Supply Chains to Admire Analysis

For the Supply Chain Leader Who Wants to Rise Above
Supply Chains to Admire Analysis
2019

Supply Chain Insights LLC Copyright © 2019, p. 2
About Lora Cecere
• Founder of Supply Chain Insights
“LinkedIn Influencer”
Guest blogger for Forbes
Author of 5 books: Bricks Matter (2012), Shaman’s Journal (2014),
Supply Chain Metrics That Matter (2014), Shaman’s Journal (2015),
Shaman’s Journal (2016), Shaman’s Journal (2017)
• Partner at Altimeter Group (leader in open research)
• 7 years of Management Experience leading Analyst Teams at Gartner
and AMR Research
• 8 years Experience in Marketing and Selling Supply Chain Software at
Descartes Systems Group and Manugistics (now JDA)
• 15 Years Leading teams in Manufacturing and Distribution operations
for Clorox, Kraft/General Foods, Nestle/Dreyers Grand Ice Cream
and Procter & Gamble.
Contact Information:
• Email: lora.cecere@supplychaininsights.com
• Blog: www.supplychainshaman.com (18,000 pageviews/month)
• Forbes: www.forbes.com/sites/loracecere
• Twitter: twitter.com/lcecere (9,100 followers)
• LinkedIn: www.linkedin.com/in/loracecere (308,000 followers)
• LinkedIn Influencer: www.linkedin.com/today/author/446631

I Am A Social Scientist

I Write for the Supply Chain Leader

Are Supply Chains Working Well?
____________________________________________________________________
Source: Supply Chain Insights LLC, Sales & Operations Study ((Mar-May, 2019))
Base: HAVE A S&OP PROCESS -- Total (n=107)
Q29. For each of the following pair of words, please pick the one that best describes your company’s supply chain today.
 Higher than other answer at 90% or higher level of confidence
40%
39%
37%
37%
37%
33%
28%
27%
29%
23%
33%
25%
45%
31%
Independent silos
Cautious
Fixed
Reactive
Uncontrollable
Room for improvement
Inside-out
Supply Chain Descriptors*
Aligned
Risk-taking
Agile
Proactive
Controlled
Working well
Outside-in
WORSE BETTER
Strengths
Challenges

Do We Have Best Practices?
Or A Focus on Functional Excellence?
Efficient Silos Do Not Drive Business Value

Organizational Silos Not Aligned

There Is A Need For A Balanced Scorecard Focused On Value

Let’s Start with an Honest
Conversation

What I Believed
…companies
spent 1.7% of
revenue on
information
technology
investments and
drove
improvements at
the intersection of
operating margin
and customer
service.

I Was Wrong….

Inventory Levels Higher Now Than 2007

Third Industrial Revolution Productivity Impact Stopped in
2004

Normal
Distribution
SKU/L
SalesVolume
Anything But Normal
Complexity: The “Long Tail” Is Growing
The Long Tail of the Supply Chain Increases Complexity Reducing
Margin, Increasing Inventory Turns and Reducing Asset Utilization.

Unprecedented Commodity Pressures Putting Tension on Margins

There are many different and conflicting definitions of supply chain
excellence.
Supply-chain management, techniques with the aim of coordinating all parts of SC
from supplying raw materials to delivering and/or resumption of products, tries to
minimize total costs with respect to existing conflicts among the chain partners. An
example of these conflicts is the interrelation between the sale department desiring to
have higher inventory levels to fulfill demands and the warehouse for which lower
inventories are desired to reduce holding costs.
Wikipedia
The best performing supply chains are Ethical, Ecological, and Economical.
ASCM, June 2019
Most Organizations Are Unclear On The Goal

Comparison Gartner Top 25 Supply Chains to Admire™
Focus Fortune Global 500 and Forbes 2000
lists
12$B minimum annual revenue.
All public companies by analyzed by industry
peer groups. 515 companies by 26 peer
groups. No revenue minimum.
Analysis 2016-2018 2010-2018
Calculation 50% Opinion: (Equally split between
analyst and peer voting)
50% Quantitative Analysis:
• Revenue Growth (3-year weighted
average).
• Inventory Turns (one-year
average).
• Return on Assets (ROA). Three-
year weighted average.
• Corporate social responsibility (3rd
party index).
Improvement: Top 2/3 ranking on the Supply
Chain Index.
Performance: At or above the industry mean
for:
• Year-over-year revenue growth.
• Operating margin.
• Inventory turns.
• Return on Invested Capital (ROIC).
Value: At or above the mean for Price-to-
Tangible Book or Market Capitalization.
Index Calculations: https://www.slideshare.net/loracecere/sci-summit-2014-math-behind-sc-
index?qid=27326733-0325-4ee7-aacd-e2827bd216de&v=&b=&from_search=11
History 15th Year 6th Year
Methodology Comparison

Gartner Top 25 Award Winners

Prior Supply Chains to Admire™ Winners

This Year’s Overlap

Johnson & Johnson
Pharmaceuticals
.19, 2.75
Medical Device
.16, 3.11
Household Products
.16, 4.82

BASF
Chemical
.07, 5.20

Nike
Apparel
Manufacturing
.12, 3.04

2010
2018
7.5
8.0
8.5
9.0
9.5
0.04 0.05 0.06 0.07
InventoryTurns
Operating Margin
WalMart
Best Scenario
◆Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2010-2018 from YCharts
WMT
0.05, 8.37
Wal-Mart
Operating Margin vs. Inventory Turns (2010 - 2018)
Industry Average
.07, 7.20

1. Define an objective measurement of supply chain excellence for
our research.
2. Share data to help supply chain leaders objectively benchmark and
build balanced portfolios.
3. Gain an understanding of how fast supply chain actions translate to
balance sheet performance.
4. Help supply chain leaders talk the language of finance, and to help
finance teams understand what is possible in supply chain.
5. Build an objective standard that is data-driven.
Why the Supply Chains to AdmireTM
?

What Is Supply Chain Excellence?

1. Resilience. Ability to drive
consistent results year-over-year
and weather market factors.
2. Balance. Organizational alignment
on a balanced scorecard.
3. Performance. Outperforming
industry peer group on the key
metrics.
4. Improvement. Driving year-over-
year improvement.
5. Delivering Value. A shift from cost
to value.
What Defines Supply Chain Excellence?

2010
2018
6.3
6.8
7.3
7.8
0.08 0.09 0.10 0.11 0.12
InventoryTurns
Operating Margin
Food Industry
Best
Scenario
Food
0.10, 7.07
Food Manufacturing

Resilience: Kraft and JM Smucker
2018
2018
Food Manufacturing
Industry Average
.10, 7.07

2010
2018
5.0
5.5
6.0
0.17 0.18 0.19 0.20 0.21 0.22
InventoryTurns
Operating Margin
Hershey
Best
Scenario
HSY
0.19, 5.59
Hershey
Food Manufacturing
Industry Average
.10, 7.07

2010
2018
5.5
6.0
6.5
7.0
7.5
8.0
0.15 0.16 0.17 0.18 0.19
InventoryTurns
Operating Margin
General Mills
Best
Scenario
GIS
0.17, 6.92
General Mills
Food Manufacturing
Industry Average
.10, 7.07

Which Guy in the Gym Drives Improvement Faster?

• Too many measurements.
• A focus on functional
performance.
• Singular cost goals.
• Short-term focus.
• Lack of awareness of
industry performance (what
is possible).
• Confusion between financial
reengineering and the
delivery of value.
Mistakes Made

Over the Decade, Same Problems With No Resolution.
____________________________________________________________________
Source: Supply Chain Insights LLC, Sales & Operations Study (Mar-May, 2019)
Base: HAVE A S&OP PROCESS -- Total (n=107)
Q37. When it comes to doing your job, which of the following are your top 5 elements of business pain? Please select no more than five.
50%
50%
48%
35%
34%
31%
29%
25%
25%
24%
24%
22%
21%
18%
17%
16%
2%
Supply chain visibility
Cross-functional alignment
Demand and supply volatility
Ability to use data
Executive team understanding of the supply chain
Organizational change management
Availability of skilled people to do the job
Software usability
Increasing speed of business
Management of value network relationships
Innovation
Globalization
Product quality and supplier reliability
Risk management
Clarity of business strategy
Increasing regulations and compliance
Other
Top Five Elements of Business Pain for Respondents
Top
Elements
of Pain

Past Supply
Chain to Admire™
Award Winners

2014 Supply Chains to Admire

Supply Chains to Admire™ 2019
Retail (5)
Process (6)
Discrete (12)
23 Award Winners

Retail

2010
2018
4.2
4.7
0.07 0.08 0.09 0.10 0.11 0.12
InventoryTurns
Operating Margin
Apparel Retail
Best
Scenario
Apparel Retail
0.10, 4.51
Apparel Retail

