McGladrey Report: Thriving US Manufacturers are Different!
According to the 2014 National Manufacturing & Distribution Monitor Report conducted by McGladrey the characteristics of a thriving US manufacturer include:
Thriving companies lead others in a number of investment areas. A greater percentage of them invest in equipment (and at a higher rate), as well as in technology infrastructure and software. They are also more likely to invest in acquisitions.
- Continuous Improvement:
Leadership and Management Development programs at these companies are expected to increase in the next 12 months. Employee training on the shop floor will also increase among a greater percentage of thriving companies (80%) than those holding steady (70%) or declining (64%). Thriving companies also lead in significant initiatives in operational and other improvements.
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- Effective Strategies:
Notably, thriving companies use these strategies more effectively than others. Whether it’s addressing operational efficiencies, focusing on more profitable existing customers or leveraging technology, these companies are taking the time to make these strategies work for them.
- Managing Relationships:
Thriving companies are using information technology and other resources to share information with suppliers and internal personnel to understand and meet the needs of their customers.
- Managing External Challenges:
Thriving companies are better able to minimize the financial impact of government regulations and taxation.
DVIRC is pleased to support our colleagues at Kreischer Miller and at McGladrey by sharing valuable information that may be helpful to our clients.