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Plastics Manufacturing: Business Intelligence Is The New Currency, Not Big Data
Okay, this is not just for Plastic Manufacturing, but given the competitiveness and growth of plastics, I’d suggest that this statement is absolutely true. Consider some of these typical comments: “Geez, if we’d only known earlier…” “Who could have predicted that?” “Why aren’t we doing that?” “It seems so obvious now…” “We could be rich…
Read MoreManaging Expiration Dates in Plastics Manufacturing
While using a First In, First Out (FIFO) inventory management method in Plastic Manufacturing is well known and helps control time based degradation by constantly rotating raw materials, it doesn’t necessarily address differences in raw material quality deterioration associated with this aging. Resin, colorants, and other additives obviously do not have the same properties (different…
Read MoreApps, ERP, and IoT in Plastics Manufacturing
Plastic Manufacturing is growing, and it remains a cutthroat industry. It’s no longer enough to simply have good products or an efficient manufacturing operations – you now need the proper systems and technology in place to succeed. Your ERP runs your business, houses your master data, and is your primary system of record. On the…
Read MoreThe Art and Science of Demand Forecasting for Plastic Manufacturers
Whether your Plastics Manufacturing Business is volatile or stable, continued growth in the top and bottom lines is expected. Presumably, everyone knows the myriad of reasons and impact that accurate demand planning has on carrying costs attributed to overstocked inventory, Return on Capital, Cash Flow, and Earnings. If underestimated, it can obviously adversely affect revenues…
Read MoreLeveraging Mobile Devices in Plastics Manufacturing Warehouses
The warehouse continues to be a focal point for performance improvement in Plastics Manufacturing. Equipping personnel with RF guns or other mobile devices is an important factor in picking and putaway performance. Microsoft continues to understand mobile device advantages by developing mobile applications, using HTML5, or specifically targeting RF devices. There are still pros and…
Read MoreHow Plastics Manufacturers Add Customer Service Value Using Consignment Inventory
It is not unusual for Plastics Manufacturers to offer a Consignment Inventory model as a value added service to customers. Whether it’s due to the: • Tight collaboration necessary in the Supply Chain required by industries like automotive, • Volatile demand in your customer’s industry, • Financial needs of new customers related cash flow or…
Read MoreContinuous Improvement in Plastics Manufacturing
As Plastics Manufacturers continue to improve yield percentage, operational speed or uptime, it is important to track the events or draw insight for root cause. Quality issues related to high scrap rate can be due to materials, process, calibration or human factors. It’s important to capture these non-conforming events and report on them, so corrective…
Read MoreThe Future of Plastics Manufacturing: Industry 4.0, Internet of Things, and Digital Transformation
Input/Process/Output. I think this is a great way to evaluate new ideas or to simply process a unique or emerging trend. As we view Industry 4.0, let’s first define it and then evaluate how this might impact Plastics Manufacturing. Part of the excitement around Industry 4.0 is the fact that the Input and Process spectrum…
Read MoreThe Importance of Visible & Accurate Inventory Valuation in Plastics Manufacturing
One of the key areas to manage is Inventory Valuation. Whether you make molds, extruded sheets or films, bags or other plastic goods, and whether your valuation method is FIFO, LIFO, FEFO or some average or weighted cost, the system must value your inventory according to your business environment and needs. The process must be…
Read MoreHow to Gain and Leverage Financial Insights in Plastics Manufacturing
As Plastic Manufacturers evaluate opportunities and threats, it’s easier to look inwards to investigate ways to optimize processes. Removing non value-added processes is one possible step. Evaluating cost across lines, customer, product, projects, groups, regions or cost centers is important to confirming profitability or possible cost leaks. Whether you’re an extruder, molder, or thermoformer, capturing…
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