Video In the span of six weeks, the world as we knew it came to a halt. We experienced a massive economic shift from sustained growth, even if lined with skepticism for its long-term sustainability, to a drop of nearly 30% in the U.S.’s daily economic output. While this cataclysmic stoppage has often been in response to containing the pandemic spread, forward-thinking organizations have already begun to plan their emergence from the shutdown – and to redefine the future of the sourcing function. Join Baker Tilly in this on-demand webinar to learn best practices, practical examples and actionable tools leveraged by the sectors’ most progressive organizations in shaping a new reality of sourcing – today. Key learning objectives: Understand the five guiding posts in redefining sourcing and operational frameworks under the new economic reality Gain insights on best practice-based phases and actions associated with sourcing initiatives Identify the risks associated with supply chains and mitigation strategies Understand the near- and long-term benefits of a well-structured sourcing initiative Apply a directional framework to integrating such items into a resilient sourcing model for your organization  Who should attend: Finance: CFO, VP of Finance, Controller Procurement: Chief Procurement Officer (CPO), VP and Director of Sourcing, Procurement Manager Operations: COO, VP of Operations Baker Tilly presenters: Jeff Jorge
Principal – Supply chain practice leader (Baker Tilly) Cameron Reid
Senior Manager – Sourcing practice leader (Baker Tilly)
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Join Baker Tilly in an on-demand webinar to learn best practices, practical examples and actionable tools leveraged in shaping a new reality of sourcing – today.

Manufacturing & Distribution

Supply Chain Network Optimization

Supply Chain & Operations Stabilization

Re-defining sourcing: economic uncertainty as the trigger for operational efficiency and reinvention

