It is Vital to Reduce the Industry Lead Time: Ken Research
The lead times denotes the overall time taken from the start from the manufacturing process until its completion. Moreover, there are various types of lead times based on the product and customer involved in manufacturing or its assembly. All industries attempt to reduce the overall lead time by improving the manufacturing or the productivity, the increase in output of the finished goods and further streamlining the operations further assist in reducing the lead time.
The Industry Lead Time Reduction may differ from supplier to supplier further it always includes the estimations predicting the delivery of inventory stock items. Moreover, such estimations and analysis makes it more difficult to manage the production efficiency. The most operative way to remove such issue is to consolidate suppliers list. Based on the overall amount of time related to purchase order which is being delivered from a supplier, and taken an account of the time taken from the supplier to admit and progress the order. In Addition, the longer the lead time more the stock which will be needed to be hold in the inventory. The longer lead times further make goods deliveries extra volatile and leads in relying heavily towards the demand forecasts to make such orders.
The improving of inventory control measures further ensures that organisation exactly knows about the amount of on hand inventory stock guaranteeing all of necessary components to be available while production is in progress. The efficient method of inventory control is to reduce the inventory investment, handling costs and improvising the manufacturing processes. The improvement in inventory control ensuring the exactly what all, and how much inventory stock on hand to guarantee all the necessary components available for manufacturing operations. The analysis of lead times further reduces all sorts of delay associated to tasks processed automatically or manually activities such as placing of orders, processing the changes, data entry, and many more. Further, the most modern manufacturing companies are further driven by rapid technological advancements and shorter lead-times. The lead-time reduction largely comprises of different components which include the process time, moving, the lot size, and the rework time may be treated as the controllable variables.
The Customer Journey Preferences primarily displays the typical point of interaction over the different stages of the customer engagement. Moreover, in the simplest form customer journey is considered is the entire customer experience starting from the customer’s first interface with the company, brand and every communication thereafter. The Customer Journey Preferences further assists in understanding the customer behaviour during along with the buying process, customer needs and their expectations. The journey and preferences further assists in delivering the consistent experiences and thereby continually improving the interactions & designing a better user experience. Creating a good customer experience further encourages customer to buy and become a continuous activity associated to companies. It is important realize & work in accordance to both customer and business needs to continuously evolve and loop the customer feedback into the customer journey. As feedback loop, always assist in analyzing customer journey which further leads to business success.
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Ankur Gupta, Head Marketing & Communications