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Sonoco meets economic challenges by delivering enhanced value for its customers through strong partnerships
Author(s) -
Slater Jeff
Publication year - 2010
Publication title -
global business and organizational excellence
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.227
H-Index - 16
eISSN - 1932-2062
pISSN - 1932-2054
DOI - 10.1002/joe.20324
Subject(s) - business , vendor , product (mathematics) , recession , marketing , competitive advantage , productivity , process management , industrial organization , economics , geometry , mathematics , keynesian economics , macroeconomics
As consumers responded to the global recession by shifting buying patterns toward lower‐price brands, this packaging products giant set out a new strategy of close collaboration with key consumer product manufacturers and retailers to add value through packaging innovations, process improvements, better communication, and higher value‐added services. The results: improved cash flow, lower inventory levels, new organizational capabilities, strengthened relationships, and competitive advantage for supplier and customer alike. The author describes this new strategy along with several examples of Sonoco's supplier‐customer collaboration in action, including the development of a new award‐winning packaging product; creation of a new process for improved information exchange to reduce forecasting errors; implementation of joint production planning and vendor inventory management programs; and new services to help customers reduce their waste and environmental impact and improve productivity. © 2010 Wiley Periodicals, Inc.