Your supply chain has a significant impact on your business’s success and survival. As a Deloitte research revealed, 79% of businesses with superior supply chain capabilities report above average revenue growth. In comparison, only 8% of companies with underachieving supply chains have above average revenue growth.
Conversely, supply chain affects all aspects of your business, ranging from operating costs to production, marketing, and customer service. Therefore, choosing the right supply chain partner becomes fundamental to business success. Proto Plastics is a great supply chain partner that guarantees the success and survival of your business amidst intense competition. After all, we ensure product availability and reliable delivery of your desired components.
With this in mind, let’s take you through a quick overview of how Proto Plastics improves your supply chain.
1. Component Sourcing
Consider the following scenarios;
- First, you just discovered that one of your primary suppliers is in fact involved in supplying counterfeits.
- Maybe you’ve ever sent a check to a supply representative but later, you’re alerted that the person no longer works with the supplier.
- Or, after procuring products, you discover that many of them have defects.
In all the above situations, one thing is certain, there is a deficiency in the sourcing function resulting in the failure in products or processes. The sourcing team has an obligation of obtaining physical components from the right supply considering the quality, cost, lead times, conformity to regulations, and other parameters like customer support. One mistake in component sourcing affects not only product development but the entire organization.
At Proto Plastics, the role of component sourcing is handled cautiously. We purchase standard and customized parts from qualified suppliers only. The suppliers are vetted appropriately to ensure they deliver high-quality parts. The quality components procured are then assembled to meet specified customer needs.
2. Managing Inventory
Delayed shipments, customer dissatisfaction, inefficiency, lost customers, and missed sales are all effects of poor inventory management. Imagine this; a customer orders a product, but the directive cannot be fulfilled because the product is out of stock. What happens? Do you think the customer will wait until you restock your items? The simple answer is NO. They will take their business to a competitor who can fulfill their order promptly and even at a competitive price. The result is that you lose a sale, customer, and repeat business.
Poor inventory management is among the top eight reasons startups fail every year. On average, a business devotes 25-35% of their operating budget on inventory expenses. A company with poor inventory management spends significantly more on inventory resulting in inefficiency and substantially curtailed profits.
Proto Plastics acknowledges the adverse effects of poor inventory management. Importantly, we recognize that customer needs can change abruptly. In line with this, we have a flexible production scheduling system that responds to changes at a moment’s notice.
We always have a safety stock of customers’ injection molded parts and assemblies in case they are needed. Our policy is to strike a balance between fulfilling customer demands and maintaining an adequate supply of components. In case you have an unexpected demand for plastic parts, we can deliver timely.
3. Planning and Scheduling
Lack of planning and scheduling in the supply chain has numerous detrimental effects. They include increased costs, low profitability, longer lead times, customer dissatisfaction, delays, and a tarnished reputation. It is, therefore, important for businesses to prioritize planning and scheduling to harness benefits like increased customer satisfaction and greater productivity.
At Proto Plastics, we prioritize planning and scheduling to enhance customer satisfaction. We have an IQMS ERP system that helps with storing, tracking, and fulfilling customer orders in real-time. With us, assembly components, packaging materials, and plastic resins reach you on time without delays.
Businesses in all industries are under pressure more than ever to optimize their supply chain. By optimizing your supply chain, you can reduce operating costs, increase customer satisfaction, improve productivity, and boost your bottom line.
One way of optimizing your supply chain is by partnering with a reliable plastic molding manufacturer like Proto Plastics. We have what it takes to get your injection mold parts to the market timely and on a budget. Contact us for more information.