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Indirect Assessment
2
Cost-Cutting Strategy
Team Emerald
May 13, 2023
Meet the Team
Mirza Javed
Last Year in MBA
William Tyler
First Year in MBA
Meet the Team
Last Year in MBA
Sage Albino
Andrew Eng
Last Year in MBA
What is Modern Plastics?
What is
Modern Plastics?
- Founded in Brideport, CT in June 1945
- Founded by Joseph C. Carbone
- Current president is Bing J. Carbone
- Celebrating 78 years next month!
- Business to business, for-profit plastic distribution company
Certifications
ISO9001:2015:
Quality Management System
ISO13485: 2016
Certified for Medical Devices
Industries Served
* Most Profitable industry served *
Medical Grade Plastics
Problem Statement
Our Ideal Strategy
Economic uncertainty has many industries and companies looking for solutions in cost reduction to secure and drive bottom-line profit.
Sustainability and ESG
Value Stream Mapping
Value Stream Mapping
Benefits of Sustainability & ESG
Tax Incentives
Cost reductions
- Direct correlation between the reduction in resources and the reduction in costs
- As well as; grants rebates and funding programs are all used for sustianable behavior
Mitigate costly future evironmental risks!
How can Modern Plastics Intergrate Sustainability & ESG?
How?
- Understand MP's full operational footprint
- Evaluate the current measures MP take for their sustainable efforts
- Innovate new ways to reduce carbon emmission
- The targeted use of lean methods to remove waste from its biggest cost drivers
What is Indirect Assessment?
What is Indirect Assessment?
1. Identify key attributes of Modern Plastics
2. Generate survey questions regarding those attributes for the company's customers to complete
3. Customers complete 5-7 minute survey
4. Analyze results to cut funding in areas customers do not value as much
Why We Chose Indirect Assessment
Why We Chose Indirect Assessment
Value Stream Mapping
Indirect assessment
- Cost efficient
- Time efficient
- More valuable information to use directly from customers
- Too many resources needed
- Too much time (long term)
- Information may be inconclusive
How We Executed the Strategy
Data Analysis
How to Execute
1. Listed some key attributes of Modern Plastics (quality, shipping times, customer service, etc.)
2. Generated survey questions for customers to complete
- Product Quality
- Delivery
- Barcoding
- Customer Service
- Inventory
Key Attributes
Please Reference Survey
Survey Questions
Conducting the Survey and Results
- Collect 30-40 survey results
- Calculate the mean and SD for each question
- Compare scores of key attributes with customer satisfaction for gap identification
Key Attributes and Customer Needs Are:
Aligned
Partially Aligned
Missaligned
Projected Outcomes
Reassess the key attributes that Modern Plastics is heavily Invested in.
Indirect assessment would not be an effective tool for cost cutting.
Find the highest rated attributes with the lowest rated satisfaction and reallocate investment to these attributes.
Conclusion
Conclusion
Team Emerald suggests Modern Plastics uses Indirect Assessment as the lead strategy to cut costs. The already-existing sustainibility measures can be used as an additional strategy to cut costs.
Next Steps
1. Modern Plastics sends survey to all customers
2. Analyze results to see how customers value key attributes
3. Reallocate funding to cut costs