2022 Manufacturing and Distribution Pulse Survey Report

THE REWARDS OF AGILITY. Strong performers in the manufacturing and distribution industry are companies that are constantly adapting to change.

Are you ready for what comes next?

MANUFACTURING AND DISTRIBUTION PULSE SURVEY, SPRING 2022

Today's Economic Momentum Will Not Last Foreword by Anirban Basu, Chairman & Chief Executive Officer at Sage Policy Group, Inc.

NEW PROBLEMS COMPOUND OLD ONES

to their lowest level since 1968, an indication of how

In a world suffering from a pandemic, price escalation,

dedicated employers remain to retention.

and war, there appears to be little room for celebration.

But it is not all doom and gloom. For starters, job

In short, workers are scarce, precious, and empowered.

growth remains excellent. United States (U.S.) payrolls

They are also quitting at a near-record pace, bouncing

have expanded by an average of 519,000 jobs each

from job to job in search of higher pay, greater flexibility,

month since the start of 2022. At that pace, complete

or both. Roughly 3 percent of workers voluntarily quit

employment recovery from the pandemic-induced

their jobs in March. Fewer than 1 percent were laid off

recession will be attained by this year’s third quarter.

or discharged. Since the Bureau of Labor Statistics

That means that America will have recovered the 22

began tracking such patterns in 2000 to March 2021,

million jobs lost in March/April 2020 in less than 2.5

the rate at which workers were laid off/discharged

years. It required twice that amount of time to recover

had never dipped below 1 percent, but it has stayed

the 8.7 million jobs lost between January 2008 and

below that threshold for each of the past 12 months.

February 2010.

One might think that given the rapid rate of hiring, there would be more firing by now as some workers proved

At the heart of the ongoing recovery is surging demand

unreliable or incapable. Instead, employers are holding

for goods and services. To meet that demand, employers,

on to their labor force tightly and not letting go.

including manufacturers, distributors, farmers, and contractors, have been racing to staff up. As of March

The enormous efforts undertaken to retain and recruit

2022, there were 11.5 million unfilled jobs, more

staff are among the numerous factors contributing to

than 860,000 of which are attached to the U.S.

inflation. According to the Consumer Price Index, prices

manufacturing sector. That 11.5 million tally is more

increased 0.3 percent in April 2022 and are up 8.2

than 4.5 million above the pre-pandemic level; a level

percent year-over-year on a seasonally adjusted basis.

associated with what had been a very strong pre-crisis

Though the Russian assault on Ukrainian democracy

economy. In March, there were only 0.51 unemployed

did not commence until February 24th, certain prices,

Americans for every job opening; approximately 1.9

including oil prices, were rising as the war approached.

job openings for every unemployed American. The

The conflict has added to global supply chain issues,

unemployment rate dipped to 3.6 percent in March

especially since Russia is a major producer of

and remained unchanged in April. During one week in

many significant commodities including oil, natural

March, initial claims for unemployment insurance fell

gas, wheat, neon, nickel, platinum, and palladium. The

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rapid spread of yet another Covid Omicron variant in

effort to curb inflation, but this may potentially curb

China and parts of Europe has also impacted global

economic recovery as well. Risk of recession over the

supply, with major Chinese industrial centers shut

next 12-18 months has risen substantially. On May 4th,

down for weeks. Most economists agree that inflation

the Federal Reserve raised rates again, this time by 0.5

will get worse before it gets better, with newer data

percentage points. Two more 50 basis point increases

more clearly reflecting the far-reaching impacts of war

are likely on the way in June and July, with potential

in Europe.

rate increases thereafter. Stock markets have swooned in response as the era of easy money crashes into a

In response, America’s central bank, the Federal Reserve, has entered into what may prove to be a

wall of inflation.

lengthy monetary policy tightening cycle. There have

LOOKING AHEAD

been eight rate tightening cycles since the early-1980s,

The economy should continue to grow as demand for

with six ending in recession. That said, rising rates were

goods and services remains strong and supply chain

often not the cause of recession. The best example of

health improves despite the Russia/Ukraine conflict

this is the Covid-induced recession.

and pandemic-related shutdowns in Europe. The Federal Reserve will strive to engineer an economic

The Federal Reserve raised the target range for the

soft landing by cooling the economy enough to trim

federal funds rate to a range around 0.375 percent

inflationary pressures without triggering a recession.

from the prior range centered around 0.125 percent in

While growth should persist for 2022, recession is

March and appears committed to raising the rates it

much more likely in 2023, albeit one that is moderate

controls significantly during the months ahead in an

and short as opposed to severe and enduring.

