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Here are four emerging trends in the wire and cable industry:
FREMONT, CA: Cable manufacturers often face challenges because of the pressure in market share and profits. They often complicate the supply chain by expanding the customer base or product portfolio to increase growth or capacity utilization.
Today, robust IT solutions are available to assist these strategies and offer companies the required control and stability.
Here are four emerging trends in the wire and cable sector:
Innovation Creating Value
Cable manufacturers can reach out to the end customer of their products and understand their needs and develop products and services that generate real value. Agile IT solutions are needed to support and respond to changing customer demands and present the requests into the company’s supply chain.
Lower Working Capital
Inventory reduction is an essential factor of company management as it takes up the most significant part of the cable manufacturer’s existing assets. Companies need to have better insight and measurement of supply chain inventory to manage and limit stocks. Implementing an IT solution that suits the cable business will help the company monitor and manage inventories.
The LEAN Cable Factory
LEAN initiatives are introduced to offer a systematic approach to understand the value chain in a company. Source of waste is detected and removed in a series of steps along with redesigning business processes to generate value instead of waste.
A suitable IT solution can help in continuous improvement by offering agility, enabling the overall utilization of employee potential.
The cable industry uses a lot of capital to create average margins, and it mostly obtains commodities with volatile prices. Manufacturers need to implement IT solutions to handle the risks of price changes. The solution will also help provide the manufacturers insights into the risks and offer tools to address the risks.