is purchasing delivering on these expectations? This webcast looks at how procurement and supply management … Read More
At world-class companies, purchasing’s influence touches just about every area of spending. But, how exactly do procurement teams get to the point where other departments approach them for help with sourcing such indirect categories as human resource… Read More