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Summing Up Our Findings Citrin Cooperman’s Manufacturing and Distribution Practice conducted this research to take the pulse of industry senior leadership on the health of their businesses and take stock of future priorities, concerns, and challenges. Here are our three big takeaways from the spring 2022 survey.

Reshaping product offerings and leveraging e-commerce are successful solutions for agile companies.

Respondents say the reasons for solid product performance are demand shifts based on Covid’s effects on consumers and businesses, the adoption of e-commerce channels, and new product lines. Strong performers adapted to these related challenges on the fly.

The supply chain manager is now one of the most important employees.

The past two years taught all companies that they must be nimble regarding their supply chain processes in order to keep their business running. Supply chain managers are working with leadership to proactively address supply change and logistic challenges to fortify their business for the future.

Predictive analytics and artificial intelligence (AI) technology are the way of the near future.

Companies are turning towards predictive analytics and AI technology to better understand and respond to buyer behavior and make better business decisions. While the intel this technology provides is extremely useful, only 25 percent of respondents report their company has the systems in place to keep them competitive.

We hope you find this survey report helpful for what the you are managing now and as you plan for the future of your business.

Sincerely,

Mark Fagan, Partner

John Giordano, Partner

Mark Henry, Partner

Manufacturing & Distribution

Manufacturing & Distribution

Manufacturing & Distribution

Practice Leader

Practice Co-Leader

Practice Co-Leader

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For the third year in a row, we polled 200 senior leaders of manufacturing and distribution companies across the nation to measure the health of their businesses in the moment and take stock of future priorities, concerns, and challenges. Here is what your peers report on the industry now and their considerations about what may come next.

For context, the 200 survey respondents hold positions ranging from VP/SVP of operations to CEO and founder.

Eighty percent of their companies have revenues between $100M to more than $1B annually. 79 percent have a physical presence in multiple states domestically and half operate internationally. More information on the method and demographics can be found at the end of the study.

A High Performing Year for Most AGILITY AMID CHANGE AND CHALLENGES DELIVERS STRONG REVENUE, PROFIT, AND PRODUCT PERFORMANCE. 81 percent of respondents report growth in revenue

products, three in four respondents said products are

and earnings before interest, taxes, depreciation, and

performing at least somewhat better in 2021 compared

amortization (EBITDA) this past year with sizable gains

to 2020. One in four said products are performing much

on top of solid 2020 and 2019 performances. Compared

better. Compared to recent years, now is a year to

to our survey report released last year, there is a 34

celebrate, especially amid trying and uncertain times.

percent increase among those who said EBITDA grew.

Strong performance in the future will only be sustained

This is success built on previous success for most. On

by agility and the ability to effectively manage change.

81%

34%

REPORT SIGNIFICANT OR SOME/ MODEST REVENUE AND EBITDA GROWTH IN 2021

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INCREASE AMONG THOSE WHO SAID EBITDA GREW

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How is strong performance achieved and sustained in the face of headwinds—new and old?

Agility in Action. Here's How. 1. RESHAPING PRODUCT OFFERINGS AND MAKING THE MOST OF ONLINE OPPORTUNITIES. Respondents say the reasons for solid product performance are demand shifts based on COVID-19's effects on consumers and businesses, the adoption of e-commerce channels, and new product lines. Strong performers adapted to these related challenges on the fly. While it may not be news that customers value products that are available, competitively priced, and easy to buy, the importance of e-commerce agility continues to grow. About one in four (24 percent) saw their e-commerce double over the past 12 months. 53 percent said online sales grew significantly but less than double year over year. Only 5 percent have not seen any e-commerce growth.

