Würth: Providing Transparency, Security, and Reliability While Maintaining Adaptability is an Absolute Requirement
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At one of the online conferences of the virtual International Fastener Expo (IFE) 2020, CEO of Würth Industry of North America, Dan Hill, and Würth Revcar Managing Director, Chapman Revercomb, shared some tips and strategies currently adopted by the Würth Group and all its subsidiaries around the world to maintain their outstanding performance amid the pandemic and under the influence of external market forces and continue to be an irreplaceable solutions provider of value.
In spite of the pandemic causing a great impact on the global economy, the Würth Group still maintains strong results. “We had a number of record months both in sales and operating results and WINA itself will achieve a 30% increase year on year and profitability. The total Group, which, of course, Würth, is a 15 billion dollars company with 400 companies, will experience our best year ever in history of the company,” said WINA CEO Dan Hill.
Hill further noted, “We continue to look at for strong acquisitions both at the end of 2020 and into 2021 both on opportunities to expand our geography as well as product lines. We continue to look for opportunities to engage our customer base and become a greater supplier of value. Also, getting closer to customers through a customer-centric strategy.”
Würth Revcar Managing Director Chapman Revercomb continued, “The theme of focusing on our customers to determine future strategic actions translate directly towards our supply chain activities. We really see ourselves as a supply chain solutions provider. Right now, adaptability is an absolute requirement especially considering the unpredictable production cycles and external market forces we’re all experiencing. When reviewing our strongest customer relationships, integration and proven systems are constant, so is innovation required to maintain these strengths. Providing transparency, security, and reliability while maintaining adaptability to our customers is not something that we can do by simply claiming we offer it on a slick PowerPoint presentation. These deliverables to our customers all require the same level of partnership with our supply base and with their supply bases. Increased integration with our suppliers is definitely identified as a focus area for us at Würth and also something we expect to develop into an industry-wide trend over the coming years.”
Revercomb added, “That culture of continuous improvement is critical to cost effectiveness, so disruptions and rapid fluctuations in demand from external market conditions will continue to play an important role in how we manage our supply chain and customer needs. From our side, we are pushing a constant message to our customer management and purchasing teams stay as close to customer demand as possible. We’ve seen it already begin and know from experience that that demand increase will continue industry by industry and market by market, as our customers begin to release capital investment, markets adjust to new realities and other forces drive production increase back to and even beyond pre-covered levels. It’s important we work together to manage these demand fluctuations and can effectively communicate during this process, and that again goes back to adaptability. Investing in the future requirements of our customers in overall target market is required to establish a healthy, long-term industrial manufacturing segment and also establish a leading position within the supporting supply base.”