Weekly Newsletter - 10.23.2024

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Hive Perform’s Guide to Improve Sales Efficiency In Manufacturing

Manufacturing sales teams need precision and speed to stay ahead in a fast-paced environment. Hive Perform’s report, 2024 Pulse of Sales: How to Stay Ahead in a Changing Game, reveals how manufacturing sales teams are using AI and real-time data to streamline processes and improve sales outcomes.

Data Point: "Only 37% of companies feel confident about their onboarding processes, yet it takes an average of 10 months to fully ramp up new sales hires," according to the Sales Management Association.

Why it matters: Manufacturing sales teams that leverage real-time data and AI can optimize customer interactions and reduce time to productivity.

Key Takeaways:

• AI-driven tools are optimizing customer interactions and sales workflows.

• Streamlined onboarding processes are reducing the time it takes for new hires to contribute effectively.

• Real-time learning ensures sales teams are always ready to adapt to changing product lines and customer needs.

EDITOR’S PICK 🌟

Insights from InsureTech: What Manufacturing Sales Teams Can Learn💡

Leveraging lessons from insurance sales to boost manufacturing sales productivity.

1️⃣ AI for Efficient Operations: Just like in insurance, AI can simplify complex sales processes, helping teams automate tasks and provide more personalized service.

2️⃣ Tech Simplification for Productivity: Reduce system complexity by consolidating tools, enabling sales teams to focus on client engagement.

3️⃣ Empower Clients with Self-Service Solutions: Manufacturers can adopt self-service portals to streamline the purchasing process, mirroring shifts in the insurance industry.

Find out more about applying these insights here.

INDUSTRY INSIGHTS 🌐

How CPG Brands Can Fuel Revenue Growth

CPG brands must adapt to a "never normal" market by optimizing product portfolios, reducing costs, and embracing technology. Strategic pricing, innovation, and mergers can drive growth without price hikes. Success in 2025 hinges on agility, foresight, and leveraging AI for competitive advantage and shareholder value.

Entrepreneurial Spirit Drives Innovation in Distribution Industry

The article emphasizes the significance of maintaining an entrepreneurial spirit in the distribution industry. Highlighting stories of successful entrepreneurs, it notes a rise in entrepreneurship, especially among women and people of color. New businesses challenge traditional companies, fostering innovation and growth within the industry.

INDUSTRY NEWS 📰

MRC Global Projects Decline in Q3 Sales and Earnings

MRC Global anticipates a significant decline in Q3 sales and earnings, projecting a 10% drop in revenue to $797 million and a decrease in adjusted EBITDA to $48 million. The company plans a stock repurchase funded by a new loan, aiming to simplify its capital structure and enhance future earnings.

UK Launches Initiative to Tackle Medicines Manufacturing Skills Gap

A new $5.8 million initiative, the Resilience Centre of Excellence for UK Medicines Manufacturing Skills, addresses the UK's medicines manufacturing skills shortage. Funded by the Office for Life Sciences, it offers training in digital technology, AI, and sustainability, uniting industry, universities, and the NHS to develop future talent.

US Companies Shift Supply Chains to Americas for Efficiency

US companies are shifting supply chains to the Americas for flexibility and resilience. The average supply chain locations are expected to decrease, enhancing efficiency. Mexico's manufacturing advantages and China's role in supply chains are highlighted. Companies aim to streamline operations, reducing steps and focusing on proximity to customers.