Initiative #1 Reduce costs
To overcome your competitors, reducing product costs could make a company maximize a profit because the production costs are lower than competitors. The growth of an organization depends not only on how much it generates with its products or services but also on how much it spends. If a company has the ability to negotiate with its supply chain or has a machine that can help it to reduce production costs, it will give a company a huge advantage because it will be able to set the price cheaper than its competitors.
The Procter & Gamble Company ( P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio. The company is using AL and internet of Things technology to automatically build warehouses and distribution centers. P&G is able to automate about 7,000 SKUs and cut supply chain costs by about $1 billion per year. So it makes the company has gained more profit due to the cost of production is lower than usual
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