8 Advantages Why Manufacturers Should Join our Supply Chain Network
According to a report by McKinsey, globalization has created a more interconnected world, and 80% of manufacturers are looking to expand to new markets to stay competitive.
The Manufacturing Institute reported that 2.4 million manufacturing jobs could remain unfilled between 2018 and 2028 due to a lack of skilled workers.
A study by Deloitte found that 94% of manufacturers believe that improving product quality is the most significant driver of increased revenue.
Benefits of Networks
The Harvard Business Review states that businesses in supply chain networks experience cost savings of up to 15% and a 17% increase in on-time deliveries.
Global Sourcing Trends
Statista reports that global sourcing, which often involves connecting with foreign service providers, is a common practice with over 50% of companies adopting this strategy.
Training Industry Magazine found that companies investing in training programs achieve an average of 24% higher profit margins than those who don’t.
A survey by the National Association of Manufacturers found that 80% of manufacturers reported improved product quality after implementing training programs.
A case study of companies in supply chain networks showed that they achieved a 75% reduction in lead times and a 24% reduction in inventory costs (Penn State University).