Authored by Jack McCraine  As companies face uncertainty about post-pandemic sales and service strategy, many distributors have found it challenging to increase sales volume and points of distribution, which were industry pain points before COVID-19 placed more reliance on remote selling.  Service providers such as Amazon Prime, Provi, Barley Sober and numerous other e-commerce platforms are benefitting from having robust remote selling systems and strategies in place before customer demand increased in this new competitive landscape. Customers who have less availability for face-to-face calls and small talk are challenging the distributors’ ability to perform. Instead, customers are taking the initiative to educate themselves about product offerings, leveraging reviews and their own insights to make decisions or outright shielding themselves due to social distancing and the effects of COVID-19. The lack of brand loyalty, new consumer preferences and the pressure for stock-keeping unit (SKU) rationalization makes it more challenging to successfully grow incremental business.    The pitfalls of traditional sales and service strategies Many organizations are looking for better results, yet are adverse to risks associated with major changes – continuing to rely on nominal departmental or incentive tweaks to “re-motivate” the sales team. When considering how to transform business without hemorrhaging market share and reasonable results, organizations should consider these questions:  Does it make sense to change a 30-year-old sales and service strategy?  Does a sales rep visit the customer to influence their order before it is placed?  How effective is the current business strategy when measured against the return on investment?   Customer demands have skyrocketed and are expected to increase for the foreseeable future. The need to be more effective and efficient while engaging customers and increasing the customer experience will require employee routines to be overhauled to maximize sales and profit. This demand for products needs to be balanced with the need for employees and customers to stay safe.  Remote selling: reframing the sales pitch Remote selling is contact-free customer engagement that utilizes a combination of techniques such as phone calls, emails, catalogs and social media posts. Remote selling strategies are common across all distributors and have been utilized in varying degrees for decades. When implemented correctly, remote selling leverages technology, business intelligence, automation and proper oversight to connect with customers, drive sales and maximize profits. Integrating remote selling in your company can benefit your business by:  Increasing accountability  Sales calls conducted as if the boss was standing next to you Error-free process utilizing intelligent automation The right objective with every sales pitch with business intelligence Data-driven charts and graphs As prevalent as remote selling has been for decades, most companies have not considered the benefits of updating their preferred sales methods and strategies. Holding onto outdated industry paradigms can hinder a company’s implementation of progressive business strategies. Most distributors are not managing their data effectively. They have not challenged current repetitive routines nor considered how additional processes could be automated to accelerate business performance.  Distributors need a business intelligent approach that allows them to leverage their data, translate it into effective reporting, and leverage the insights for actionable results. Distributors should re-examine each team member’s role and determine how they can repurpose their people into new roles that allow for their personal and professional growth while yielding better results for their business. These changes could allow for accelerated business metrics with long-term sustainable increases in sales, market share and profit.  Assess various aspects of your business  Understanding your current business operations can better position your company to implement necessary changes to adapt to the evolving market and meet your goals. These are the recommended areas of focus and necessary questions to ask while examining your business:  Engage in strategic scenario planning to determine current and long-term goals 
-What does the business require to achieve its strategic plan?   Recognize your cash flow position 
-Can the current sales and service strategy deliver what the company requires from a cash flow standpoint in the “new normal,” post-COVID-19 pandemic?  
-Can the company reach its goals with the current products, or is divestment or investment required?   Understanding your supply chain  Comprehend your current technology capacity
-Do you have the right applications, tools and resources to achieve your goals? Compliance to contracts and distribution agreements 
-Everything in business is connected; how will adjustments to your company’s sales strategy in one department affect other departments and commitments to your supplier partners?  Implement a hybrid selling approach  A hybrid approach combines a reasonable frequency of face-to-face interactions with remote selling, when applicable, to foster trust, help deliver the optimal sales pitch and render a preferred order. An accurate and honest assessment of your business goals, cash flow, supply chain and technological capabilities will better position your business to incorporate and adapt to remote selling. Building a sales strategy template that incorporates company standards, processes and protocols helps ensure more consistency across presentations and often leads to better results and a more accountable sales team.  Innovate with technology Many technologies are readily accessible, and often customizable, to help businesses address a variety of needs. Due to the increase of demand in this technology, the overall cost of these technologies has decreased, which is why this is finally an affordable solution for distributors. The methods that follow help businesses to capitalize on opportunities and have more productive interactions with customers. Customer delivery notification automation alerts the customer that their delivery is en route, as well as communicates other important information, like what is on the truck and the total cost for the delivery. This process is similar to following your packages across the country with a mail carrier service tracking number. This provides a way to set up a repeatable process and provide an exceptional customer experience. The customer is given time to review the order before it arrives, process payment, or simply prepare to receive the delivery prior to arrival to expedite the process. This level of information can inform your customer that their order has left the warehouse, and then again that you’re one stop away from arrival. For customers that require additional service after delivery, an internal communication such as a text or email can be sent to select employees in your organization. This internal communication notifying the right people will improve response time of any post-delivery follow-up and enhance execution of additional opportunities with the customer.  Robotics process automation (RPA) replaces the manual, mundane tasks performed by employees with timesaving solutions performed by software robots – allowing employees to focus on higher level, valued-added work. For example, an automated email could give the customer time to mentally prepare for the sales call by checking inventory levels and overall performance of your brands, or to do their own research. An advance email notification prior to the sales call could motivate your sales team to fully prepare by communicating directly to the customer their last order, the year-to-date performance of all SKUs in easy to read charts and graphs, and a recommended next order. Automating this process provides accountability for your sales team by ensuring their “selling objective” is delivered as if the boss were standing right next to them.   Preparing for the future is often hard to do, but expanding upon the same methodology of RPA in your business to teach your system to make decisions based on data with business intelligence is powerful, and a great way to move into the future. The use of customer delivery notifications, business intelligence and RPA technology can save your company time and efficiency, and create effectiveness that can be used to make additional sales calls to nurture opportunities that will grow the business and improve the customer experience.  How we can help  Sales transformation will help you achieve an exciting future state by combining business intelligence and intelligent automation with remote selling strategies. Baker Tilly professionals can help you assess your business, leveraging best practices to achieve sustainable solutions, and develop your remote selling strategies to maximize employee potential, enhance the customer experience and yield better results.  Contact us for more information on how to incorporate remote selling into your business. 

Baker Tilly discusses considerations for implementing remote selling strategies into your business.

