About this Presentation
The organization of this presentation is to provide a description of Prince Manufacturing and its problems, the theory of constraints solution, the implementation approach, the results and the lessons learned. Prince Manufacturer was formed in 1950 and now has five plants making welded and tie-rod cylinders, mono block and sectional valves, pumps and low speed, high torque motors (ISO 9001 certified). They sell direct to large original equipment manufacturers (OEMs) and use 18 distributors for small OEMs and catalog sales. The company experienced minimal growth and flat profitability over the past 3 years. They investigated TOC as they were frustrated with the status quo; they intuitively knew there was a better way as they had some knowledge of The Goal, and wanted to consider that a Viable Vision (VV) might exist. The TOC solution included: guaranteed on-time availability and rapid response. The secondary offer to distributors was vender managed inventory (VMI) and availability of high volume products. The solution for sales steps of the SFS process consisted of creating the offer, synchronization between operations and sales, training, delivering the offer, managing the pipeline and leveraging the offer are described in detail for each market segment. Results include offers accepted grew from less than 20% to over 80%. The pipeline expanded 10 fold in six months. The solution for sales now represents 70% of current sales. Lessons learned include: sales can never start too early, not all sales people are equal, identify and implement measures early, etc.
What Will You Learn
To help you get the most value from this session, we’ve highlighted a few key points. These takeaways capture the main ideas and practical insights from the presentation, making it easier for you to review, reflect, and apply what you’ve learned.
Sales growth is a common challenge in manufacturing industries and more sales are often desired. However, it is important to be careful in what is asked for, as more sales can also mean more challenges.
Operational efficiency is crucial for delivering products to customers. The speaker discusses the importance of having a well-functioning supply chain and the challenges that can arise when this is not the case.
The speaker emphasizes the importance of training salespeople to effectively communicate the value of the product to the customers. Role-play is suggested as a useful training tool to prepare salespeople for various scenarios.
Instructor(s)
Bill Rhind
Bill Rhind is currently President of P3 Consulting Group, founded in 2006. Bill has built a strong reputation as a “results-driven, yet “people-focused” leader in a broad array of functional roles. He spent over 20 years in the pharmaceutical industry and 20 years consulting producing extraordinary results in the areas of manufacturing, R&D, distribution, project management, engineering, IT/automation, construction, and sales & marketing ranging from start-up businesses to Fortune 50 corporations worldwide. Bill’s industrial experience includes Health Care, FMCG, Retail, IT, Engineering, Construction, Steel, Construction Machinery & Attachments, Supply Chain, Government, HR.
After being introduced to the Theory of Constraints in 1997, Bill has made TOC the foundation of all of the work he performs and continues to have a strong commitment to building and disseminating the TOC body of knowledge worldwide. Bill is an educated scientist (B.S. Biology w/ Chemistry, Math) and Engineer (M.S. Mechanical Engineering – Mechatronics, a combination of Mechanical, Electrical and Computer engineering). Over the 40 years in business, Bill and his teams have delivered more than $5 billion in value across 3000+ projects and businesses leveraging TOC and flow principles.
Ms Alka Wadhwa
Alka Wadhwa is an experienced consultant and process improvement expert with over 24 years of expertise in the Theory of Constraints (TOC), Lean Six Sigma, and organizational performance optimization. She has successfully led projects in healthcare, financial services, and manufacturing, driving significant improvements such as a 67% boost in hospital operations and a 140% increase in outpatient visits.
Previously, Alka Wadhwa spent 17+ years at GE Global Research Center, where she led initiatives to enhance various GE businesses through advanced technologies, process redesign, and system optimization. Founder of Better Solutions Consulting, LLC, she specializes in using TOC, Six Sigma, and data analytics to streamline operations and build high-performance teams.
Her work has earned her multiple accolades, including the Empire State Award of Excellence in healthcare.
Dr Gary Wadhwa
Dr. Gary Wadhwa is a Board Certified Oral & Maxillofacial Surgeon with extensive experience in the field. He completed his Oral & Maxillofacial Surgery training at Montefiore Hospital, Albert Einstein College of Medicine in Bronx, NY, and has served as an Attending at prestigious institutions like St. Peters Hospitals, Ellis Hospital, and Beth Israel Hospital in NY. With a career spanning over two decades, he was the former CEO and President of a group specialty practice in NY from 1994 to 2015. Dr. Wadhwa holds an MBA from UT at Knoxville, TN, and has undergone additional training in System Dynamics at MIT, Health System Management at Harvard Business School, and Entrepreneurship and healthcare innovations at Columbia Business School. Committed to expanding access to Oral & Maxillofacial Surgery care, he is currently engaged in a meaningful project to provide healthcare services to underserved populations in inner city and rural areas through non-profit Community Health Centers.