Another way manufacturers can flex their cost management muscles is around effective demand forecasting – something that recent political and economic conditions have made more difficult.
Throw in changing customer demand cycles, increased competition, evolving supply chains, and unique cost fluctuations, and the task is even more daunting.
According to Oracle Netsuite, some basic ways to help improve forecasting and supply chain management is to be sure that the product mix is resonating with consumers and dropping or selling off product lines that don’t meet performance standards.
Furthermore, in a survey by BCG, nearly two-thirds of surveyed global executives said they’re prioritizing supply chain and manufacturing costs over other historically popular cost-cutting targets, such as labor overhead and marketing and sales. This makes accurate forecasting even more important.
For more information go to netsuite.com.
