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MDM heard from a great group of industry experts in its webcast programming in 2011. We covered a broad range of topics, including profitability, lean, change management, inventory management and technology. If you have not checked out MDM’s webcasts in the past, the next program is Feb. 9, featuring Jonathan Byrnes in his quarterly Islands of Profit Webcast Series.
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Here are some of the management tips we learned from our speakers in 2011. Most programs are available on-demand and on DVD after the event. The links to access these programs are below.
- Financial accounting shouldn’t be the means by which management determines how to allocate business to increase profits. A better method: profit mapping, which provides a better and more practical picture of the profitability of each account or product. – from Leading for Profit: How to Lead a Profitability Turnaround with Jonathan Byrnes
- Workers pay attention to what leaders pay attention to, what they measure and what they control. Leaders’ actions embed culture in an organization. Focus on managing processes, rather than managing people and results. Superior processes will create superior results. – from Lean for Distributors: Improve Process, Eliminate Waste with Chuck Emery
- When it comes to IT, the “cloud” is more secure than most realize, with the top companies more focused on recovery and protection of data than most organizations could invest in themselves. But if you do run any or all of your business applications through the cloud, there are extra steps you can take – such as using a third-party audit service – to ensure the services you are using are secure. – from Cloud Computing: Reality vs. Theory featuring Steve Epner
- When it comes to making changes, stop talking, and start doing. And start small. Testing new ideas to illustrate their potential impact is a key element of successful change management. How? Find a partner - a customer or supplier – that is open-minded and innovative and willing to share data before, during and after. – from Managing Change: Tactics for Distributors with Bruce Merrifield
- If you’re looking to improve efficiencies without compromising your service level, question why you stock each of your slow-moving products. Do customers realistically expect it to be available for immediate delivery? Is it critical that must be stock in case of emergency? Does your profit margin offset the cost of carrying it for a long time? It’s important to approach the stocking of these items strategically. – from Inventory Management Best Practices for 2012 with Jon Schreibfeder