2010
2018
3.5
4.0
4.5
5.0
5.5
0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.25 0.26 0.27 0.28 0.29
InventoryTurns
Operating Margin
Lululemon Athletica Inc.
Best Scenario
LULU
0.22, 4.26
Winner: Lululemon
Industry Average
.10, 4.51

2010 2018
5.5
6.0
6.5
7.0
0.09 0.10 0.11 0.12 0.13
InventoryTurns
Operating Margin
TJX Companies Inc.
Best Scenario
TJX
0.11, 6.13
Winner: TJX Companies Inc.
Industry Average
.10, 4.51

Winner: Ross Stores
Industry Average
.10, 4.51

Apparel Retail: Analysis

2010
2018
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
0.06 0.07 0.08
InventoryTurns
Operating Margin
Broadline Retail
Best Scenario
Broadline Retail
0.07, 7.2
Broadline Retail

2010
2018
4.3
4.8
5.3
0.08 0.09 0.10 0.11
InventoryTurns
Operating Margin
Dollar General
Best
Scenario
DG
0.09, 4.79
Note: Industry average for
inventory turns accounting for
outliers is 4.20 turns.
Winner: Dollar General
Industry Average
.07, 7.20

Broadline Retail Analysis
COMPANY
2018 Annual
Revenue GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Bed Bath & Beyond Inc. 12,349$ 6.3% 0.13 2.67 21% 4.85 9897.0 21
Best Buy Company 42,151$ -0.4% 0.04 5.97 10% 16.86 12364.0 5
Big Lots 5,264$ 1.4% 0.06 3.65 19% 2.86 2012.6 13
Burlinton Stores Inc. 6,110$ 5.8% 0.05 3.1 9% 3.02 3831.6 1
Costco Wholesale 141,576$ 8.0% 0.03 11.63 13% 2.17 59817.4 3
Dillard's Inc. 6,423$ -0.8% 0.06 3.1 9% 6.3 2868.0 3
Dollar General Corp. 23,471$ 9.4% 0.09 4.79 12% 5.06 19427.6 6
Dollar Tree Stores 22,246$ 20.7% 0.10 4.81 21% 1.53 15070.2 10
eBay Inc. 10,746$ 4.3% 0.24 0.0 13% 3.69 27675.3 19
Fred's Inc. 1,396$ 0.1% 0.00 4.22 -3% 6 491.5 20
JC Penney Company 12,873$ -3.5% -0.01 3.23 -5% 2.61 3349.7 14
Kohl's 20,084$ 2.3% 0.09 3.36 10% 1.29 11176.1 15
Macy's 24,939$ 1.0% 0.08 3.03 9% 1.23 13422.0 8
Office Depot Inc. 11,015$ -0.8% 0.05 6.74 1% 1.87 2157.8 15
Overstock.com Inc. 1,822$ 8.8% -0.01 59.7 3% 2.69 570.4 15
Pricesmart Inc. 3,167$ 11.0% 0.05 8.61 13% 1.5 2863.5 12
Target 72,714$ 1.3% 0.07 6.13 8% 7.07 39898.5 8
The Michaels Companies Inc. 5,362$ 3.2% 0.12 2.3 20% 4.45 2264.2 2
Tractor Supply Company 7,911$ 10.6% 0.09 3.33 26% 2.91 8579.4 10
Tuesday Morning 1,006$ 2.6% -0.01 2.5 -4% N/A 335.5 18
WalMart 500,343$ 2.4% 0.05 8.37 12% 6.72 236476.6 7
MEAN WITH OUTLIERS 44,427$ 4.5% 0.07 7.20 10% 4.23 22597.6
MEAN WITHOUT OUTLIERS 4.5% 0.07 4.36 10% 4.23 8912.7
2010-2018

2010
2018
11.0
12.0
13.0
14.0
0.02 0.03 0.04 0.05
InventoryTurns
Operating Margin
Food Retail
Best Scenario
Food Retail
0.04, 12.76
Grocery Retailing

Winner: Ahold
Industry Average
.03, 12.76

Grocery Retail Analysis

2010
2018
3.5
4.5
5.5
6.5
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07
InventoryTurns
Operating Margin
Home Improvement Retail
Best Scenario
Home Improvement
Retail
0.04, 5.47
Home Improvement Retail

Home Improvement Analysis

No Winner for 2014-2019.
Winner Status

Process
Industries

2010
2018
4.4
4.9
5.4
5.9
0.13 0.18
InventoryTurns
Operating Margin
Beverages
Best
Scenario
Beverages
0.16, 5.43
Beverages

2010
2018
4.0
4.5
5.0
5.5
6.0
6.5
7.0
0.25 0.26 0.27 0.28 0.29 0.30 0.31 0.32 0.33 0.34 0.35 0.36 0.37
InventoryTurns
Operating Margin
Monster
Best
Scenario
Monster
Operating Margin vs. Inventory Turns: (2010 - 2018)
Beverage
Industry.16, 5.43

Beverages Industry Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Ambev 13,821$ 3% 0.39 4.38 21% 0.21 180868 25
Anheuser-Busch InBev 54,619$ 5% 0.31 5.99 7% 0.07 158926 18
Boston Beer Company 996$ 11% 0.15 7.44 26% 7.04 2330 23
Brown-Forman 3,248$ 3% 0.32 1.05 22% 10.49 17461 32
Carlsberg 9,901$ -1% 0.14 7.67 4% 1.58 13460 29
Coca-Cola 31,856$ 1% 0.24 5.48 12% 6.76 17777 24
Constellation Brands 7,580$ 11% 0.22 1.59 9% 3.20 20175 2
Craft Brewer Alliance 206$ 6% 0.02 9.01 3% 1.98 231 27
Crimson Wine Group 68$ 14% 0.07 0.47 2% 0.72 148 1
Davide Campari-Milano 2,021$ 4% 0.21 1.51 7% 2.02 4202 25
Diageo 16,425$ 1% 0.28 1.05 13% 6.52 71065 14
Keurig Dr Pepper 2,615$ 3% 0.19 11.20 12% 5.21 15180 31
Embotelladora Andina 26,534$ 11% 0.12 8.91 12% 3.14 3863 16
Heineken International 7,442$ 3% 0.13 7.87 7% 2.33 35472 8
Kirin Holdings 17,479$ -3% 0.08 5.88 5% 1.72 1440 6
Lassonde Industries Inc 1,594$ 14% 0.08 4.13 8% 2.32 986 7
Molson Coors Brewing 10,770$ 20% 0.12 9.61 6% 1.45 13027 19
Monster Beverage 3,807$ 14% 0.30 5.50 30% 9.09 18767 11
National Beverage 976$ 6% 0.13 10.29 38% 8.97 1820 4
PepsiCo 64,661$ 5% 0.15 9.34 15% 8.34 133461 17
Pernod Ricard 10,742$ 1% 0.25 0.69 6% 2.10 31418 9
Remy Cointreau 1,324$ 4% 0.18 0.40 7% 1.52 2231 12
Thai Beverage 7,103$ 11% 0.14 3.35 15% 3.58 10803 13
Tsingtao Brewery 4,020$ 5% 0.07 6.48 11% 3.44 7421 21
United Breweries 2,788$ 11% 0.15 4.15 14% 3.10 4533 20
Vitasoy International 828$ 10% 0.12 4.65 17% 6.32 1719 15
Willamette Valley 23$ 5% 0.17 0.62 6% 1.32 29 5
Yakult Honsha Company 3,624$ 3% 0.09 5.42 6% 1.12 3204 10
MEAN WITH OUTLIERS 10,967$ 6% 0.17 5.15 12% 3.77 27572
MEAN WITHOUT OUTLIERS 6% 0.17 5.15 12% 3.77 26,623
2010-2018

2010
2018
6.0
6.5
0.08 0.09 0.10 0.11
InventoryTurns
Operating Margin
Containers & Packaging
Best
Scenario
Containers &
Packaging
0.10, 6.40
Containers and Packaging