Has online/e-commerce grown for your company over the last 12 months?

24%

Yes, doubled or more

53% 18% 5%

Yes, significantly but not more than double

Yes, only a little

No

0% Don't know The top performers are those that can pivot quickly. Indeed, the term “pivot” is being replaced by “fluid” and “agile”, because of the multitude of forces affecting companies in the current climate. Those that have done best seem to have access to timely, accurate data, and the willingness to take well calculated risks.

Which of the following, if any, was the primary reason for a change in product performance?

36% 28% 18% 12%

14% 13%

41% 21%

Conditions/product demand affected by COVID-19

The presence of Amazon and other E-commerce platforms

Introduced a new product line

Supply chain issues affected product availability

Products performed much better in 2021 Products performed somewhat better in 2021

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2. DELIVERING CUSTOMER SATISFACTION AND IMPROVING THE CUSTOMER EXPERIENCE. As in the past two years, product availability, pricing, and customer service are believed to be the top drivers of customer satisfaction and choice. It is not a coincidence that the highest performers have been more agile in moving to more online commerce or innovative in solving for supply chain problems. The bottom line is

Top drivers of customer satisfaction

that the availability of items in store, online, or both will be stretched as supply chains are further taxed—which also affects pricing. Being more agile and resourceful is key to keeping customers happy and loyal in the present and future.

With pricing so vital to the customer experience, it is important to note that three in four respondents (74

PRODUCT AVAILABILITY

percent) are passing production and added supply chain costs to their customers through raising prices at

CUSTOMER SERVICE

least quarterly. One in five are doing this monthly. We all

PRICING

experience this daily as we fill up on gas or pay for an $18 burger at our favorite restaurant. We will see how far price elasticity extends.

From the following list of choices, what do you believe is MOST important to your customers? You can select your TOP 3 choices.

56% 2022 51% 51% 49% 46% 45% 36%

2021

32%

31% 25% 22%

22%

26%

22% 16% 9%

Product availability

Customer service

Pricing

Range of products

Technical knowledge

Value add services

E-commerce platform

Same day/ next day delivery

3. APPLYING PREDICTIVE ANALYTICS AND ARTIFICIAL INTELLEGENCE (AI) TECHNOLOGY TO BETTER UNDERSTAND AND RESPOND TO BUYER BEHAVIOR. As we cover on the following pages, enterprise resource planning (ERP) and automated forecasting systems are in place for most. The next frontier involves technology plans and investments that shift from internal forecasting and reporting tools to externally focused predictive technology and analytics that allow companies to better understand buyer behavior. Respondents say the top benefit of AI is the ability to gather and utilize data from outside of a company—information on suppliers, customers, and other sources. Presently, robotic tasks applied to administrative and financial activities are common, but predictive tasks for AI like customer service intelligence agents and product and service recommendation systems are less common.

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25%

OF RESPONDENTS CURRENTLY HAVE SYSTEMS IN PLACE TO KEEP THEM COMPETITIVE

Data analytics are currently being used to improve efficiency (69 percent), to better predict timing of product demand (59 percent), to better understand buyer behavior of our products and services (54 percent), and to better predict geographic location of product demand (53 percent). Just about three in four (72 percent) are currently implementing tools and processes to improve the use of data analytics. As we continue in this technological race, only one in four respondents say, “our company currently has the systems in place to keep us competitive.” This is a profound statement and signifies there is much more work to be done before CEO’s can get a good night’s sleep.

62 percent of respondents report that they want data that better predicts customer behaviors. While promising, these tools come with new challenges, including the inhouse talent to make them viable. The most common barriers to implementing or expanding AI revolve around systems integration, experienced AI employees, quality of data, and cost. Buy-in from leadership is less of a problem, with only 24 percent indicating so.

How is Artificial Intelligence being utilized by your company? Select all that apply.

