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States are reopening their manufacturing sectors. Here’s what they…
Bambi Majumdar ManufacturingThe manufacturing industry will have a significant role in the coming economic recovery, so there is optimism to be had with the news of the sector reopening in many places. But worker safety must be of paramount importance. As we cautiously go into our next phase of battling this pandemic, manufacturing companies are preparing to protect workers from the spread of COVID-19.
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Rely on Lean’s basics to recover from a crisis, prevent flatlining
Mark C. DeLuzio Business Management, Services & Risk ManagementOne of the best things leaders can do in a crisis — or to get back on track with their turnaround — is to get back to the basic tenets of Lean. When times get tough, we're inclined to seek out the next silver bullet instead of digging in to better utilize the tried-and-true methods we already have. Instead of thinking, "These Lean concepts don’t apply to my business," you must shift your mindset to being an active, hands-on participant in your Lean transformation. Even when you are sitting in the corner office, this starts with revisiting the fundamentals of Lean and how to manage them.
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The ABCs of cargo insurance
Gail Short Distribution & WarehousingAs COVID-19 swept through Wuhan earlier this year, China fought to contain the spread of the virus by locking down the city and closing the port of Fuzhou from vessels from several foreign countries, including the United States. Subsequently, exports to the United States fell sharply. But even before the COVID-19 pandemic, shipping freight has always been a venture full of risk. The potential disasters and mishaps include theft, hurricanes, train derailments, truck collisions and containers jettisoned or lost at sea as well as corruption and political unrest in foreign nations.
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Innovation, cloud solutions will drive the future of manufacturing
Bambi Majumdar ManufacturingHistorically a conservative industry, the manufacturing sector must now be more agile and innovate at a higher level in the years to come. The industry has been bombarded with new and unprecedented challenges and has had to pivot in record time during the coronavirus pandemic. There have been supply chain disruptions, factory closures due to COVID-19 cases, and delayed launch schedules. Some oversight processes have been stalled and raise quality issues that need to be solved immediately.
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The home appliances market has shifted thanks to COVID-19
Bambi Majumdar RetailCOVID-19's impact on businesses has been devastating, but for retailers and manufacturers who can scan consumer trends and pivot, things may not be so bad in the days to come. For one, industry reports show that the pandemic is driving the sale of all kinds of small appliances. Most of these purchases are for cooking and cleaning, including products that will allow people to lead a healthy lifestyle, stay motivated, and practice social distancing.
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Pandemic sheds light on weak links in inventory strategies
Gail Short Distribution & WarehousingIn the weeks after COVID-19 began sweeping across the United States, the pandemic succeeded in revealing chinks in the country’s retail and manufacturing supply chains. Many factories and retailers use an inventory system called the just-in-time (JIT) method to save on costs and, in the case of factories, to support lean manufacturing practices. But in light of the recent disruptions to supply chains due to the coronavirus pandemic, some experts say it is time to review current supply chains and inventory processes like JIT.
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Is a new New Deal possible?
Seth Sandronsky Civil & GovernmentWith COVID-19 closing businesses across the U.S., the buying power of jobless workers is plunging. A parallel is the Great Depression of the 1930s. Then, President Franklin Delano Roosevelt and his wife, Eleanor, spearheaded the New Deal. A series of programs, it expanded the federal government's role in the economy to boost weak demand and revive commerce. Is a new New Deal a possibility, and if so, what would it look like?
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COVID-19 reveals the value of domestic manufacturing
Bambi Majumdar ManufacturingThe COVID-19 pandemic has brought attention to the value of domestic manufacturing. One recurring piece of news that we see everywhere, from cable channels to social media, is the urgent need for more PPE and how Americans are stepping in to make these products for our front liners. From individual contributors to major industry leaders, millions are invested in helping to make supplies for the medical community. But many leaders and businesses are looking at other U.S. manufacturing possibilities going forward.
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President Trump signs Paycheck Protection Program 2.0
Seth Sandronsky Business Management, Services & Risk ManagementOn April 24, President Trump signed a second Paycheck Protection Program (PPP) of $484 billion to aid an economy that is shrinking sharply from the COVID-19 pandemic. In the past 35 days, as leisure, hospitality and retail businesses have closed across the U.S., over 24 million workers have filed claims for unemployment insurance. According to the president’s Twitter account, PPP 2.0 includes $310 billion to replenish the small business PPP, $75 billion for hospitals and $25 billion for COVID-19 tests.
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Manufacturing immiseration in the economy of essentials
Michelle R. Matisons ManufacturingThe Trump administration reluctantly employed the Defense Production Act (DPA), but it is now operative in an economic crisis routinely compared with the 2008 Great Recession and the Great Depression before it. What happens in the manufacturing sector is critical, as it faces a triple threat: climate change uncertainties; COVID-19 supply and demand chain disruptions; and routine overproduction and outsourcing. One analysis gaining traction is that advanced industrial economies, largely dependent on fossil fuel extraction, are downsizing and simplifying anyway.
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