EPISODE · Dec 3, 2023 · 1H 5M
Lean Management Can Transform Any Type of Business | Mitch Millstein
from T.U.T — The Unwritten Teachings · host Raj Tut
Raj Tut is joined by Mitch Millstein – professor, entrepreneur, consultant, and speaker. Mitch is the Professional Practice Professor on the faculty of the Supply Chain Management Department at the University of Missouri – St. Louis. In addition to his academic responsibilities, for the last 25+ years he has been a Lean and Supply Chain Consultant, working with over 100 companies. He is the founder or co-founder of three companies including Supply Velocity (consulting), Andrea’s Gluten Free (food production) and Optimal Velocity (software). His research interests include applied optimization modeling and manufacturing work-flow methods. Mitch earned his Ph.D. in logistics and supply chain management at the University of Missouri–St. Louis, has an MBA from Washington University and an Engineering degree from Rutgers University. He is a true expert at this craft and renowned for his logistics and supply chain knowledge. On this episode, Raj and Mitch discuss: ⚫ His experience becoming an expert in lean and supply chain management ⚫ How to blend lean, operations, and supply chain management in an organization ⚫ The common mistakes and pitfalls companies make when implementing new processes ⚫ How to improve inventory management ⚫ Why any company can use lean and supply chain management optimization ⚫ How Mitch balances all his responsibilities ⚫ How he stays on top of industry trends and cutting-edge research Topics: 00:00 Intro 01:21 How Mitch evolved to become an expert in lean and supply chain management 03:42 Is there a difference between supply chain and operations management? 04:34 How his grandfather’s entrepreneurial spirit impacted him 07:01 His grandfather’s legacy 10:12 How Monsanto indirectly brought Mitch to St. Louis 11:32 Mitch’s operations and supply chain consulting business 13:31 How his operations and supply chain consulting process has changed over the years 15:39 Blending lean, operations, and supply chain management together 18:43 How lean and supply chain management can help any type of company 21:00 His inventory optimization software company 21:48 Mitch’s primary passion 22:55 His most memorable consulting experience – improving systems for peak performance 27:42 How inventory management can be improved 32:16 The F word in business 35:28 How Mitch’s firm stays on top of industry knowledge and cutting-edge processes 38:00 Why Mitch became a professor 43:36 Lessons learned from starting a food production company 47:35 His company’s near-death experience 50:21 They key takeaway he wants his lean and supply chain workshop attendees to walk away with 52:28 Common mistakes or challenges with lean and process improvement implementation 1:00:06 Hole In One - Mitch's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Mitch Millstein: https://www.supplyvelocity.com/ Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #multifamilyrealestate #commercialrealestate #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut #supplychain #supplychainmanagement #operationsmanagement #leanmanagement
What this episode covers
Raj Tut is joined by Mitch Millstein – professor, entrepreneur, consultant, and speaker. Mitch is the Professional Practice Professor on the faculty of the Supply Chain Management Department at the University of Missouri – St. Louis. In addition to his academic responsibilities, for the last 25+ years he has been a Lean and Supply Chain Consultant, working with over 100 companies. He is the founder or co-founder of three companies including Supply Velocity (consulting), Andrea’s Gluten Free (food production) and Optimal Velocity (software). His research interests include applied optimization modeling and manufacturing work-flow methods. Mitch earned his Ph.D. in logistics and supply chain management at the University of Missouri–St. Louis, has an MBA from Washington University and an Engineering degree from Rutgers University. He is a true expert at this craft and renowned for his logistics and supply chain knowledge. On this episode, Raj and Mitch discuss: ⚫ His experience becoming an expert in lean and supply chain management ⚫ How to blend lean, operations, and supply chain management in an organization ⚫ The common mistakes and pitfalls companies make when implementing new processes ⚫ How to improve inventory management ⚫ Why any company can use lean and supply chain management optimization ⚫ How Mitch balances all his responsibilities ⚫ How he stays on top of industry trends and cutting-edge research Topics: 00:00 Intro 01:21 How Mitch evolved to become an expert in lean and supply chain management 03:42 Is there a difference between supply chain and operations management? 04:34 How his grandfather’s entrepreneurial spirit impacted him 07:01 His grandfather’s legacy 10:12 How Monsanto indirectly brought Mitch to St. Louis 11:32 Mitch’s operations and supply chain consulting business 13:31 How his operations and supply chain consulting process has changed over the years 15:39 Blending lean, operations, and supply chain management together 18:43 How lean and supply chain management can help any type of company 21:00 His inventory optimization software company 21:48 Mitch’s primary passion 22:55 His most memorable consulting experience – improving systems for peak performance 27:42 How inventory management can be improved 32:16 The F word in business 35:28 How Mitch’s firm stays on top of industry knowledge and cutting-edge processes 38:00 Why Mitch became a professor 43:36 Lessons learned from starting a food production company 47:35 His company’s near-death experience 50:21 They key takeaway he wants his lean and supply chain workshop attendees to walk away with 52:28 Common mistakes or challenges with lean and process improvement implementation 1:00:06 Hole In One - Mitch's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Mitch Millstein: https://www.supplyvelocity.com/ Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #multifamilyrealestate #commercialrealestate #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut #supplychain #supplychainmanagement #operationsmanagement #leanmanagement
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Lean Management Can Transform Any Type of Business | Mitch Millstein
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