78%

62%

WANT DATA THAT BETTER PREDICTS CUSTOMER BEHAVIOR

70% 45%

Process Automation (using robotic processes for administrative and financial activities)

Cognitive Engagement Cognitive Insight (using algorithms to (customer service intelligent agents, internal sites for detect patterns in data employees, product and and interpret their service recommendation meaning) systems)

4. LEVERAGING AUTOMATED FORECASTING TOOLS FREQUENTLY. Eight in ten say they are forecasting revenue and costs at least quarterly. Almost all are using a strategic planning system to assist with forecasting; 86 percent are currently using an ERP system. Larger and higher revenue companies are more likely to be using an automated forecasting system. When looking at companies with over 2,500+ employees, 96 percent say their company is using an ERP. Three in four say their ERP allows visibility to the company’s product suppliers.

Again, this is more likely to be true at larger size companies. For the majority, ERP systems show scheduled shipping dates, inventory currently behind scheduled delivery date, and amount of inventory still being manufactured.

When it comes to monitoring performance, the top KPIs monitored are quality control and order fulfillment performance. Although respondents feel customer service is an important part of their customers’ experience, less than 50 percent are tracking the related data.

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Which of the following key performance indicators, or KPI's, do executives at your company monitor?

65%

Quality control performance

Order fulfillment performance

71% 57%

55%

Capacity utilization

51% 44%

Customer complaints /satisfaction

Inventory turnover

43% 40%

Demand forecasting

Cash demand period (DSO, DPO)

32%

32% 34% 32% 0% 27% 20% 21% 18% 2022

37%

Lead time order to fulfillment

33%

Predictive maintenance

0%

Material costing

36%

Labor usage

2021

Note, the options 'order fulfillment performance' and 'capacity utilization' were not included in the 2021 survey.

29%

5. PROACTIVELY ADDRESSING SUPPLY CHANGE AND LOGISTICS CHALLENGES. Supply chain challenges are pervasive and will continue

Other agility moves? More than half (57 percent) are

to be. For 65 percent, global supply chain disruptions

managing cost of product by manufacturing more

have caused a change in how products are sourced.

products themselves. About half are renegotiating

We asked, per the table below, how respondents are

forward contracts for purchases (53 percent) and

adapting. A majority (78 percent) now have more

renegotiating freight contracts (49 percent).

diversification of suppliers. About half (48 percent) are outsourcing manufacturing. Many are reshoring. The

Unfortunately, all the increased demand did not create

top hurdles to reshoring include cost of U.S. labor, lack

the substantial windfall of profits most would have liked

of access to skilled labor, and capital investment costs.

to have seen. Although revenues were strong and many

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increased costs throughout the supply chain. Whether it be increased costs from suppliers due to low supply or shipping container rates skyrocketing during the second half of 2021, the cost to source product increased significantly year over year for most companies. As shown by the charts on the left, there was no magic solution to combat this, as many companies tried one

45%

or more strategies to diversify. Will these costs subside No change expected

in 2022 or in the near future? Costs will come down a Reshoring to U.S.

48% Outsourced manufacturing

More diversification of suppliers

In which of the following ways have you changed your supply chain?

companies saw growth, margins suffered as a result of

78%

6%

lot slower than they go up and a potential recession is still front and center on everyone’s mind. Without government funding in 2022, like the Payroll Protection Program (PPP) and the Employee Retention Tax Credits (ERTC), how will those same companies fair with prices still high, demand starting to level off, and no supplemental cash flow to support it?

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65% 57% 47%

SAY GLOBAL SUPPLY CHAIN DISRUPTIONS CHANGED HOW PRODUCTS ARE SOURCED

ARE MANAGING COST OF PRODUCT BY MANUFACTURING MORE THEMSELVES

OF ALL RESPONDENTS SAY U.S. LABOR COST IS A HURDLE TO RESHORING

New Challenges and the Next Level of Agility WHAT MATTERS MOST IS WHAT COMES NEXT.

customer experience. Respondents continually show

Manufacturing and distribution companies experienced

customer demand and technology can greatly enhance

significant disruption over the past year, from factory

the visibility from your suppliers all the way to your

shutdowns, material shortages, blocked shipping lanes,

customers.

that product availability is the driving force behind

increased prices for containers, difficulties accessing skilled labor, rising prices, and military conflicts. This

