If you run a factory, you understand that it’s crucial to make sure that everything runs according to your specifications. Best practices are important to follow, of course, but it’s just as important to find a way to become more and more efficient if you want to keep your factory successful. It might seem like a concept out of left field to be told that vendor management can play a role in your factory’s productivity, but, in actuality, it’s something worth considering.
Vendor management can play a big role in keeping your bottom line where you want it to be. Whether it’s saving money on the inventory you stock your vending machines with or adapting the right electrical manufacturing equipment, every decision you make plays a role in keeping your factory in tip-top shape. Here are four tips for managing your factory’s vendors so that you can keep finding success, no matter how much you scale your production.
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Make sure your vendors can service the equipment you need.
Not every factory uses the same equipment to operate, and when it comes to electrical components that can be a problem. This can ultimately hurt your overall production, since the energy that your factory is powered by plays a major role in your overall output. After all, if your capacitor switch doesn’t help your factory operate at maximum voltage, you’re going to have trouble hitting your benchmarks and production goals. Especially if you’re switching from one utility provider to a new one, make sure that you spend some time discussing your capacitor switches with them before you commit to an energy supplier. Some companies may even be able to help you switch to more environmentally-friendly, energy-efficient ways of operating.
2. Over-communication isn’t a bad thing.
Most factories work with a broad array of suppliers and distribution channels in order to keep their production line humming. As a result, at any given time you’re likely collaborating with upwards of five or ten different vendors, which can be a lot to wrap your head around. In these sorts of situations, it doesn’t hurt to over-communicate. Keeping everyone in the loop may crowd up your email inbox, but it also prevents all parties from letting anything slip through the cracks. The more complicated your factory’s supply chain is, the more important it is that you stay on top of your various communication channels.
3. Money isn’t the only factor to think about.
Successful factories need to be smart about how they allocate their resources. That being said, there’s more to choosing (or deciding to keep) a relationship with a vendor than just looking at cost. Sometimes in the world of business, you get what you pay for, so saving money on your utilities or cutting corners on production materials could ultimately come back to bite you a short time into the future. As such, while you compare different options in regards to the suppliers available to you, make sure to factor in other qualities like customer service, speed, and years of experience, too.
4. Don’t forget about stocking food and drinks for your employees!
Human capital is a pivotal piece of the puzzle when it comes to keeping your factory running efficiently. As such, any food and drinks you can provide (free of charge or for sale in a vending machine) to your staff can be beneficial in keeping your staff satisfied. Particularly if your factory involves manual labor, being able to offer natural spring water or other drinks from brand names in the beverage industry like PepsiCo or Coca-Cola can be a refreshing additional perk. You may even want to import Canadian spring water so that your staff has some of the best tasting water on the market to keep them going while they work.