The impact of the COVID-19 pandemic has caused various operational and financial challenges in the steel manufacturing industry. Other factors including, travel restrictions, workforce shortages in the Canadian steel manufacturing industry led to challenges with fulfilling contractual obligations, fulfillment delays, and supply shortages. Infiniti’s market intelligence experts provide companies with strategies to handle cash management, develop strategies to maintain business continuity, and resolve supply chain risks and vulnerabilities.
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Market Intelligence Solutions for a Steel Manufacturing Industry: Business Outcomes (Graphic: Business Wire)
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"Supply shortages, fulfillment delays, and increasing transportation costs are making it difficult for steel manufacturing companies to maintain profitability. As such, manufacturing firms will need to look beyond their own economic viability and plan for the post-COVID-19 era," says a steel manufacturing industry expert at Infiniti Research.
The client, a Canadian steel manufacturing company, faced challenges due to the COVID-19 pandemic. They witnessed a reduction in product demand, challenges with cash-flow liquidity, and various debt obligations. Additionally, the client faced supply chain issues, and operational challenges. These challenges led to a 60% decline in sales, and a reduction in company’s profit margins. Therefore, the steel manufacturing industry client sought to partner with Infiniti Research and leverage our expertise in offering market intelligence solutions. Through this seven-week engagement, the client aimed to develop a new operating model, and continuity strategies for the post-COVID era. Additionally, they wanted to identify market risks, build a resilient supply chain, and rebuild demand forecasting and capacity models.
Infiniti’s market intelligence experts developed a comprehensive approach to assist the steel manufacturing industry client, that included the following:
Reviewing company’s budgets, and identifying marginal investments and helping the client devise employee retention strategies
Evaluating automation solutions to reduce the workforce on the factory floor to follow safety protocols
Identifying potential supply chain vulnerabilities impacted by COVID-19, and identifying vendors to help material requirements
Assessing exit charges, preservation of tax attributes and other factors while selecting vendors
Building a resilient supply chain with radical designs for supply chain models
With Infiniti’s market intelligence solution, the client successfully identified non-core and underperforming assets, and identified better ways to reduce cash outflows. The client also outsourced corporate functions, and effectively reduced operating costs, and devised risk mitigation programs for on-site employees. With our experts’ insights, the steel manufacturing industry client identified potential supply chain vulnerabilities and devised supply chain risk management strategies. Additionally, the client assessed supply chain complexities, and consequently adjusted inventory for the post-COVID era. Lastly, the client revamped their operating model, addressed gaps in the technology they adopted, and maintained business continuity by developing new strategies.
Speak to industry experts to gain a more comprehensive understanding of how our market intelligence solutions can help steel manufacturing industry maintain business continuity during the COVID-19 era.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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