Winner: Packaging Corporation of America
Containers & Packaging
.10, 6.40

Containers and Packaging Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Amcor 8,900$ 5% -0.19 6.0 8% 8.3 11377 10
AptarGroup 2,765$ 5% 0.13 5.1 10% 3.3 4309 19
Ball Corporation 11,635$ 7% 0.10 6.5 7% 5.4 9678 12
Bemis Company 4,123$ 3% 0.09 5.8 7% 2.8 3992 14
Berry Plastics Group 7,869$ 7% 0.08 6.5 3% 4.4 3612 1
CCL Industries 5,162$ 19% 0.13 9.2 10% 1.5 2762 17
Crown Holdings 11,151$ 4% 0.11 5.9 9% 193.8 6262 13
Graphic Packaging Holding 6,023$ 5% 0.09 6.6 5% 2.4 3211 11
GREIF 3,874$ 4% 0.08 9.2 6% 2.5 2795 8
International Paper 23,306$ 0% 0.10 6.7 7% 3.3 18197 2
Intertape Polymer Group 1,365$ 8% 0.07 5.4 8% 3.1 839 6
Orora Ltd. 3,293$ 4% -0.12 3.5 3% 0.3 360 3
Owens-Illinois 6,877$ 1% 0.10 5.3 2% 5.6 3772 18
Packaging Corporation of America 7,015$ 15% 0.13 6.9 12% 4.0 6237 4
Sealed Air 4,733$ 4% 0.12 6.2 4% 6.9 6467 7
Silgan Holdings 4,449$ 4% 0.09 5.6 8% 4.3 2936 5
Smurfit Kappa Group PLC 10,564$ 3% 0.09 7.7 3% 1.3 3460 20
Sonoco Products 5,391$ 5% 0.08 9.6 9% 2.7 4257 14
Vitro 2,238$ 10% 0.11 4.2 15% N/A N/A 9
Westrock 16,285$ 24% 0.09 7.2 6% 0.5 5445 21
Winpak 890$ 7% 0.16 5.4 14% 0.6 490 16
MEAN WITHOUT OUTLIERS 7% 0.08 6.4 7% 3.3 5287
2010-2018

2010
2018
4.5
5.0
5.5
6.0
0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11
InventoryTurns
Operating Margin
Chemical
Best Scenario
Chemical
0.07, 5.20
Chemical

2010
2018
4.5
5.0
5.5
6.0
6.5
7.0
0.09 0.11 0.13 0.15 0.17 0.19 0.21
InventoryTurns
Operating Margin
Eastman Chemical
Best
Scenario
EMN
0.15, 5.39
Eastman Chemical
Chemical
.07, 5.20

2010
2018
3.2
3.7
4.2
4.7
5.2
5.7
6.2
6.7
0.12 0.13 0.14 0.15
InventoryTurns
Operating Margin
Ecolab
Best
Scenario
ECL
0.14, 5.40
Ecolab
Chemical
.07, 5.20

COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Air Products and Chemicals Inc. 8,930$ 1.0% 0.18 12.62 0.11 3.35 25499 5
Akzo Nobel 10,930$ -4.0% 0.08 5.26 0.1 2.01 16925 11
Albemarle Corporation 3,375$ 7.0% 0.19 3.92 0.1 2.98 7023 16
Amyris Inc. 80$ 18.0% -1.72 8.98 0.0869 48.81 379 44
Arkema SA 10,410$ 6.0% 0.1 0.49 0.06 1.6 6307 28
Asahi Kasei Corp 18,432$ 2.0% 0.07 4.23 0.07 1.2 11504 18
Ashland Global Holdings 3,743$ -6.0% 0.04 4.83 0.03 0.97 3383 23
Axalta Coating Systems Ltd 4,696$ 1.0% 0.08 4.00 0 3.07 3585 3
BASF 74,007$ 2.0% 0.1 4.90 0.11 2.36 80081 37
Cabot 3,242$ 5.0% 0.09 5.71 0.05 1.91 2804 21
Celanese Corporation 7,155$ 4.0% 0.12 6.41 0.12 4.42 9499 6
CF Industries Holdings 4,429$ 9.0% 0.29 10.97 0.11 2.57 10506 35
Covestro 17,259$ 2.0% 0.07 3.98 0.1 0.94 4912 1
DowDupont Inc. 60,278$ 9.0% 0.09 5.32 0.07 1.46 46988 7
Eastman Chemical 10,151$ 10.0% 0.15 5.39 0.11 2.88 9992 33
Ecolab 14,668$ 12.0% 0.14 5.40 0.09 4.84 28696 13
Evonik Industries 17,740$ 3.0% 0.11 5.50 0.11 0.37 3418 24
FMC 4,728$ 8.0% 0.15 3.25 0.11 4.07 7005 18
Givaudan 5,650$ 5.0% 0.16 3.15 0.11 4.29 14903 10
H.B. Fuller 3,041$ 11.0% 0.08 6.52 0.07 2.21 1986 8
Hitachi Chemical 6,040$ 3.0% 0.07 7.77 0.07 0.35 1131 16
Huntsman Corporation 9,379$ 3.0% 0.08 5.53 0.05 2.44 4561 4
International Flavors & Fragrances 3,978$ 6.0% 0.17 2.90 0.13 4.81 8291 29
Johnson Matthey PLC 13,675$ 5.0% 0.04 15.90 0.12 1.28 3485 38
K+S 4,769$ 0.0% 0.15 3.57 0.08 1.6 6765 39
Kansai Paint Co., Ltd. 3,628$ 6.0% 0.09 5.32 0.07 0.22 537 20
Koninklijke 10,943$ 1.0% 0.09 3.48 0.07 1.51 11356 31
Kraton Performance Polymers 2,012$ 11.0% 0.07 3.15 0.04 1.64 823 22
Lanxess 8,498$ 3.0% 0.07 4.50 0.07 1 2686 30
Lonza Group 5,542$ 7.0% 0.08 2.55 0.04 3.05 5341 42
LyondellBasell 39,004$ 4.0% 0.13 7.26 0.35 3.86 33503 14
Mitsui Chemicals Inc 11,991$ -2.0% 0.03 4.54 0.02 0.12 579 40
Nippon Kayaku 1,515$ 2.0% 0.13 2.80 0.08 0.24 411 25
Nippon Shokubai 46$ 0.0% 0.06 4.23 0.05 0.46 901 43
Nitto Denko 7,728$ 4.0% 0.12 6.54 0.1 0.42 2401 9
PPG 15,374$ 3.0% 0.12 4.81 0.17 4.92 23346 27
RPM International Inc 5,322$ 5.0% 0.1 4.17 0.08 4.09 5574 12
Sensient Technologies 1,387$ 2.0% 0.13 2.16 0.08 2.62 2513 15
Solvay 13,342$ 4.0% 0.09 5.23 0.06 0.37 4104 36
Stepan Company 1,994$ 6.0% 0.07 9.85 0.1 2.3 1283 33
Symrise AG 3,724$ 8.0% 0.15 2.73 0.09 4.21 6785 26
The Chemours Company 6,638$ -2.0% 0.11 3.82 0.07 3.86 2120 2
W.R. Grace 1,932$ -2.0% 0.15 5.29 0.13 15.62 4447 32
Wacker Chemie 5,879$ 2.0% 0.09 5.36 0.1 1.28 4055 41
MEAN WITH OUTLIERS 10,620$ 4.2% 0.07 5.32 8.9% 3.60 9827
MEAN WITHOUT OUTLIERS 4.2% 0.11 4.90 7.7% 2.24 7447
2010-2018
Chemical Industry Analysis

2010
2018
4.0
4.5
5.0
5.5
0.13 0.14 0.15 0.16 0.17 0.18
InventoryTurns
Operating Margin
Non-Durable Household Products
Best Scenario
Non-Durable
0.16, 4.82
Consumer Non-Durable (Household Products)
Operating Margin vs. Inventory Turns(2010 - 2018)

Consumer Non-Durables Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Church & Dwight Company 4,146$ 6.0% 0.19 6.96 14% 4.7 9,983 6
Clorox 6,124$ 1.0% 0.18 7.82 24% 62.5 13,727 12
Colgate-Palmolive 15,544$ 0.0% 0.24 5.22 13% 0.3 54,598 9
Energizer Holdings Inc. 1,798$ -2.0% 0.12 2.12 6% 0.1 1,161 1
Kimberly-Clark 18,486$ 0.0% 0.14 6.34 19% 0.2 36,975 8
Newell Rubbermaid 8,631$ 6.0% 0.1 4.46 3% 0.0 10,217 13
Procter & Gamble 66,832$ -1.0% 0.19 6.40 12% 0.1 213,189 4
Reckitt Benckiser Group 16,808$ 4.0% 0.26 5.00 22% 0.2 45,455 10
Spectrum Brands Holdings 3,146$ 1.0% 0.09 3.59 0% 0.0 1,970 2
Toro Corporation 2,619$ 6.0% 0.12 5.12 25% 0.3 4,037 5
Tupperware Brands 2,070$ 0.0% 0.15 2.83 15% 0.2 3,083 11
Unilever 60,200$ 1.0% 0.16 3.20 18% 0.2 120,817 7
Williams-Sonoma Inc. 5,292$ 5.0% 0.09 3.62 20% 0.2 4,707 3
MEAN WITH OUTLIERS 16,284$ 2.1% 0.16 4.82 14.7% 5.3 39,994
MEAN WITHOUT OUTLIERS 2.1% 0.16 4.82 14.7% 0.2 25,561
2010-2018

Winner Status

2010
2018
1.4
1.5
1.6
1.7
1.8
1.9
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3.0
0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11
InventoryTurns
Operating Margin
Personal Products
Best Scenario
Personal Products
0.07, 2.13
Personal Products

