Process owners and operators can take financial data and put it to good use on the factory floor when it has three characteristics: defensibility, timeliness and transparency, writes Larry White of the Resource Consumption Accounting Institute. "The critical factor for financial information to be useful for manufacturing is that it must accurately reflect the causal relationships seen and experienced by process owners and operators," he writes.
Lucite International embraces a four-part reliability strategy centered on predictive monitoring to avoid downtime and other issues, writes engineer Victor Foster. "It isn't enough to just get reliability right; successful teams advertise their accomplishments," he writes.
Digital twins that are fed with accurate, regularly updated data and backed by culture and strategy "can achieve a holistic, data-centric organization and improve safety, reliability and profitability," writes Rick Standish of Aveva.
The logistics and transportation sector expects revenue and profitability to rise in the fourth quarter of 2018, with 74% of industry experts expressing optimism about the US economy, according to a survey from TCompanies. However, concerns remain over inflation creating increased prices, increasing wages, workforce shortages, tariffs and regulatory issues.
The US Treasury Department's Office of Foreign Assets Control has placed sanctions on shipping companies from Russia, Singapore and China for violating UN trade restrictions on North Korea. The companies are accused of falsifying shipping documents and providing port services to North Korean-flagged vessels.
Kroger will launch online sales in China via a storefront on Alibaba Group's Tmall Global marketplace, the company said. The site, set to launch today, will begin with private-label products, including Kroger's organic Simple Truth brand, and dietary supplements.
Newly appointed leaders may feel eager to bring their ideas to fruition, but teams can resent too much change attempted too quickly, writes Jennifer V. Miller. People are more accepting of change when you learn what the culture will support and associate your ideas with something that's already successful, she writes.
With returns setting back the US retail industry $351 billion each year, companies can minimize that cost by clearly explaining returns policies to consumers and defining all exceptions, such as final-sale items, writes Chargebacks911's David DeCorte. Retailers can also encourage sales by offering financial incentives for customers who accept store credit when making returns.