Prime Advantage Blog

Looming Freight Capacity Concerns and Rising Rates

Posted by Guest Contributor on Aug 24, 2017 11:15:00 AM
Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, Neal Willis of ReTrans Freight, discusses upcoming freight limitations and price increases .

Summer’s window of vacations and time off are coming to an end and before we know it the holiday season will be upon us all the while freight shipments will continue to ramp up. Freight rates are poised to rise and the capacity situation will undoubtedly drive freight rates higher for shippers. Experts and analysts are warning shippers about the rising costs of freight rates and advising shippers to align 2018 for the pending crunch. Some brokerage heavy, large 3PLs have already fell victim to higher purchased transportation costs and their profits have taken a hit as a result.

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Topics: Manufacturing, Industry News

The Blockchain is Lowering Uncertainty in the Supply Chain

Posted by Dan Grant on Aug 22, 2017 10:05:00 AM

“There is a new technological institution that will fundamentally change how we exchange value,” says Bettina Warburg during her Ted Talk on blockchain and it’s growing importance in trade and the economy. Blockchain is the latest way we as a society are trying to lower uncertainty about one another so that we can exchange value. As we’ve evolved throughout history, we’ve built formal institutions like banks, governments, and corporations, all to facilitate trade with confidence. Blockchain is the next generation of enabling trade with increased levels of assurance.

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Topics: Supply Chain, Industry News

Taking Time and Costs Out of Qualifying Suppliers

Posted by Mike McDonald on Aug 10, 2017 10:53:23 AM

Searching for new vendors or suppliers to replace existing ones can be an arduous task. One that often creates more questions than answers along the way for procurement. Will the new supplier be able to meet the needs of our business? Will their goals be aligned with ours? Will they be able to help us grow and innovate? How will they treat us two, three years down the road when the initial courtship is a distant memory? How will they perform compared to our existing supplier or in contrast to other options in the marketplace? And the points to consider go on, and on, and on…

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Topics: Supplier and Member Best Practices

The Cybersecurity Threat in Manufacturing is Real

Posted by Alison Chebuhar on Aug 8, 2017 3:15:00 PM

A staggering 39% of manufacturing companies responding in a recent Deloitte survey reported experiencing a cybersecurity breach in the past 12 months. And over one-third of these companies lost between $1 million and $10 million as a result of the attack. These attacks can wreak havoc upon businesses in terms of lost productivity, ransomware payments, and intellectual property being made public to the competition. Phishing, pharming and social engineering make up the majority of the breaches, according to the report.

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Topics: Manufacturing, Industry News

Strategic Sourcing Stage 1: Properly Aligning Goals

Posted by Joe Ptak on Jul 27, 2017 3:54:54 PM

This is a six-part series unpacking the stages of true strategic sourcing.

The means to achieving success in the procurement world have drastically evolved over the years and now hinge on one’s ability to strategically source. Modern businesses demand optimal supply options for the best attainable value from a holistic standpoint. Merely analyzing price or top level attributes is no longer enough to separate from the competition.

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Topics: Strategic Sourcing

Successful Manufacturing Companies Are Selling Outcomes

Posted by Dan Grant on Jul 21, 2017 11:20:00 AM

There’s a shift happening in manufacturing as prosperous companies are increasingly focusing on outcomes, rather than solely on products to drive profits and growth.  In the past, it was sufficient to strive to meet each individual segment’s needs. But now, outcome-centric organizations are targeting and tailoring value propositions to each individual customer. To achieve this, companies must have a strong partnership with their customers so that they know them well enough to understand the specific outcomes they’re seeking.

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Topics: Manufacturing, Analytics and Technology

Investing in Cybersecurity for Your Business on a Budget

Posted by Guest Contributor on Jul 18, 2017 12:50:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, Maricel Tabalba of Credit.com, discusses how companies can beef up their cybersecurity without breaking the bank.

In today's increasingly wired world, digital systems are critical in facilitating customer engagement, managing finances, and running many aspects of day-to-day business operation. But for all that Internet-enabled technologies can do for a company, without the proper precaution, they can expose your organization to serious - and expensive - risks as well.

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Topics: Analytics and Technology

Try This Trick When Solving a Problem

Posted by Joe Ptak on Jul 13, 2017 3:22:00 PM

There are an infinite number of ways to attack a problem. Granted, some techniques are significantly better than others -- rebooting your frozen computer is probably a better idea than a series of right-handed jabs to the screen, though both are technically attempts at solving the issue. That said, the solutions we come up with will inevitably always be drawn from our experiences and what we think we know. So the true challenge is to tap into the depths of our brains to pull out the best of what’s floating around in there.

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Topics: Talent and Leadership

5 Tips For Retaining Your Best Employees

Posted by Guest Contributor on Jul 6, 2017 2:50:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, freelance writer and marketing consultant, Lisa Michaels, discusses what companies have to do to keep their best talent.

As a business owner or manager, you may be well aware of how vital your employees are to the success of your business. Your best employees are responsible for increased product sales, customer satisfaction and other critical elements of success within your organization. If you want to promote the long-term health of your company, you need to focus your attention on improving employee retention.

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Topics: Talent and Leadership

5 Benefits of Cloud Computing for Your Business

Posted by Guest Contributor on Jun 29, 2017 2:30:00 PM

Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, freelance writer and marketing consultant, Lisa Michaels, discusses how companies are profiting by incorporating cloud computing.

Businesses used to be limited in their computing power because of hard-drive constraints. One computer had to be managed by the business with constant upgrades to keep up with an expanding customer base. With cloud-based computing, an entire world opened up to businesses of all sizes.

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Topics: Analytics and Technology

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