The Company: Neptune Research Inc. (NRI) is a 40-person company based in Riviera Beach, that has led the industry in next-generation research, engineering design, development, manufacturing, and marketing of quality saturated composites that restore, protect, and reinforce pipes, pipelines, and civil structures. NRI solutions can repair and reinforce pipelines or civil structures while they remain operational, thereby saving clients millions of dollars in costs and lost revenues. Founded in 1982, the company has capitalized on the growth of its products by developing quality moisture-curable carbon fiber, fiberglass, Kevlar® and other aramid composite solutions.
The Challenge: NRI moved to a larger facility in 2009 to keep up with its substantial growth. Since that time, the company has tripled in size by introducing an average of one new product per year. Realizing NRI's sustained growth would inevitability limit its effectiveness, CEO Chris Lazzara commissioned an enterprise assessment by FloridaMakes, as part of the Florida Manufacturer of the Year Award process. Competing against four other exceptionally qualified manufacturers, NRI won the award, and gained insight from additional improvements identified by the FloridaMakes team. The assessment identified opportunities in NRI’s leadership systems and processes, capacity planning system, strategic planning process, customer data aggregation and analysis, employee training and development, and expansion of Lean concepts to non-production areas.
The Action Plan: Applying the feedback of the FloridaMakes enterprise assessment, NRI re-examined their business processes, including hiring practices and key position skills. By requalifying their once-proven business processes and leadership skills in terms of Lean waste, applied costs, efficiency, leadership approaches and strategies, NRI constructed an agile plan for continued growth. The company strategically acquired assets to produce woven fabrics in the U.S., eliminating the quality and delivery issues that had beleaguered their core business in the past, and without incurring additional costs. NRI realized thousands in operational cost savings, and attributes $150,000 of those savings to the FloridaMakes enterprise assessment. While the company has continued to enjoy sustained sales growth, the enterprise assessment identified opportunities for incremental sales growth with existing customers. During this period, sales at NRI grew 28 percent, with 17 percent of that growth directly associated with the results of the enterprise assessment model provided by FloridaMakes.
"Our association and partnership with the South Florida Manufacturers Association and FloridaMakes is vital to our continued success and growth initiatives." - Chris Lazzaro, CEO of Neptune Research, Inc.