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Share Name | Share Symbol | Market | Type |
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United Parcel Service | NYSE:UPS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.57 | -0.39% | 146.65 | 148.20 | 146.42 | 147.96 | 2,039,148 | 00:40:01 |
Over the next three years, a growing number of successful manufacturers will enhance their manufacturing processes with smart operations, a broader supply chain strategy that extends beyond the factory walls, according the paper, “The Rise of Smart Operations: Reaching New Levels of Operational Excellence.”
Lean and Six Sigma methods remain the standard for manufacturers, but continuous improvement has a downside. Overly optimized processes can become inflexible, leaving the business unable to adjust rapidly to disruptions in the supply chain and changing customer demand. Manufacturers that use smart operations are better positioned than others to compete and thrive in today’s fluctuating markets. That’s because increased visibility of inventory location and transportation allow companies to better analyze and quickly manage changes to their supply chain both upstream and downstream of the factory.
“Smart operations are crucial to the long-term success of manufacturing companies,” said Derrick Johnson, vice president of marketing at UPS. “The strategy enables manufacturers with limited resources to serve their increasingly demanding customers more flexibly.”
UPS and market research firm IDC conducted the survey of more than 100 manufacturing operations executives and hosted focus group discussions to assess how far along companies are in implementing smart operations. The report showed that 53% of companies were at a relatively low level of overall maturity. Still, 47% of the survey respondents said their company’s progress toward smart operations exceeded that of their peers.
There are five areas essential to smart operations:
At the heart of this business strategy is digital transformation enabled by investments in technology for data collection, advanced analytics and connectivity for products, assets and partners throughout the value chain. One top-tier automotive supplier that participated in the study explained: “We are no longer an automotive company, but a technology company in the automotive business.”
The UPS report also showed that manufacturers increasingly rely on external service providers, freeing themselves to focus on their own key competencies. Companies that have made less progress toward smart operations can take advantage of the technology and process investments their partners have already made.
UPS invests more than $1 billion annually in technology that includes innovative solutions to help manufacturers optimize their total value chain and implement strategies to quickly adapt to problems. The company’s supplier management services, for example, facilitate flawless transport and import of goods. UPS also offers visibility tools to help customers keep track of freight shipments around the world.
For more information on UPS industrial manufacturing solutions, visit www.ups.com and click the Industry Focus link under the UPS Solutions tab. To download the UPS white paper on smart operations, go to www.ups.com/smartops.
Kyle Peterson 404-828-4626 kylepeterson@ups.com
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