2010
2018
2.5
3.0
3.5
0.15 0.16 0.17 0.18 0.19
InventoryTurns
Operating Margin
L'Oreal
Best Scenario
LRLCY
0.17, 2.95
Winner: L'Oréal
Personal Products
.07, 2.13

Personal Products Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Avon Products 5,571 -6% 0.06 3.79 -6% 4.1 4,817 14
Beiersdorf 8,541 1% 0.13 3.36 14% 1.5 8,038 6
CCA Industries 17 -12% -0.01 2.52 -14% 2.0 25 9
Coty 9,398 14% 0.08 2.62 0% 10.3 6,133 1
Estee Lauder 13,683 7% 0.15 1.84 20% 8.4 30,366 2
Henkel AG & Company 23,497 2% 0.12 4.90 10% 3.0 43,342 15
Herbalife Ltd. 4,892 9% 0.14 2.59 33% 11.7 5,384 13
Inter Parfums 676 7% 0.13 1.76 10% 2.6 975 4
Kao Corporation 13,653 0% 0.11 4.39 12% 1.3 8,317 7
L'Oreal 31,808 3% 0.17 2.95 15% 3.6 95,442 4
Natures Sunshine Products 365 1% 0.04 2.18 7% 2.0 223 8
Nu Skin Enterprises 2,679 10% 0.13 2.08 20% 4.5 3,281 11
Ocean Bio-Chem Inc. 42 6% 0.09 2.53 10% 1.4 26 12
PZ Cussons PLC 1,027 -2% 0.13 3.30 9% 0.8 553 10
Revlon Inc. 2,565 8% 0.11 3.36 12% 0.0 1,188 16
Shiseido Co Ltd. 9,912 5% 0.06 2.08 5% 3.0 10,697 3
MEAN WITH OUTLIERS 8,020 3% 0.10 2.9 10% 3.8 13,675
MEAN WITHOUT OUTLIERS 3% 0.10 2.9 10% 3.8 5,716
2010-2018

2010
2018
2.5
2.6
2.7
2.8
2.9
3.0
0.03 0.05 0.07 0.09 0.11 0.13 0.15 0.17 0.19 0.21 0.23
InventoryTurns
Operating Margin
Pharmaceutical Industry
Best Scenario
Pharma
0.19, 2.75
Pharmaceutical

2010
2018
2.0
3.0
4.0
5.0
6.0
0.16 0.21 0.26 0.31 0.36
InventoryTurns
Operating Margin
AbbVie Inc
Best
Scenario
ABBV
0.28, 4.26
Winner: AbbVie
Operating Margin vs. Inventory Turns: (2010 - 2018)
Pharmaceuticals
.19, 2.75

COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET
CAP
INDEX
RANK
Abbott Laboratories 30,578$ 2% 0.11 3.42 8% 2.6 67003 22
AbbVie Inc. 32,753$ 10% 0.28 4.26 17% 17.5 81089 12
Acura Pharmaceuticals Inc. 4,131$ 2% -15.04 0.4 -42% 3.5 62 34
Alexion Pharmaceuticals Inc. 15,787$ 31% 0.32 0.99 10% 7.4 24531 17
Allergan PLC 167,940$ 34% -0.06 2.46 1% 1.9 47083 31
AmerisourceBergen Corporation 23,747$ 10% 0.01 13.51 14% 7.6 15450 16
Amgen 3,332$ 6% 0.36 1.36 11% 4.2 95535 6
Aspen Pharmacare Holdings Ltd. 11,736$ 6% 0.25 2.02 9% 1.2 3646 23
Astellas Pharma Inc. 22,090$ 2% 0.15 2.37 11% 3.6 43513 25
AstraZeneca PLC 46,744$ -4% 0.18 2.31 13% 4.4 76325 32
Bayer 13,453$ 1% 0.12 2.35 9% 3.1 87505 18
Biogen Idec Inc. 22,561$ 14% 0.4 1.49 20% 5.1 50089 5
Biomarin Pharmaceutical Inc. 2,463$ 19% -0.17 0.6 -5% 6.1 10964 24
Bristol-Myers Squibb Company 15,281$ 3% 0.21 3.86 13% 5.5 82140 9
Catalent Inc. 8,666$ 6% 0.12 6.86 2% 2.9 2214 1
Celgene Corporation 24,556$ 21% 0.3 1.17 15% 9.9 62275 11
Daiichi Sankyo Co Ltd. 41,123$ 1% 0.14 2.00 6% 1.2 12644 25
Eli Lilly and Company 81,581$ 2% 0.23 1.69 15% 5.4 74259 14
GlaxoSmithKline 3,216$ -1% 0.2 1.96 15% 73.9 103630 20
Johnson & Johnson 42,294$ 3% 0.26 2.96 15% 4.0 267743 27
Mallinckrodt PLC 11,434$ 8% 0.11 2.67 -1% 0.9 3491 19
Merck and Company 53,166$ 7% 0.17 2.80 7% 3.5 146468 4
Mylan NV 17,715$ 10% 0.14 2.61 5% 3.1 16696 29
Novartis AG 4,732$ 2% 0.19 2.64 11% 2.5 179560 15
Novo Nordisk A/S 53,647$ 7% 0.39 1.29 64% 14.7 103096 10
Perrigo Co PLC 6,711$ 14% 0.15 3.40 3% 2.9 13213 28
Pfizer, Inc. 58,111$ 1% 0.28 1.62 11% 2.7 193661 13
Regeneron Pharmaceuticals Inc. 42,128$ 46% 0.18 1.31 16% 10.8 30090 33
Roche Holding 18,854$ 3% 0.29 2.23 21% 10.0 149899 6
Sanofi S.A. 1,628$ 0% 0.21 1.70 7% 1.6 111610 21
Teva Pharmaceutical Industries Limited 3,048$ 4% 0.21 2.01 1% 1.6 36654 29
United Therapeutics Corporation 5,825$ 19% 0.45 1.80 24% 3.4 5029 8
Vertex Pharmaceuticals Inc. 3,044$ 1% 0.66 3.53 -14% 17.4 22078 3
Zoetis Inc. 5,800$ 6% 0.22 1.30 10% 12.1 18257 2
MEAN WITH OUTLIERS 26,467$ 9% -0.23 2.6 9% 7.6 65809
2010-2018
Pharmaceutical Analysis

Discrete
Industries

2010
2018
4.0
4.5
5.0
5.5
6.0
0.09 0.10 0.11 0.12 0.13
InventoryTurns
Operating Margin
Aerospace & Defense
Best Scenario
Aerospace
and Defense
0.11, 5.03
Aerospace and Defense
Operating Margin vs. Inventory Turns(2010 - 2018)
Charted for Companies Greater than 1B in
Revenue

2010
2018
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15
InventoryTurns
Operating Margin
Lockheed Martin
Best Scenario
LMT
0.11, 13.68
Lockheed Martin
Aerospace & Defense
.11, 5.03

Aerospace & Defense Analysis

2010
2018
2.7
3.2
0.10 0.11 0.12 0.13 0.14
InventoryTurns
Operating Margin
Apparel Manufacturers
Best Scenario
0.12, 3.04

2010
2018
0.0
1.0
2.0
3.0
4.0
0.10 0.12 0.14 0.16 0.18 0.20 0.22 0.24 0.26 0.28 0.30
InventoryTurns
Operating Margin
Best Scenario
Capri Holdings, LTD
CPRI
0.22, 2.81
Apparel .12, 2.8
Winner: Capri Holdings

Apparel Manufacturing Summary
COMPANY
2018
ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Adidas 25,877$ 7% 0.08 2.91 12% 3.5 24580 3
Belluna Company 1,459$ 4% 0.06 2.96 5% 0.4 325 4
Bosideng International 1,345$ 11% 0.13 2.57 9% 0.7 877 19
Capri Holdings LTD. 4,719$ 31% 0.22 2.81 31% 6.8 8512 1
Colombia Sportswear 2,802$ 10% 0.09 2.73 10% 2.4 3273 2
Crocs 1,088$ 7% 0.05 3.56 8% 3.8 1171 14
Deckers Outdoors 1,903$ 11% 0.12 2.92 14% 3.0 2561 26
Fossil Group 2,541$ 7% 0.12 2.52 12% 3.4 3498 24
Gildan Activewear 2,909$ 13% 0.14 2.4 15% 3.1 5531 18
Hanes Brands 6,804$ 6% 0.11 2.13 10% 5.7 6450 5
Hennes & Mauritz AB 24,402$ 7% 0.15 3.14 35% 6.0 40524 24
Hugo Boss 3,302$ 5% 0.16 1.81 27% 4.3 2278 10
Inditex 26,145$ 5% 0.14 3.35 21% 3.7 44383 28
Interface Inc 1,180$ 4% 0.10 3.95 7% 3.5 1133 12
Moet Louis Vuitton 55,265$ 10% 0.20 1.23 13% 3.3 98602 16
Moncler 1,677$ 13% 0.27 1.73 17% 4.7 3179 8
Nike 36,397$ 7% 0.13 4.02 22% 7.0 77065 20
Puma 5,489$ 6% 0.06 2.91 7% 0.6 1588 13
PVH 8,915$ 19% 0.08 3.22 6% 1.9 7698 15
Ralph Lauren 6,182$ 3% 0.13 3.33 13% 3.1 11355 9
Skechers 4,663$ 15% 0.06 2.92 9% 2.0 2758 10
Steve Madden 1,654$ 15% 0.14 9.39 19% 3.2 2052 21
Under Armour 5,193$ 23% 0.09 2.66 11% 1.4 2685 22
Unifirst 1,696$ 6% 0.12 11.31 9% 1.8 2152 7
Vera Bradley 455$ 8% 0.13 1.98 24% 6.5 801 22
VF Corporation 3,045$ 6% 0.12 3.44 4% 4.7 22873 27
Wacoal Holdings Corporation 1,767$ 1% 0.05 2.35 4% 0.7 1460 5
Wolverine World Wide 2,239$ 10% 0.10 3.84 9% 2.9 2397 17
MEAN WITH OUTLIERS 8,611$ 10% 0.12 3.4 13.7% 3.4 13,634
MEAN WITHOUT OUTLIERS 9% 0.12 2.8 13.7% 3.4 5,049
2010-2018