What comes next is leveraging digital tools to improve

has created an enormous need to improve supply

the customer experience, decrease reliance on specific

chain resilience with 78 percent of respondents

vendors, automate cash flow forecasting, enhance

diversifying their suppliers during 2021. The past

ERP tools to decrease reliance on labor, and effectively

year has created a race to fully digitize more supply

manage supply chains.

chain operations, along with automating finance and customer experience tools. Best in class companies are showing that the need to digitize is here and they are applying predictive analytics and AI technology to better understand customer behavior. They are also leveraging their ERP systems to improve their supply chain management, enhance visibility to product lead

All companies, even those with sophisticated risk management models, are vulnerable. CEOs should embrace risk management as one of their priority strategic responsibilities to ensure that they are positioning their organizations to manage changing and challenging internal and external risks.

times and utilize that information to enhance the

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Top Challenges: Changing the business model to adapt and the ability of the workforce to utilize changing technology From the following list, what is your company’s biggest challenge today?

Changing the business model to adapt to crises like COVID-19

48% Ability for workforce to embrace and utilize changing technology

39% Ability to finance growth

31% Loss of market share to companies like Amazon or E-commerce pressures

24% Supply chain

23% Inability to retain and attract adequate talent

15% Inability to keep up with technology requirements

13%

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STABALIZING THE SUPPLY CHAIN IS THE PREDOMINANT KEY TO SUSTAINING GROWTH. Stabilization of supply chains is the biggest key to future growth strategy with about half (47 percent) agreeing. The other keys to building on performance are a stable workforce, utilizing best in class technology, e-commerce, and new products. In short, many of last year’s challenges remain in focus.

What are biggest keys to your future growth strategy?

47%

34%

32%

29% 25%

Stabilization of supply chain

Stable workforce

Utilizing best in E-commerce class technology

New products

PLANS TO SELL AND THE CHALLENGES OF GROWTH THROUGH ACQUISITION. When asked “is your company considering a potential sale of your business in the next three years?”, 45 percent of companies are considering a sale in the next three years, compared to 42 percent in 2021. Those saying “Definitely not” decreased from 41 percent to 34 percent. For those considering growth through acquisition, one in three say the most difficult obstacle is finding quality targets, followed by the challenges of post-acquisition integration, a number that doubled, from 9 percent to 18 percent, in 2021 to 2022. The growth of integration challenges is telling. As the white-hot acquisition market matures, the real work becomes a reality. The buy was the easy part. Making it worth the price can be a challenge.

To sell or not to sell?

That is the question

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45%

ARE CONSIDERING A SALE IN THE NEXT 3 YEARS

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34%

ARE DEFINITELY NOT CONSIDERING A SALE IN THE NEXT 3 YEARS

PREPARING THE COMPANY FOR A SUCCESSFUL SALE: TOP PRIORITIES. Similarly to putting a home on the market for sale, there is a long list of to-dos and improvements that make a company market worthy and ready for sale. Topping this year’s list are updates to equipment and fixed assets, the ERP system, research and development, and organization structure/talent.

Which of the following do you believe you would need to upgrade if your company were to be sold in order to maximize your company’s value?

42% 37%

Research and development

33%

Organization structure/talent

33%

Operations (processes and procedures)

29%

11%

ERP system

34%

32%

18%

Equipment and fixed assets

Sales infrastructure

Financial reporting

Physical plant

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Corporate governance policies

CYBER THREAT READY? MORE OR LESS. One of four respondents have experienced a cyber incident or breach.

So, it is not surprising that businesses are taking these risks seriously.

60 percent have performed a cyber assessment during the last 12 months. Another 54 percent have someone actively monitoring cyber security. Fewer have an incident response plan in place (35 percent) or provide cyber security awareness training (25 percent).

A comprehensive cyber insurance policy is a critical part of risk

28% HAVE EXPERIENCED A CYBER INCIDENT OR BREACH

management.

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BUSINESS PREPAREDNESS AND SELF CONFIDENCE GOING FORWARD. Regarding business’ preparedness to adequately handle ongoing challenges, the majority agree with all statements asked below. Perhaps the one silver lining from all we have been through in the past three years is that we have become collectively more resilient and confident that we can rise to any challenge. Nevertheless, we would like to see more confidence in the strongly agree column.