Retail

Food & Beverage

Small business

Manufacturing and distribution coronavirus resources

Implementing remote-based selling strategies into your business

The COVID-19 pandemic has disrupted critical supply markets around the world. Organizations reliant on transoceanic shipping, air travel and ground transportation to reach suppliers and customers are now tasked with navigating halted operations and shipment delays due to varying regulatory restrictions and shelter-in-place orders.   Every industrialized country has been impacted by the pandemic. “Economies and supplies are way more interconnected, if not more codependent, than ever before,” said Jeff Jorge, principal and international services practice leader, during Baker Tilly’s webinar, From survival to recovery: shielding your supply chain from COVID-19. The heightened awareness of the global economy has stunted the movement of people and slowed or idled the production of goods – resulting in dwindling supplies and increased costs for goods and freight. Jorge said that sourcing and product flow have not changed much in the United States, and will not do so until inventory depletes. Currently, the biggest impact on the economy stateside is the volume of products being transported and restrictions on products by customs and border protection agencies. Some products, such as medical supplies and personal protective equipment (PPE), have fewer restrictions and enjoy priority status as they are processed; other products are stalled indefinitely. Additionally, restrictions and processing times are expected to increase with impending U.S.-Mexico-Canada Agreement (USMCA) standards, which will factor product origins into the manufacturing and distribution process. Historically, the supply chain has heavily relied on China for labor and goods, including the city of Wuhan, where COVID-19 is believed to have originated. As the virus spread in the early months of 2020, economic activity across China was brought to a standstill – affecting customers, employees and organizations throughout the world.  Supply chain flexibility As governments create tentative plans to reopen economies, and factor in the possible resurgence of infections, it is more important than ever for organizations to create flexible business models that convert COVID-19-related challenges into opportunities to find innovative ways to make and move product.
By embracing new ways of conducting business, organizations can serve customers, reduce costs and capitalize on supply chain responsiveness – helping to ensure a successful, sustainable future. The first step is prioritizing next steps for the foreseeable future, as outlined below.   NOW – the first 30 days To the extent possible, focus on tactical, forward-planning activities. Shift thinking from making decisions based on organizational priorities and assumptions to making decisions based on customer needs. This will help create an immediate benefit to your organization and establish the framework for a more resilient supply chain. Communication is key. Companies should establish a cross-functional crisis management team to communicate status and plans with owners and shareholders – engage with customers to manage expectations regarding delays, prioritizing products critical to meeting their immediate and near-term needs. Provide appropriate hygiene and safety protocols and supplies for employees Assess options for adapting manufacturing to products that assist in combating COVID-19 Review safety stocks and inventory levels of critical products and materials across supply chain Mitigate potential disruptions due to supplier constraints and service reductions; if possible, renegotiate agreements Assess alternative supply providers, networks and markets; consider reserving or procuring air freight, international shipping or ports with fewer restrictive requirements months before future orders and inventory are expected to ship, so you can more seamlessly resume operations Consider tapping into existing lines of credit and apply for any relevant government-sponsored COVID-19-related assistance Even while taking these immediate actions, “don’t take your eye off of cybersecurity,” said Jeff Peterson, director and supply chain and operations services leader. Bad actors attempting to compromise organizations and their data are more creative and vigilant than ever, taking advantage of the uncertainty and ensuing anxiousness of the pandemic’s effects. Secure and accurate data creates a secure foundation for efficiently managing potential disruptions to inventory, manufacturing and operations, transportation and logistics. NEXT – 30 to 120 days out Forward planning intersects every aspect of the supply chain and requires leadership to consider different scenarios about how an open economy or global recession may affect businesses. Each executable plan should strategically refocus product offerings and supply chain planning tools to align with customer priorities, eliminate complexity and consider the possibility of expanding into new markets in the post-pandemic period. Review manufacturing strategy and contract service providers; consider insourcing production of components or parts previously sourced from high-risk regions Determine the cost advantages of relocating manufacturing and distribution based on labor availability, as furloughed workers may have found jobs elsewhere Establish capacity with distributors, who will likely see an influx of service and capacity requests as businesses around the world resume operations; procure air cargo capacity to offset likely long lead-times for ocean freight Develop plans to implement, expand and optimize online shopping platforms, enterprise resource planning (ERP) software, intelligent automation, data analytics and manufacturing technologies to help eliminate repetitive work and streamline operational functions LATER – four months to two years out Begin implementing tools and processes based on strategic insights and crisis scenario plans. Leverage your visibility of and insight into the supply chain to accelerate the transition to more responsive business operations. Be proactive and make decisions that will enable a more streamlined and resilient manufacturing and distribution process. Prepare for significant rehiring and retraining efforts as operations resume or increase Integrate functions to respond to, prepare for and relaunch into new market economy Consider targeted M&A transactions for capacity, market share or innovation Establish online channels for sales and customer service Implement redesign across manufacturing and distribution networks Implement redesigned sourcing strategies for critical materials, components or equipment While supply chain interruptions related to the pandemic threaten the survival of many businesses, focusing on this “now, next, later” strategy is an effective way to focus your company’s resources and prepare it to better address future trade policy shifts and supply disruptions.  For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.
Baker Tilly COVID-19 support Baker Tilly is ready to help you with practical advice on informing and supporting your employees as well as keeping your business running.