2010
2018
6.0
6.5
7.0
7.5
8.0
-0.02 -0.01 0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08
InventoryTurns
Operating Margin
Automotive
Best Scenario
Automotive
0.04, 7.25
Automotive

Automotive Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Audi AG 69,963$ 6% 0.10 7.9 21% 0.9 23099 19
Bayerische Motoren Werke AG 115,105$ 6% 0.10 6.4 5% 1.4 12716 12
BYD - Build Your Dream 19,673$ 15% 0.06 5.0 3% 2.6 12716 8
Daimler AG 197,623$ 7% 0.07 5.0 7% 1.3 74929 14
Ferrari NV 4,039$ 4% 0.14 3.2 10% 12.0 8427 1
Fiat Chrysler Automobiles NV 130,376$ 14% 0.04 7.6 4% 0.5 11892 7
Ford Motor Company 160,338$ 4% 0.05 15.4 6% 2.3 51643 21
General Motors Company 147,049$ 4% 0.03 10.1 9% 1.4 50304 18
Honda Motor Co Ltd. 138,641$ 4% 0.05 7.3 4% 1.0 59766 10
Isuzu Motors Ltd. 18,686$ 4% 0.08 8.0 10% 1.4 9007 5
Mazda Motor Corporation 31,355$ 3% 0.03 7.2 3% 0.8 5362 13
Mitsubishi Motors Corporation 68,299$ 2% 0.05 4.8 4% 0.7 35591 16
Nissan Motor Co Ltd. 107,865$ 3% 0.06 7.6 4% 0.7 29374 9
Peugeot SA 87,412$ 4% 0.03 8.8 2% 0.5 6693 5
Renault SA 67,801$ 5% 0.05 8.4 4% 0.4 13685 20
Subaru 30,734$ 9% 0.10 7.1 15% 2.1 19471 11
Suzuki Motor Corporation 33,911$ 2% 0.06 7.8 5% 0.2 2391 4
Tata Motors Ltd. 44,717$ 13% 0.07 5.4 9% 2.7 18565 17
Tesla Inc. 21,461$ 98% -0.44 3.1 -2% 19.6 25731 3
Toyota Motor Corporation 265,163$ 3% 0.06 11.0 4% 1.2 167254 2
Volkswagen AG 278,493$ 8% 0.05 5.2 6% 0.8 76498 15
MEAN WITH OUTLIERS 97,081$ 10% 0.04 7.3 6.4% 2.6 34053
MEAN WITHOUT OUTLIERS 6% 0.06 7.3 6.4% 1.2 22492
2010-2018

Winner Status

2010
2018
6.8
7.3
7.8
0.08 0.09 0.10 0.11 0.12
InventoryTurns
Operating Margin
Auto Parts
Best Scenario
Auto Parts
0.10, 7.54
Automotive Parts Industry

2010 2018
7.0
8.0
9.0
10.0
0.06 0.07 0.08 0.09 0.10 0.11 0.12
InventoryTurns
Operating Margin
Continental AG
Best Scenario
CTTAY
0.10, 8.33
Winner: Continental AG
Automotive Parts
.10, 7.54

2010
2018
8.0
9.0
10.0
11.0
12.0
13.0
14.0
0.09 0.10 0.11 0.12 0.13
InventoryTurns
Operating Margin
BorgWarner Ltd.
Best Scenario
BWA
0.12, 11.36
Winner: BorgWarner
Automotive Parts
.10, 7.54

Automotive Parts Analysis
COMPANY
2018
ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Advance Auto Parts 9,581$ 8% 0.09 1.3 18% 4.6 8651 32
Aisin Seiki Co Ltd. 35,280$ 6% 0.07 12.0 5% 0.5 4792 35
Allison Transmission Holdings Inc. 2,713$ 5% 0.25 6.7 8% 4.3 4062 1
American Axle & Manufacturing 7,270$ 20% 0.09 13.3 14% 7.0 1317 30
Autoliv Inc. 8,678$ 7% 0.09 10.0 11% 1.9 6150 33
AutoZone Inc. 11,221$ 6% 0.19 1.5 40% 0.0 17674 22
BorgWarner Inc. 10,530$ 12% 0.12 11.4 12% 2.9 9386 16
Commercial Vehicle Group 898$ 9% 0.04 8.3 6% 5.2 233 6
Continental AG 52,433$ 8% 0.10 8.3 12% 2.5 33972 12
Cooper-Standard Holdings Inc. 3,629$ 8% 0.06 15.3 7% 1.4 1080 4
Dana Inc 8,143$ 6% 0.07 7.9 10% 2.8 2717 5
Danaher Corporation 19,893$ 8% 0.16 4.5 9% 2.0 44751 25
Delphi Automotive PLC 4,858$ 1% 0.06 3.9 6% 0.9 657 3
Denso Corporation 46,105$ 5% 0.08 8.5 6% 1.0 25841 15
Dorman Products Inc. 974$ 11% 0.18 2.6 20% 3.6 1731 21
Douglas Dynamics 524$ 16% 0.16 4.4 7% 2.6 524 10
Gentex Corporation 1,834$ 15% 0.27 5.1 18% 3.3 4753 19
Gentherm Inc. 1,038$ 48% 0.10 7.2 13% 3.6 963 34
Johnson Controls 31,400$ 6% 0.07 10.7 6% 1.7 24732 17
JTEKT Corporation 13,007$ 4% 0.04 6.5 4% 0.4 1743 18
Koito Manufacturing Co Ltd. 7,661$ 8% 0.09 10.0 10% 0.7 2425 7
LKQ Corporation 11,877$ 22% 0.10 2.7 8% 2.9 7886 22
Mabuchi Motor Co Ltd. 1,296$ 6% 0.12 3.3 6% 0.6 1195 8
Magan International 40,827$ 11% 0.06 10.9 16% 1.7 15649 13
Meritor Inc. 4,178$ 5% 0.05 8.5 45% 1.3 1197 11
Motorcar Parts of America 428$ 14% 0.14 3.3 3% 1.9 345 22
Nexteer Automotive Group Ltd. 3,912$ 7% 0.07 9.3 11% 0.2 404 2
NGK Spark Plug Co Ltd 3,700$ 3% 0.13 3.2 8% 0.1 462 14
O'Reilly Automotive 9,536$ 8% 0.17 1.4 24% 18.3 17869 9
PT Astra International Tbk 16,818$ 8% 0.10 9.5 12% 2.5 18802 28
Stanley Electric Co Ltd. 3,991$ 4% 0.11 10.7 8% 0.5 1460 27
Tenneco Inc. 11,763$ 11% 0.05 9.2 12% 61.9 2736 36
The Timken Company 3,581$ 3% 0.11 3.5 11% 1.9 3202 20
Toyoda Gosei Co Ltd. 7,283$ 3% 0.06 12.9 5% 0.2 615 37
Valeo SA 22,582$ 9% 0.07 10.9 11% 2.4 8857 28
Visteon Corporation 2,984$ -2% 0.05 13.4 19% 3.3 3409 31
WABCO Holdings Inc 3,831$ 12% 0.13 8.8 25% 6.7 5301 26
2010-2018

2010
2018
6.9
7.9
8.9
9.9
10.9
0.04 0.05 0.06 0.07 0.08
InventoryTurns
Operating Margin
B2B Technology
Best Scenario
B2B Technology
0.06, 8.90
B2B Technology

2010
2018
29.0
39.0
49.0
59.0
69.0
79.0
89.0
99.0
109.0
0.26 0.27 0.28 0.29 0.30 0.31 0.32 0.33 0.34 0.35 0.36
InventoryTurns
Operating Margin
Apple Inc
Best Scenario
AAPL
0.29, 59.7
Winner: Apple
B2B Technology
.06, 8.99

