Most of this week lacked major news announcements aside from Fastenal planning a new office center, so three best-practice pieces were among the most-read items on ID, along with a recap of the new Fortune 500 List.
Here's this week's Top 5
Your Problem Isn't A Lack Of Sales: While cash flow, cost reductions, capital injections and other financial elements play a part in organizational growth, a strict focus on them overlooks an even more critical component — customers. Here, Andrea Belk Olson describes how sales and customers aren't one-in-the-same and how a customer-centric business approach is far better suited for success than one all about sales.
See Where Industrial Distributors & Suppliers Landed On The 2018 Fortune 500: The 64th annual Fortune 500 was unveiled on May 21. See where industrial distributors, suppliers and other relevant companies to the industrial products market appear on the list.
Fastenal Planning New Large Office Center In Downtown Winona, MN: Fastenal is planning a new 90,000-square-foot office center downtown in its home city of Winona, MN, where it plans to house 400 to 600 employees. Learn the details here.
Inventory Profitability - The Good, The Bad And The Ugly: While safety stock protects against stockouts due to unexpected product demand or shipment delays, the additional inventory can halve a negative effect on profitability. Here, Jon Schribfeder shows how to use adjusted margin to better assess inventory profitability.
Trying To Beat Amazon? Customer Integration Is Key: Distributors can and should still differentiate from Amazon with service, but the way they do it may need to evolve. Here, Vince Sheeran shares how integrating with your customers' operations creates stronger loyalty and results in a greater share of spend.