Warrendale, PA, March 7, 2016—Printers recognize that improved strategic and operational management are the keys to higher profits. However, what are the key strategic and operational management practices that printers need to implement? A new Printing Industries of America (PIA) study will answer this important question. The study is being conducted through a new on-going partnership between PIA’s Center for Print Economics and Management and the Department of Management at Middle Tennessee State University (MTSU).
According to PIA Senior Vice President and Chief Economist Dr. Ron Davis, “This new cooperative effort with the Department of Management at MTSU will bring together the best of both worlds—state of the art academic research combined with real-world management practices—to provide PIA members with a competitive advantage over non-members.”
Dr. Ralph Williams, Assistant Professor of Management at MTSU, agrees, stating, “We are excited to be working with PIA to conduct empirical research to test and determine the best management practices in the printing industry. We look forward to a continuing collaboration between the two organizations.” Other management professors working in the program are Dr. Scott C. Manley and Dr. Joshua R. Aaron.
Since 1921, PIA has been at the forefront of the industry, helping printers to improve their profitability by benchmarking their operations against industry profit leaders. While the Ratios studies do an excellent job of providing the financial benchmarking tools needed for business intelligence, this study seeks to find the best management practices that will either help increase profitability or sustain profits. The study will survey members based upon the following parameters:
- Strategic Planning
- Goal Setting
- Financial Ratio Analysis
- Operations Management
- Community Involvement
- Entrepreneurial Orientation
- Effects of Family Involvement on Strategic Management Methods and Performance
Determining the best management practices in our industry will help both industry leaders and laggards. The laggards will learn how to improve their marginal results. At the same time, industry leaders will gain knowledge about what makes them different, which will help them focus on best practices that are key to their superior performance and the sustainability of their success.
For those who wish to participate, the most current issue of Printing Industries of America: The Magazine contains a QR code that can be scanned on your smartphone for a direct link to the survey. Members can also participate by clicking here. After the survey is complete, participating members will receive a comprehensive report of the findings (a $500 value) and a free volume of the Ratios (valued at $99 for members).
For questions regarding this survey or how you can get involved, contact Tai McNaughton, Economist, Printing Industries of America, by clicking here.