B2B Technology Analysis
COMPANY
2018 Annual
Revenue GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL PRICE TO BOOK MARKET CAP
INDEX
RANK
Alps Electric Co Ltd. 7,747$ 4% 0.05 7.28 5.0% 1.2 2501 2
Ambarella 295$ 18% 0.18 5.93 -1.0% 3.7 1049 24
Apple Inc. 265,595$ 25% 0.29 59.67 31.0% 5.05 598634 26
Bang & Olufsen A/S 526$ 1% -0.06 3.55 -2.0% 0.39 96 11
Eastman Kodak Company 1,325$ -17% -0.02 4.56 28.0% 1.81 420 21
EnerSys Manufactures 2,582$ 4% 0.11 4.91 10.0% 2.26 2536 5
Funai Electric Company Ltd. 1,174$ -9% -0.02 4.9 -9.0% 0.07 48 28
GoPro Inc. 1,148$ 0% 0.00 4.1 -2.0% 2.69 1498 14
Hewlett Packard 58,472$ -5% 0.08 10.83 25.0% 0.57 27546 8
Hewlett Packard Enterprise Company 30,852$ -6% 0.05 8.89 2.0% 0.34 8804 6
JVC Kenwood Corporation 2,714$ 0% 0.02 5.98 -1.0% 0.08 44 25
Lenovo Group 45,350$ 14% 0.02 15.68 12.0% 3.26 9000 18
LG Display Co Ltd. 22,080$ 5% 0.03 9.88 4.0% 0.89 9167 22
LG Electronics 54,400$ 4% 0.23 5.83 3.1% 1.09 1
Logitech International 2,567$ 2% 0.06 5.64 9.0% 3.33 2987 4
LSI Industries 342$ 4% 0.02 5.06 1.0% 1.28 188 19
NCR 6,405$ 4% 0.07 6.09 5.0% 4.31 3883 15
Nintendo Co Ltd. 9,528$ -1% 0.06 5.47 5.0% 1.92 23760 27
Samsung 220,000$ 7% 0.15 7.13 15.3% 1.41 7
Seagate 11,184$ 2% 0.13 9.94 23.0% 5.69 12286 10
Seiko Epson Corporation 9,947$ -1% 0.06 3.81 7.0% 12
Sharp Corporation 21,907$ -2% 0.00 7.41 -11.0% 2.2 7676 3
Sony Corporation 77,113$ 0% 0.03 8.55 -1.0% 1.22 32351 9
TPV Technology Ltd 9,148$ 2% 0.01 7.77 2.0% 0.15 238 16
Truly International Holdings Limited 2,521$ 17% 0.07 8.81 6.0% 0.46 417 23
Universal Electronics Inc. 680$ 9% 0.05 3.71 6.0% 2.16 589 20
Western Digital Corp. 20,647$ 14% 0.13 8.23 12.0% 1.71 15426 17
Xerox 9,830$ -2% 0.1 10.3 3.0% 0.82 7553 12
MEAN WITH OUTLIERS 32,003$ 3% 0.07 8.99 6.8% 1.88 31925
MEAN WITHOUT OUTLIERS 5% 0.06 6.90 6.8% 185.0% 31925
2010-2018

2010
2018
5.3
5.8
6.3
0.05 0.06 0.07 0.08 0.09
InventoryTurns
Operating Margin
Durable Household Products
Best
Scenario
Durables
0.07, 5.84
Consumer Durables

COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Armstrong World Industries 975$ -8% 0.12 6.3 7% 5.2 2,519 2
Breville Group 505$ 5% 0.11 3.83 21% 1.1 233 5
Canon 35,780$ 1% 0.09 3.76 8% 0.8 22,767 10
Compagnie de Saint-Gobain SA 49,327$ 0% 0.07 5.13 4% 0.7 13,516 4
Electrolux AB 14,302$ 0% 0.04 6.93 10% 3.2 7,277 6
Haier Electronics Group Co Ltd. 12,896$ 32% 0.04 14.92 24% 3.9 5,093 13
Hamilton Beach Brands Holding Company 743$ 0% 0.02 1.35 4% 1.8 75 1
iRobot Corporation 1,093$ 16% 0.09 6.2 13% 3.4 1,231 11
Koninkijke Philipis 21,397$ -4% 0.06 3.59 4% 1.9 28,147 8
Panasonic Corporation 72,043$ 0% 0.03 6.95 -1% 1.4 24,485 7
Pioneer Corporation 3,298$ -5% 0.01 6.1 -3% 0.0 23 12
Stanley Black and Decker Inc. 13,982$ 19% 0.12 4.47 7% 2.3 15,484 3
Whirlpool Corporation 21,037$ 2% 0.06 6.36 6% 2.3 9,947 8
MEAN WITH OUTLIERS 19,029$ 4% 6.6% 5.84 8.0% 2.2 10,061
MEAN WITHOUT OUTLIERS 2% 6.6% 5.08 8.0% 2.2 10,061
2010-2018
Consumer Durables: Industry Analysis

No Winner for 2010-2018
Winner Status

2010
2018
5.4
5.9
6.4
6.9
0.03 0.04 0.05 0.06 0.07
InventoryTurns
Operating Margin
Contract Manufacturers
Best Scenario
Contract
Manufacturers
0.05, 6.04
Contract Manufacturers

Contract Manufacturing Analysis
COMPANY
2018
ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Benchmark Electronics Inc. 2,566$ 3% 0.03 6.43 5% 0.92 1,138 7
Celestica Inc. 6,633$ 1% 0.03 7.14 8% 1.25 1,655 5
Flex Ltd. 25,441$ -1% 0.02 7.28 8% 0.08 5,841 1
Ibiden Co Ltd. 2,711$ -1% 0.06 6.74 1% 0.01 250 11
IEC Electronics 117$ 8% 0.03 5.62 2% 0.02 50 8
IEH Corporation 23$ 9% 0.17 2.00 17% 0.17 15 6
Jabil Circuit Inc. 22,095$ 8% 0.03 6.61 7% 0.07 4,156 3
Kimball International 686$ -3% 0.03 8.01 9% 0.09 416 2
Plexus Corporation 2,874$ 7% 0.05 4.10 8% 0.08 1,395 8
Sigmatron International 278$ 9% 0.02 3.26 2% 0.02 24 10
TTM Technologies Inc. 2,847$ 23% 0.07 9.25 2% 0.02 877 4
MEAN WITH OUTLIERS 6,025$ 5.7% 0.05 6.04 6% 0.25 1,438
MEAN WITHOUT OUTLIERS 5.7% 0.04 6.04 6% 0.06 998
2010-2018

No Winner for 2010-2018
Winner Status

2010
2018
4.7
5.2
5.7
6.2
6.7
0.04 0.05 0.06 0.07 0.08 0.09
InventoryTurns
Operating Margin
Furniture
Best Scenario
Furniture
0.07, 5.74
Furniture

2010
2018
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11
InventoryTurns
Operating Margin
Herman Miller
Best
Scenario
MLHR
0.07, 13.60
Winner: Herman Miller
Furniture
.07, 5.74

2010
2018
5.0
6.0
7.0
0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14
InventoryTurns
Operating Margin
Leggett & Platt
Best Scenario
LEG
0.10, 5.82
Winner: Leggett & Platt
Furniture
.07, 5.74

2010
2018
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14
InventoryTurns
Operating Margin
Sleep Number
Best Scenario
Winner: Sleep Number
Furniture
.07, 5.74

Furniture Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Bassett Furniture Industry 457$ 8% 0.04 2.87 11% 0.1 206 16
Ethan Allen Interiors 767$ 2% 0.07 2.27 7% 0.1 760 17
Flexsteel Industries 489$ 5% 0.06 3.58 10% 0.1 243 3
Herman Miller 2,381$ 5% 0.07 13.6 13% 0.1 1,690 10
HNI Corporation 2,258$ 4% 0.06 12.2 10% 0.1 1,691 4
Hooker Furniture 621$ 15% 0.06 4.34 7% 0.1 258 2
Howden Joinery Group 2,016$ 6% 0.16 2.79 19% 0.2 1,140 6
Hunter Douglas 3,664$ 5% 0.07 2.54 9% 0.1 460 1
Knoll Inc. 1,302$ 6% 0.09 5.57 12% 0.1 929 5
La-Z-Boy 1,584$ 3% 0.06 5.69 12% 0.1 1,152 6
Leggett & Platt 4,270$ 4% 0.10 5.82 11% 0.1 4,865 8
Libbey Inc. 801$ 1% 0.07 3.84 2% 0.0 360 14
NACCO Industries 135$ -16% -0.12 3.02 10% 0.1 127 11
Natuzzi 506$ -4% -0.04 3.45 -8% -0.1 109 18
Sleep Number 1,532$ 12% 0.08 8.35 46% 0.5 1,151 12
Steelcase 3,056$ 0% 0.05 13.43 7% 2.4 1,724 9
Tempur Sealy 2,703$ 16% 0.14 8.11 13% 23.4 3,189 13
MEAN WITH OUTLIERS 1,679$ 4.2% 0.06 5.97 11.2% 1.6 1,180
MEAN WITHOUT OUTLIERS 4.2% 0.06 5.97 11.2% 0.1 1,180
2010-2018

