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.
Supply management professionals attending ISM2016 in Indianapolis on May 15-18 should come away with a better understanding of how the Trans-Pacific Partnership will affect the economy and their profession. That’s on top of lessons they’ll learn from… Read More
The 2016 Excellence in Purchasing Indirect Categories Career Award recipient possesses the quality of a strong leader, and, for sports fans, he manages the procurement team for a professional sports organization. The 2016 EPIC Career Award recipient … Read More
SMART by GEP
Sponsored Content. They say nothing’s perfect, but perhaps some things should be. Take aligning procurement with finance when implementing procure-to-pay software, for example. A P2P system helps with standardization, supplier rationalization, quicke… 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
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