While supply chain interruptions related to the pandemic threaten the survival of many businesses, focusing on this “now, next, later” strategy is an effective way to focus your company’s resources and prepare it to better address future trade policy shifts and supply disruptions.

Automotive & Mobility

Distribution

Agribusiness

Coronavirus Resource Center

Automotive and mobility company coronavirus resources

Small and family business coronavirus resources

Supply chain flexibility key to turn COVID-19 challenges into opportunities

Authored by Jeff Jorge and Kate Crowley As the coronavirus (COVID-19) pandemic in the U.S. spread in March, leading to shelter-in-place orders in most states and a rapid slowdown of the national economy, businesses started adopting Baker Tilly’s “now, next, later” framework to address supply chain challenges. “Now” is focused on the first 30 days; “next” is focused on the following 60 days; and “later” focuses on 90 days and beyond. In an article for Area Development, Jeff Jorge and Kate Crowley noted that in the coming months, successful companies will be the ones that manage their cash flows well, support and protect their employees as they shift to new working environments, demonstrate their continued value to customers, and stabilize their supply chains. The article can be accessed here.

Read this article from Area Development, in which Jeff Jorge and Kate Crowley discuss Baker Tilly’s “now, next, later” framework to address supply chain challenges amidst the coronavirus pandemic.

Family Business

Center for the Return of Manufacturing

Coronavirus recovery for the automotive and mobility industry

Coronavirus recovery for the manufacturing and distribution industry

A “now, next, later” approach will guide supply chain shifts related to pandemic challenges

 Businesses with a manufacturing or distribution sector have most likely had their supply chain impacted by the coronavirus pandemic. At a time when both COVID-19 news and resources can feel overwhelming, having a knowledgeable source for clarity and structure is both a respite and a source of strength.  Listen to Baker Tilly’s, informational, on-demand webinar to learn about different approaches leveraged by some of the world’s leading companies to protect their supply chain against the pandemic’s impact, strengthen it from future disruptions, and explore practical insights and resources to help your business protect and enhance their value now, next and in the post-pandemic stage.   Our informational discussion addresses:  An understanding of the pandemic’s impact on supply chains  Best practices to overcome obstacles when dealing with disruptions to supply chains and how to spot the next wave of vulnerabilities Areas to improve resilience of your supply chain today and better position it to thrive once the crisis has past. For more information on this topic, or to learn how Baker Tilly’s Value Architects™ can help, contact our team.


Listen to Baker Tilly’s on-demand webinar to learn about the effects  COVID-19 has had on supply chains and explore best practices to  safeguard your business.

Government Contractors

Healthcare & Life Sciences

Not-for-Profit

Construction

Health plan coronavirus resources

Healthcare provider coronavirus resources

Medical device and pharmaceutical coronavirus resources

Construction coronavirus resources

From survival to recovery: shielding your supply chain from COVID-19 

COVID-19 is impacting every aspect of our daily lives, especially in manufacturing.  The Precision Metalforming Association (PMA) hosted a roundtable discussion where metal forming and fabricating executives shared how they are leading during this crisis, managing their supply chains, overseeing cash flow, working with their local governments and more.  Listen to the recording to learn how to manage your own companies during this crisis. Jeff Jorge, international services practice leader at Baker Tilly was among panel members and shared what to keep focus on the next 30, 60 and 90 days and how to navigate the supply chain during these uncertain times.

Listen to the recording of this roundtable to learn how metal forming and fabricating executives are managing their supply chains, overseeing cash flow, working with their local governments and more.

Automotive and mobility coronavirus resources

A roundtable discussion on COVID-19 … and its impact on the metal forming and fabricating industry

Organizations that rely upon a supply chain to provide products for their operations will need to understand how their supply base has been impacted by the crisis, whether temporary or permanent sources will need to be considered, and how their operations may be impacted based on changes to the supply chain. 

Based on your potential recovery scenarios and organizational needs, you may have to consider the following in evaluating supply chain and operations impacts.

Insourcing/near-shoring/onshoring strategies

COVID-19 recovery and growth resources to protect and enhance the value of your organization