2010 2018
2.9
3.0
3.1
3.2
3.3
0.14 0.15 0.16 0.17 0.18
InventoryTurns
Operating Margin
Medical Devices
Best
Scenario
Medical
Devices
0.16, 3.11
Medical Device

Winner: Intuitive Surgical
Medical Device
.16, 3.112010
2018
2.0
3.0
4.0
5.0
0.23 0.28 0.33 0.38 0.43
InventoryTurns
Operating Margin
Intuitive Surgical Inc
Best
Scenario
ISRG
0.35, 4.15

Medical Device Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK
MARKET CAP
INDEX
RANK
Abiomed Inc. 594$ 26% 0.06 2.29 9% 0.1 3986 30
Ansell Ltd. 1,560$ 6% 0.04 3.12 12% 0.1 1089 7
Becton Dickinson and Company 15,983$ 10% 0.18 3.12 10% 0.1 30963 7
Bio-Rad Laboratories Inc. 2,289$ 3% 0.09 1.91 5% 0.1 4347 22
Boston Scientific 9,823$ 2% 0.14 2.51 -3% 0.0 21992 23
Bruker Corporation 1,896$ 7% 0.11 1.83 10% 0.1 3486 11
Charles River Laboratories International Inc. 2,266$ 8% 0.14 9.17 5% 0.1 3189 16
Coloplast 2,629$ 6% 0.3 3.33 39% 0.4 7531 3
ConvaTec Group PLC 1,832$ 1% 0.09 2.1 0% 0.0 994 1
Dentsply 3,986$ 8% 0.14 3.32 3% 0.0 8346 31
Edwards Lifesciences 3,723$ 12% 0.24 1.82 19% 0.2 15700 9
Fisher & Paykel Healthcare Corp Ltd. 701$ 9% 0.18 2.7 20% 0.2 602 17
Hill-Rom Holdings Inc. 2,848$ 9% 0.11 6.12 8% 0.1 3282 14
Hologic Inc. 3,218$ 8% 0.15 4.14 1% 0.0 8256 4
Intuitive Surgical Inc. 3,724$ 16% 0.35 4.15 17% 0.2 24728 28
Medtronic 29,953$ 9% 0.25 2.4 9% 2.5 76384 27
Mettler-Toledo International Inc. 2,936$ 6% 0.2 4.88 26% 14.6 9028 4
MicroPort Scientific Corporation 669$ 31% 0.17 1.31 6% 1.0 408 26
PerkinElmer Inc. 2,778$ 7% 0.11 4.29 6% 2.4 5320 12
ResMed Inc. 2,340$ 11% 0.23 3.15 15% 4.7 8238 10
Smith and Nephew 4,904$ 3% 0.21 1.06 13% 3.4 13138 25
Stryker 13,601$ 8% 0.21 2 12% 3.8 35676 20
Teleflex Inc. 2,448$ 4% 0.17 2.53 5% 2.7 5763 21
Terumo Corporation 5,305$ 7% 0.16 2.53 8% 1.8 8361 19
The Cooper Companies Inc. 2,533$ 10% 0.18 1.82 7% 2.6 6931 12
Thermo Fisher Scientific Inc. 24,358$ 11% 0.13 4.76 6% 2.3 47835 6
Varian Medical Systems Inc. 2,919$ 3% 0.19 3.34 20% 5.0 7844 15
Waters Corporation 2,420$ 6% 0.28 3.32 15% 5.8 10008 18
West Pharmaceutical Services Inc. 1,717$ 6% 0.12 5.31 9% 3.9 4102 2
Wright Medical Group NV 836$ 19% -0.16 0.89 -21% 2.6 1577 23
Zimmer Biomet Holdings 7,933$ 8% 0.22 1.08 6% 2.2 17071 29
2010-2018

2010
2018
9.9
10.9
11.9
12.9
13.9
14.9
0.10 0.11 0.12 0.13 0.14
InventoryTurns
Operating Margin
Telecommunications
Best Scenario
Telecommunications
0.12, 12.31
Telecommunications

Winner: Ubiquiti Networks
Telecommunications
.12, 9.8

Telecommunications Industry Analysis
COMPANY
2018
ANNUAL
REVENUE GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL PRICE TO BOOK MARKET CAP
INDEX
RANK
Adtran 529$ 2.0% 0.09 3.37 8.0% 1277.9 2.86 19
Avnet 19,037$ 4.0% 0.03 7.73 8.0% 5130.7 1.17 14
Belden 2,585$ 8.0% 0.08 6.30 6.0% 2414.5 2.58 4
Cisco Systems Inc. 49,330$ 4.0% 0.23 11.79 11.0% 138833.0 2.57 7
EchoStar Group 2,091$ 3.0% 0.09 24.56 3.0% 3774.8 1.06 15
Ericsson 24,293$ -1.0% 0.05 5.35 1.0% 31486.6 1.82 16
Fabrinet 1,372$ 15.0% 0.08 5.19 12.0% 922.4 1.92 9
Finisar Corporation 1,316$ 13.0% 0.05 3.12 5.0% 2154.9 2.33 17
Harris 6,182$ 4.0% 0.18 4.61 12.0% 9602.3 3.73 11
Juniper Networks 4,648$ 4.0% 0.15 23.88 6.0% 11328.1 1.99 8
Motorola Solutions 7,343$ -6.0% 0.13 8.59 13.0% 14855.3 2.04 2
Nokia Oyj 26,643$ -2.0% 0.05 6.66 2.0% 27281.2 1.96 20
Rogers Communications Inc . 11,649$ 2.0% 0.23 28.06 9.0% 5232.0 0.98 10
Skyworth Digital Holdings Ltd. 4,567$ 14.0% 0.05 6.45 10.0% 86.4 0.04 11
Sprint Corp 32,406$ 21.0% 0.02 14.69 -4.0% 21179.3 1.14 21
TELUS Corp 14,095$ 4.0% 0.19 15.48 8.0% 22925.5 2.81 3
Ubiquiti Networks 1,017$ 41.0% 0.29 11.83 39.0% 3259.4 12.94 5
Vodafone Group PLC. 54,713$ -1.0% 0.11 62.69 8.0% 86869.9 0.82 18
Vtech 2,130$ 4.0% 0.12 4.74 32.0% 2618.8 5.06 6
Zayo Group Holdings 2,604$ 30.0% 0.10 0.00 1.0% 4029.8 3.23 1
ZTE 12,936$ 5.0% 0.15 3.54 1.0% 9857.0 2.55 13
MEAN WITH OUTLIERS 13,404$ 8.0% 0.12 12.32 9.1% 19291.4 2.65
MEAN WITHOUT OUTLIERS 8.0% 0.12 9.80 9.1% 9443.0 2.13
2010-2018

2010
2018
4.4
4.5
4.6
4.7
4.8
4.9
5.0
0.09 0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20
InventoryTurns
Operating Margin
Semiconductor
Best Scenario
Semiconductor
0.15, 4.69
Semiconductor Industry

2010
2018
4.0
5.0
6.0
7.0
8.0
9.0
10.0
0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20 0.22 0.24 0.26
InventoryTurns
Operating Margin
Broadcom
Best Scenario
AVGO
0.20, 6.04
Winner: Broadcom
Semiconductor
.15, 4.65