Our people have technology skills to maximize software in place

48% 38%

We have sufficient workforce to meet customer needs

45% 40%

We have a solid plan to overcome supply chain issues

44% 44%

Our people have technology skills to keep us competitive in the next five years

40% 43%

STRONGLY AGREE

We are using bestin-class technology in most business functions

37% 43%

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STRONGLY AGREE

STRONGLY AGREE

STRONGLY AGREE

STRONGLY AGREE

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SOMEWHAT AGREE

SOMEWHAT AGREE

SOMEWHAT AGREE

SOMEWHAT AGREE

SOMEWHAT AGREE

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Method & Demographics This survey was conducted online in conjunction with the research arm of FINN Partners between April 1 - 15, 2022.

Respondents had to be VP/SVP of operations or above and work within companies generating $10M annual revenue or more. A total of 200 respondents took the survey: manufacturing only businesses totaled 35 percent; distribution only, 24 percent; and both manufacturing and distribution, 41 percent.

POSITION/JOB TITLE

TYPE OF OPERATIONS Manufacturing: 35% Distribution: 24% Both Manufacturing and Distribution: 41%

30% 48% 5%

ANNUAL COMPANY REVENUE

17% CEO, COO, or C-Level President or Managing Partner Company Owner or Founder SVP or VP of Operations

$10M-$99.9M: 20% $100M-$249.9M: 20% $250M-$499.9M: 21% $500M-$1B: 21% More than $1B: 18%

INDUSTRIES SERVED Industrial Products: 41% Consumer Products: 25% Building Materials: 18% Electronics: 18% Houseware and Home Goods: 13% Food and Beverage: 12% Apparel: 12% Grocery: 12% Sporting Goods: 7%

REGION

Beauty: 7%

Northeast: 17%

Medical Equipment: 6%

Midwest: 18% South: 37% West: 28%

Medical and Health Care: 6%

CURRENT NUMBER OF EMPLOYEES 0-100: 9% 101-500: 13%

Energy and Gas: 5% Life Sciences: 4% Pharma and Nutraceutical: 3% Other: 10%

501-1,000: 22%

PHYSICAL PRESENCE IN MULTIPLE STATES

1,001-2,500: 25%

INTERNATIONAL OPERATIONS Yes: 50%

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No: 50%

2,501-5,000: 17% 5,001-10,000: 9% More than 10,000: 5%

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Yes: 79%

No: 21%

About Us INSIDE THE MANUFACTURING & DISTRIBUTION PRACTICE. Citrin Cooperman is proud to be home to one of the leading manufacturing and distribution practices in the country. Our dedicated team leverages our deep industry expertise to provide a full range of assurance, tax, and business advisory services to assist our clients with achieving their business goals. We strive to provide value to companies by helping management make informed decisions that improve efficiencies, reduce costs, and ultimately improve the bottom line.

We frequently work with and provide services to the various manufacturing and distribution subsectors below:

CONSUMER PRODUCTS & RETAIL:

INDUSTRIAL PRODUCTS:

Electronics, houseware, and

Building materials, energy,

home goods, beauty, apparel,

and gas, and chemical products

and sporting goods

DISTRIBUTION & LOGISTICS: Transportation, shipping, and maritime

FOOD & BEVERAGE:

MEDICAL & HEALTHCARE:

Grocery stores, seafood, whole-

Medical equipment, life sciences,

sale, and emerging brands

pharmaceutical, and nutraceutical

ABOUT CITRIN COOPERMAN. "Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is one of the nation’s largest professional services firms. Clients are in all business sectors and leverage a complete menu of service offerings. The entities include more than 200 partners and over 1,500 employees across the U.S.

PRACTICE LEADERS

Mark Fagan, Partner

John Giordano, Partner

Mark Henry, Partner

914.949.2990

631.930.5000

781.356.2000

mfagan@citrincooperman.com

jgiordano@citrincooperman.com

mhenry@citrincooperman.com

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CITRINCOOPERMAN.COM

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).