Over at ThomasNet, a recent survey gives us an idea of how manufacturers cope during this economic downturn. As Philippine Senator Mar Roxas said, this is a major tsunami.
Well, on my way to work today, I heard on the radio that because of the economic turbulence in the U.S., about 400,000 workers in the Philippines might be affected. These workers work for the contact centers.
In the manufacturing side, I asked Wizheart about its implication. And he said that manufacturing companies, or any other company for that matter, live and breathe on credit. With financial institutions going bankrupt affecting local stocks, local banks would have stricter guidelines on credit or credit lines, or they might not grant loans to companies. Companies wouldn’t have the means to buy the raw materials. For manufacturing companies that are exporting to the U.S., such as semicon, they would find themselves without market.
Going back to that survey on ThomasNet, manufacturing companies are:
responding to the economic downturn by looking to streamline business, manufacturing and supply chain operations.
To handle the downward spiraling economy and to increase business efficiency, 63 percent of respondents have already adopted, or are examining, lean manufacturing, Six Sigma, Total Quality Management (TQM) and other methodologies for improving supply chain management.