Semiconductor Analysis
COMPANY
2018
Annual
Revenue GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK MARKET CAP
INDEX
RANK
Acacia 340$ 25.0% 0.07 3.73 1.0% 1.62 584.4 21
Advanced Semiconductor 12,303$ 23.0% 0.10 5.45 8.0% 0.13 870.3 26
Advanded Micro Devices 6,475$ 3.0% -0.01 5.36 -9.0% 9.79 6354.8 14
Analog Devices 6,201$ 15.0% 0.29 3.24 13.0% 3.36 19104.5 23
Applied Materials Inc 17,253$ 18.0% 0.19 3.29 14.0% 3.42 26581.6 5
Applied Optoelectronics 267$ 27.0% 0.03 2.42 4.0% 1.28 231.9 21
AXT 102$ 9.0% 0.08 1.51 5.0% 1.18 164.9 30
Broadcom 20,848$ 37.0% 0.20 6.04 16.0% 5.01 42214.2 7
Cabot Microelectronics 590$ 9.0% 0.19 3.51 11.0% 2.81 1431.2 6
ChipMOS Technologies 604$ 0.0% 0.09 8.14 6.0% 1.04 574.4 3
Cirrus Logic 1,532$ 30.0% 0.18 4.19 23.0% 2.07 1952.4 12
Cree 1,494$ 13.0% 0.06 3.82 1.0% 1.73 4256.2 33
Cypress Semiconductor 2,484$ 21.0% -0.02 4.51 -1.0% 5.29 3094.0 17
DAQO New Energy 302$ 24.0% 0.10 10.47 3.0% 0.96 252.1 29
Diodes 1,214$ 13.0% 0.09 3.25 5.0% 1.63 1198.4 20
Infineon Technologies AG 9,046$ 14.0% 0.13 3.85 15.0% 2.8 15632.1 11
Intel 70,848$ 8.0% 0.29 4.26 17.0% 2.6 156130.1 19
Lam Research Corporation 11,077$ 32.0% 0.18 3.47 14.0% 2.54 13149.2 10
Marvell Technology Products 2,409$ -1.0% 0.13 5.59 6.0% 1.62 7932.8 13
Maxim Integrated Products 2,480$ 5.0% 0.24 3.68 12.0% 4.6 10048.3 2
Microchip Technology Inc 3,981$ 20.0% 0.22 3.26 10.0% 4.27 10970.4 9
Micron Technology Inc. 30,391$ 28.0% 0.16 3.69 13.0% 1.62 22578.2 1
NVIDIA Corp 9,714$ 13.0% 0.16 5.13 13.0% 5.95 35448.8 35
NXP Semiconductor 9,407$ 13.0% 0.11 3.73 6.0% 7.76 18790.8 17
ON Semiconductor Corp 5,878$ 16.0% 0.10 3.18 7.0% 2.74 4894.4 27
Qualcomm 22,732$ 10.0% 0.24 6.50 12.0% 4.91 95800.2 32
Ricoh 18,623$ -1.0% 0.04 6.50 1.0% 2.44 24590.3 33
Semtech 588$ 9.0% 0.10 3.62 4.0% 3.06 1903.3 14
Silicon Laboratories Inc 868$ 8.0% 0.11 4.72 7.0% 3.06 2370.8 24
Skyworks Solutions Inc 3,868$ 20.0% 0.26 4.42 20.0% 3.38 9884.6 4
Taiwan Semiconductor 34,192$ 17.0% 0.37 7.33 22.0% 3.56 121277.2 25
Texas Instruments 15,784$ 5.0% 0.33 3.29 22.0% 5.72 58878.3 14
Tower Semiconductor 1,304$ 21.0% 0.05 7.65 1.0% 1.96 1056.1 27
United Microelectronics 5,014$ 8.0% 0.06 7.02 4.0% 0.78 5386.6 31
Xilinx 2,467$ 4.0% 0.3 3.56 15.0% 4.83 12734.1 8
MEAN WITH OUTLIERS 9,505$ 14.7% 0.15 4.7 9.2% 3.19 21094.9
MEAN WITHOUT OUTLIERS 14.7% 0.15 4.7 9.2% 3.19 11064.1
2010-2018

2010
2018
3.8
4.3
4.8
0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14
InventoryTurns
Operating Margin
Tires
Best Scenario
Tires
0.10, 4.55
Tires

Tire Industry Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURNON
INVESTED
CAPITAL
PRICETO
BOOK MARKETCAP
INDEX
RANK
Bridgestone 33,047$ 2% 0.12 4.05 9% 1.4 25450 2
CooperTire&Ruber 2,808$ 1% 0.09 5.99 14% 2.0 1677 4
GoodyearTire&Rubber 15,475$ 0% 0.07 4.83 7% 2.9 5867 3
Michelin 26,011$ 3% 0.11 3.33 12% 0.8 9197 1
MEANWITHOUTLIERS 19,335$ 1% 0.10 4.55 11% 1.8 10548
MEANWITHOUTOUTLIERS 1% 0.10 4.55 11% 1.9 10548
2010-2018

Winner Status

2010 2018
4.8
5.3
5.8
0.06 0.07 0.08 0.09 0.10
InventoryTurns
Operating Margin
Trucks & Heavy Equipment
Best
Scenario
Trucks & Heavy
Equipment
0.08, 5.35
Trucks and Heavy Equipment

Paccar
Trucks & Heavy
Equipment
.08, 5.35

Trucks and Heavy Equipment Industry Analysis
COMPANY
2018 ANNUAL
REVENUE
GROWTH
OPERATING
MARGIN
INVENTORY
TURNS
RETURN ON
INVESTED
CAPITAL
PRICE TO
BOOK MARKET CAP
INDEX
RANK
Agco Corporation 9,352$ 5% 0.06 4.18 8% 1.5 4648 7
Caterpillar 54,722$ 8% 0.10 3.26 6% 4.1 61248 5
Cummins 23,771$ 10% 0.11 5.27 19% 3.3 22304 13
Deere & Company 37,021$ 6% 0.12 5.41 6% 4.4 35471 12
Hitachi Construction 84,556$ -2% 0.05 5.35 4% 0.3 5880 11
Hyster-Yale Materials Handling Inc 3,174$ 7% 0.03 5.67 11% 1.9 877 1
Komatsu 22,574$ 3% 0.11 2.48 7% 0.0 14878 6
Konecranes Oyj 3,727$ 7% 0.06 2.63 9% 0.8 847 9
Kubota 16,752$ 7% 0.11 3.53 6% 0.0 10788 14
Manitowoc 1,847$ -5% 0.05 3.62 -2% 1.0 615 15
Navistar 10,250$ -1% 0.02 7.32 -7% 0.0 2719 2
Oshkosh Truck 7,706$ 8% 0.08 6.43 12% 2.0 3837 17
PACCAR Inc 23,496$ 15% 0.10 18.3 8% 3.0 19916 3
Terex Corporation 5,125$ 5% 0.04 3.43 4% 1.7 2976 16
Textron Inc 13,972$ 3% 0.07 3.19 7% 2.3 10080 4
United Tractors 5,950$ 12% 0.15 5.72 16% 2.3 6163 10
Volvo AB 45,032$ 6% 0.07 5.16 6% 0.6 7442 7
2010-2018

Start by Defining Supply Chain Excellence

• Map Your “OOPS Chart” (Issues from the Prior Years)
– Understand the customer service issues. Push for a root cause analysis.
– Analyze write-offs and the drivers of waste.
• Build Your Orbit Charts
– Operating margin versus inventory turns: study your patterns.
– Plot your patterns against peer group.
– Review as a leadership team. Discuss why you are not making progress.
• Map Company Demand Flows.
• Get Clear on Supply Chain Strategy. What Defines Value?
• Build a Balanced Scorecard with Cross-Functional Targets. Use in
S&OP, New Product Launch, and Network Design.
How To Get Started?

Build a Balanced Scorecard Focused on Value

Drive Value Across the Organization

Inventory: Focus on Form and Function

Inventory: Form and Function
Current
Focus

What Can We Learn?
1. Leadership matters. There is no significant difference in
technologies deployed.
2. Outperforming supply chains are not obvious. It requires
analysis.
3. 67% of supply chains drive performance in single metrics
throwing the supply chain out of balance and reducing
value.
4. Companies focusing on innovation outperform. There is a
clear mission and understanding of the customer.
5. Question the status quo. Only 4% of companies
outperform their peer groups.
6. We cannot save our way to value.

ENGAGE WITH US!
Visit Us Online
www.supplychaininsights.com
www.supplychainshaman.com
www.linkedin.com/company/supply-chain-insights
www.slideshare.com/loracecere
Follow Us on Twitter
@scinsightsllc
@lcecere
Attend a Live Event
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www.supplychaininsights.com/the-shamans-circle

About Lora Cecere
• Founder of Supply Chain Insights
“LinkedIn Influencer”
Guest blogger for Forbes
Author of 5 books: Bricks Matter (2012), Shaman’s Journal (2014),
Supply Chain Metrics That Matter (2014), Shaman’s Journal (2015),
Shaman’s Journal (2016), Shaman’s Journal (2017)
• Partner at Altimeter Group (leader in open research)
• 7 years of Management Experience leading Analyst Teams at Gartner
and AMR Research
• 8 years Experience in Marketing and Selling Supply Chain Software at
Descartes Systems Group and Manugistics (now JDA).
• 15 Years Leading teams in Manufacturing and Distribution operations
for Clorox, Kraft/General Foods, Nestle/Dreyers Grand Ice Cream
and Procter & Gamble.
Contact Information:
• Email: lora.cecere@supplychaininsights.com
• Blog: www.supplychainshaman.com (19,000 pageviews/month)
• Forbes: www.forbes.com/sites/loracecere
• Twitter: twitter.com/lcecere (9,800 followers)
• LinkedIn: www.linkedin.com/in/loracecere (310,000 followers)
• LinkedIn Influencer: www.linkedin.com/today/author/446631

What To Learn More?

Network of Networks

Supply Chains to Admire Analysis

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