An initiative by GE Aviation in Lynn to meet companies that could potentially become suppliers of products and services underscores the importance of local supply chains in paving the way for economic recovery in Massachusetts.
GE is conducting an Indirect Sourcing Small Business Meeting at its Lynn facility on August 18 to present potential opportunities for small companies to supply everything from manufacturing equipment, machining fixtures and industrial supplies to facility services, IT/Telecommunications services and professional services. Owners and managers of small companies will have an opportunity to meet with GE executives to learn about the needs and requirements of one of the commonwealth’s cornerstone technology companies.
The GE event is now full and registration is closed. Please email your company name, your name and your company's product or service to Chris Geehern at AIM (firstname.lastname@example.org) and we will forward the information to GE Aviation.
Associated Industries of Massachusetts believes that the development of business relationships among Massachusetts companies is critical to long-term economic vitality of the commonwealth. Our belief is so strong that we created the BuyMass.org online business-to-business directory last year as a “statewide buy local” initiative to generate commercial activity among Massachusetts companies.
The GE Sourcing Small Business Meeting reflects a growing determination among world-class manufacturing and technology companies to strengthen regional supplier networks. A recent Global Benchmarks Study by Deloitte found that despite the pressures of globalization, most supply chain optimization is accomplished locally and that far-flung supply chains pose significantly more risk for companies that suppliers located down the road.
You don’t have to look far to see examples of Massachusetts companies doing business with one another. Raytheon Company successfully maintains a roster of carefully vetted suppliers to meet the demanding requirements of defense technology work. Elizabeth Williams, President of Roxbury Technology Corporation in Jamaica Plain, told the AIM Annual Meeting this year that her company has thrived as a supplier to Staples and in turn creates opportunity for its own suppliers ranging from trucking companies to caterers.
These collaborations represent an important potential source of fuel to the economy. Massachusetts generates a gross state product of more than $300 billion annually, more than 13 percent of which rests in the manufacturing sector. Raise the share of local output by just a few percentage points and revenues increase by tens of millions of dollars. The Berkshire Chamber of Commerce in Pittsfield, which sponsors a “Buy in the Berkshires” initiative, estimates that if consumers moved three percent of their purchases to Berkshire County businesses, the shift would create 350 new jobs.
AIM applauds GE Aviation for reaching out to potential new suppliers in its back yard. It’s now up to the companies that have been looking for the road to recovery to take advantage of the opportunity.