Genuine Parts will spin off and merge wholesale distribution unit S.P. Richards with Essendant in a Reverse Morris Trust arrangement. The resulting firm will be known as Essendant and will be led by current Essendant CEO Rick Phillips with S.P. Richards CEO Rick Toppin serving as chief operating officer.
More than 50% of Premier Farnell's $1 billion in sales comes from e-commerce, and the company has had huge success with the transition in terms of both employee and customer satisfaction, according to executive Matt Clark. He says business-to-business companies looking to drive e-commerce sales should focus on fundamentals, such as good visibility, compelling conversion and easy sales options.
Industrial distributors reported a 2.3% year-over-year boost in overall pricing and aggregate revenue growth of 5.7% year over year in the first quarter of 2018, according to a quarterly MDM-Baird Distribution Survey. MSC Industrial Supply posted its Q2 results Tuesday, noting expanding market demand and an improved pricing environment.
The US trucking industry is facing a huge labor shortage over the next 10 years, and the sector's ability to attract and train young generations will depend on high-tech, high-quality solutions such as simulator training, according to Advanced Training Systems CEO John Kearney. "As in practically every area of digital technology today, rapid improvements are being made in driver training simulators," he says.
Warehouses across the US are accelerating their ROI, cutting capital costs and fighting labor shortages and rising wages by investing in automated solutions that use robots, writes Mike Futch, president of Tompkins Robotics. "The industries currently the most intent on using robotics in warehouse operations are store fulfillment for retail applications and in e-commerce fulfillment," he writes.
Chief marketing officers are about to face the fourth industrial revolution, and they must prepare by updating systems, by building a consistent brand story that has problem-solving as its main narrative, and by developing a robust way of measuring lead-generation return on investment, writes Marie Hattar. Modernize your website, integrate marketing resources and consider a brand refresh to appeal to a growing cohort of younger buyers, she writes.
Customer-relationship management can provide a platform for organizing customer feedback in a useful way, writes Daniel Newman. Customer communication is easier to track on a CRM platform, and artificial intelligence can help companies make better use of the information.
Make the most of your speech by using its conclusion to revisit its main points and purpose, writes Deborah Grayson Riegel. Invite questions to clarify any audience misunderstandings and inspire listeners to act on what they just learned, she writes.
Increased demands on teams sometimes move members to retreat into self-preservation mode, so consider team-building activities to improve trust and communication, writes Naphtali Hoff. Cohesive teams won't happen until leadership studies each individual's strengths and provides training where required, so they will succeed as individuals and collectively, he writes.
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The value proposition of the NAW Billion Dollar Roundtables is the 1.5-day opportunity to network with your C-suite peers at billion-dollar wholesale distribution firms. Billion-dollar CEOs, CFOs, CIOs, COOs, CLOs and chief HR officers come to these Roundtables to benchmark the "best-in-breed" solutions and strategies from an exclusive roundtable of distribution executives at the top of their game. Register today.