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Profitability at MIC: A Deep Dive Into Gross Profit Margins

 | October 5, 2023

Key Takeaways:

  • Get practical tips to boost profits from manufacturing executives and aPriori experts this November in Orlando at MIC 2023
  • aPriori’s profitability track spans from “cost transformation” strategies through best practices across product design, sourcing, and manufacturing

The Full Article:

Organizations aim to control costs, navigate economic uncertainty, and maximize gross profit margins in today’s global manufacturing landscape. However, how can manufacturers make informed business decisions and adopt strategies to maintain future competitiveness and improve the bottom line?

This year’s aPriori Manufacturing Insights Conference (MIC) addresses the question through invaluable profitability track sessions. During MIC 2023, you will have the opportunity to hear from seasoned business executives and aPriori product experts on generating higher profits.

Let’s explore what you can expect from each of the four profitability track presentations.

1) Navigating The Road Ahead: How to Drive Profitability in Uncertain Times

This session features Rob Lidster, a 30-year procurement veteran and former CPO at GE Appliances, and Craig Melrose, EVP of Digital Transformation Solutions at PTC. The seasoned executives will discuss how they have driven transformational programs to keep costs in line and improve gross profit margins.

Session attendees will learn how top organizations leverage renegotiation and rapid and strategic sourcing strategies to capture savings. Additionally, attendees will discover how to boost a company’s gross profit margins in the current dynamic and uncertain economic environment.

Check out our complete profitability track session agenda and keynote presentations at MIC 2023.

2) Driving Profitability with Strategic Supplier Relationships

Experienced procurement professionals recognize the significance of generating cost savings through supplier negotiations. However, relying entirely on bargaining strategies has limitations. In this session, Lily Thomas, Senior Expert Services Consultant at aPriori, explains how digital factories act as centralized hubs for cost, capability, and other manufacturing data.

3) Design for Profitability: How Design Engineers Are the Secret Weapon for Reducing Costs

The primary role of a design engineer is to ensure that a product meets predetermined performance and functionality criteria. However, cost is often overlooked. Many products in production have designs that, if addressed throughout the design process, could save costs and improve net profit margins for manufacturers.

In this session, attendees will discover how leading manufacturers use advanced, transformative technologies to change their approach toward engineering costs.

4) Profitability Panel: Creating a Cost-Conscious Culture Across Departments

Companies aim to meet profitability targets by encouraging the entire product development team to adopt a cost-conscious approach. Opportunities to minimize product expenses exist at all stages of production, enabling organizations to improve gross profit margins.

Join this panel discussion to hear from seasoned professionals like Jody Markopoulos, a former executive at GE and Baker Hughes. Markopoulos will uncover and share techniques for establishing a culture of cost awareness through partnering with multiple departments.

MIC 2023 Profitability Tracks: Your Path to Higher Profits

MIC ‘23 provides powerful strategies for boosting gross profit margins through cost control, supplier relationships, design optimization, and creating a cost-conscious culture. Join us for our upcoming conference to learn about increasing manufacturing profitability from top business executives.

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