Though they serve as critical elements in many material handling operations, forklifts can come with many potential hidden costs, such as maintenance and operator salary — in total, costs can reach as high as $250,000 annually per machine!
Despite these expenditures, more and more companies are making use of forklifts; a recent Peerless Research Group survey of material handling managers found that 69% of respondents planned to acquire a new forklift in the near future, with a per-respondent average of seven planned purchases, up from six the year prior.Read More »
While electric vehicles (EVs) account for less than 1% of all vehicles sold in the United States today, two new forecasts show that this number will skyrocket in the years ahead. The shift will have a profound impact on automakers and their suppliers.Read More »
Buyers and engineers evaluate a supplier on THOMASNET.com every 2 seconds. All of that sourcing activity gives us valuable insight on the movements of typical patterns in the industrial market place.
Over the past few months, we've been watching raw material sourcing closely and we've noticed some interesting trends:Read More »
“Supply Chain is the linking of people, products and ideas around the globe. You need to be a connector.” Amanda Decook, Sourcing Associate, A.T. Kearney. Most supply chain professionals would agree. In fact, a recent survey conducted by Thomasnet.com showed that more than 90% of purchasing professionals believe communication is essential to their career and more so, 39.39% believe it is the most important skill for success.Read More »
It is often later in the product lifecycle that procurement teams are brought in to lead a competitive bid process and conduct negotiations accordingly. This might seem like a straightforward approach to reducing costs. However, taking a deeper look at your product design and raw materials before the manufacturing phase could be the best way to proactively optimize costs.Read More »
It's no secret that having transparency into your supply chain is essential to mitigating risk. In fact, companies are investing in supply chain visibility and collaboration tools at a faster rate than any other supply chain discipline, putting their money where their risk is.
Clearly, companies are taking transparency seriously in an effort to stay plugged in to their suppliers. However, in order to ensure a strong, steady and productive supply chain, having visibility into your own suppliers isn't enough – you need to have visibility into their suppliers as well. This is especially true in industries that are driven by outsourcing in an effort to lower costs and shift production requirements.Read More »
Discussions about bringing manufacturing back to the United States are heating up as reshoring and U.S.-based manufacturing have become more lucrative. Many CEOs and CFOs are realizing that their businesses would have a lower total cost of ownership (TCO) with U.S.-based operations when potential steep tariff hikes and reshoring tax benefit programs come into play. Tech giants like Apple, Foxconn, and Offsite Networks are now looking to manufacture more affordably, locally, and, most importantly, with more integrity.Read More »
Did you know that only 29% of procurement organizations are viewed as valued business partners? However, when the role of procurement is elevated, businesses realize ROI improvements of up to 250%?
So why are so many businesses forgetting, or ignoring, procurement as a valued business partner, and what can be done to address the issue?Read More »
ISM2017, The Institute For Supply Management (ISM) annual conference, just wrapped up in Orlando, Florida. The THOMASNET.com team was there, uncovering the latest trends and challenges impacting supply chain professionals every day.
In addition to speaking with supply chain professionals, we also spoke with the duo Tim Grady and Lew Weiss of Manufacturing Talk Radio for a series of interviews. Listen to the podcasts below.Read More »