TMC Supply Chain Summit 2021 | 5 Key Takeaways

The Maintenance Community’s Supply Chain Summit 2021 has officially wrapped up, and we’re excited to share with you the learnings and opportunities presented throughout this event. Below, we’ve recapped the 5 key takeaways from the Supply Chain Summit 2021.

1. Labor Shortage and Skills Gap

It’s no surprise to us that the labor shortage issue is at the top of this list. The industry has made it clear that the manufacturing sector and its supply chain have felt the impact of the labor shortage and skills gap crisis. Now more than ever, it’s critical to attract and retain workers for the future of the supply chain industry. Larry Wigger, Supply Chain Economist, recommended “funding and promoting practical skills training in our public high schools, increase investments in two-year colleges and trade schools, and more importantly, thoughtful immigration policies will be critical as our population ages and shrinks and our workforce retires.” 

Learn more about the labor shortage and skills gap issue here:

• Webinar - What Follows the Pandemic: Observations on Labor, Money, and Supply Chains with Larry Wigger

• Webinar - Manufacturing Supply Chain Panel with Ryan Chan, William Sloan, Jesus Sifonte, and Joe Adam 

• Webinar - Minimizing Supply Chain Disruptions in the Food Manufacturing Industry with Janna Hamlett

2. Vendor/Supplier Diversification and Relationship Building

As businesses race to stay competitive during the supply chain disruptions, companies are also looking to diversify and build new relationships with vendors and suppliers. There was a mutual consensus gathered during this week’s events that organizations will need to start strengthening their relationships with their team, vendors, and suppliers to become more streamlined and efficient. 

Joel Levitt, Founder of Springfield Resources, proposed to “make vendors your partners” as a means to alleviate the spare parts crisis. 

Learn more about vendor and supplier relations in the following sessions:

• Webinar - Applying Tactical Strategies to MRO Management with Andy Gager

• Shop Talk - Surviving the Spare Parts Crisis with Joel Levitt

• Slack AMA - Asset Lifecycle Management in Supply Chains with Lucas Marino

• Shop Talk - Optimizing Lead Times in Your Supply Chain with James Kovacevic 

3. Asset Operations Management 

Among the many challenges of the supply chain disruptions, maintaining critical assets has never been more important. With frequent vendor stockouts, lost productivity, and faster obsolescence, businesses are thrown into a whirlwind to keep up with consumer demand. Our community asked, “How do you manage a functioning asset with a manufacturer that no longer exists or produces critical parts for said asset?” Lucas Marino, CEO of EAST Partnership, responded with the following options:

1. You can engage the original equipment manufacturer (OEM) if they exist and discuss their willingness to produce the parts. The OEM needs to see a demand signal. If they aren't willing, they may be willing to sell the data to another vendor to produce parts. 

2. You can find other vendors through market research.

3. You can find a suitable fit, firm, and function replacement. This is sometimes the best option because you have a new item with a supply network rather than a Band-Aid.

Learn more about Asset Operations Management here:

• Webinar - Applying Tactical Strategies to MRO Management with Andy Gager

• Shop Talk - Surviving the Spare Parts Crisis with Joel Levitt

• Slack AMA - Asset Lifecycle Management in Supply Chains with Lucas Marino

4. Risk Management and Mitigation

Risk management and mitigation are top of mind for many businesses experiencing supply chain disruptions. The supply chain is constantly evolving, faced with many challenges and risks. CEO and Founder of UpKeep, Ryan Chan, mentioned that “oftentimes, we think of reliability in terms of our equipment, but there could be a parallel world in terms of the reliability of our supply chain. Are we running the same risk assessment in our supply chain?” 

You can learn more about potential strategies to help with risk management here: 

• Webinar - Manufacturing Supply Chain Panel with Ryan Chan, William Sloan, Jesus Sifonte, and Joe Adam 

• Webinar - Minimizing Supply Chain Disruptions in the Food Manufacturing Industry with Janna Hamlett

5. Lean Manufacturing 

It’s evident that the COVID-19 pandemic and supply chain challenges have exposed the effects of lean manufacturing methodologies, specifically with “just-in-time manufacturing.” During the summit, experts revealed how today’s lean manufacturing model is affecting today’s supply chain, and how you can prevent your lean practices from negatively impacting recovery. Joe Adam, Engineering and Maintenance Manager at Roche, states that “ just-in-time methods work well when everything is in a steady-state flow, and the pandemic really disrupted the fundamental thought process of having just-in-time inventory.” Redefining what just-in-time manufacturing is will be vital in building a more resilient, efficient supply chain. 

• Shop Talk - How Supply Chain Is Affected by Lean Manufacturing with AW Schultz

• Webinar - Minimizing Supply Chain Disruptions in the Food Manufacturing Industry with Janna Hamlett

• Webinar - Manufacturing Supply Chain Panel with Ryan Chan, William Sloan, Jesus Sifonte, and Joe Adam