Banom's supply, distribution, sales, and marketing strategies are helping stave off the challenge of low-cost imports
MOUNTAIN VIEW, California, Aug. 9, 2016 /PRNewswire/ -- Based on its recent analysis of the cut-resistant gloves market, Frost & Sullivan recognizes Banom with the 2016 North American Frost & Sullivan Award for Competitive Strategy Innovation and Leadership. Banom boasts a broad product portfolio of gloves across different cut levels for a number of end-user applications, such as sheet metal, glass, paper, construction, automotive, and food. Noting that novel products alone are not adequate enough to stand out in a market marked by the influx of low-cost imports and private label products, Banom also offers distinctive support services that add immense value.
Banom's patented MaxPly® process ensures that its cut-resistant gloves are elastic enough to offer comfort and dexterity without compromising protection. Normally, when gloves need to be elastic, an extra layer of nylon is added to counteract the torque caused by the filament fiber. With the MaxPly® process, this step can be eliminated by pre-twisting the filament used for glove construction. This endows the glove with greater cut resistance and the absence of the nylon layer makes the glove lighter, and therefore, more comfortable and dexterous.
"Banom was the first company to market its products not only by the level of cut resistance, but also by the extent of tensile strength. In order to develop products with superior tensile strength, the company developed Dynamax® yarn in 2013, which offers tensile strength comparable with top competitive yarns," said Frost & Sullivan Research Analyst Siddharth A. Sainath. "The company later upgraded its Dynamax® yarn to Dynamax® HD, a high-density yarn that boasts tensile strength of 168 Newtons. This protects the wearer from hazards inherent in high-speed, sharp metal surfaces."
Another innovation from Banom, the MetalMaster® product line, was developed in response to customer demand for a glove that could be used for assembly line applications as well as in heavy, metal stamping applications. Banom designed the glove using the Dynamax® HD yarn and in addition, gave it a polyurethane coating to enhance its grip. Banom is the only company in the market to be certified by OEKO-TEX for its environment-friendly polyurethane coating.
All of Banom's products pass a total quality control (TQC) procedure wherein the glove is inspected after every operation in the assembly process. The better quality and a reduced number of replacements decrease the total expenditure on personal protective equipment (PPE) for customers. Banom is one of the few market participants with manufacturing plants that are ISO 9001 and ISO 14001 certified for quality and environment management.
Banom also distinguishes itself through its industry-best services. One such service is Bantex®, a unique reconditioning laundering service that allows gloves to be reused up to four times. To encourage reuse, Banom offers Trackpro®, a dispensing and vending system that can be customized to users' needs. It also ensures that the wearer uses the correct glove as the employer can configure the system to the needs of various workers.
"Supply reliability is another key competitive differentiator in the cut-resistant glove market. Banom guarantees the timely delivery of its products by procuring supply from its manufacturing facilities in Sri Lanka and Pakistan twice a week. It also makes suppliers redundant, as both the production plants are designed to manufacture all of its products," noted Siddharth. "Furthermore, it has automated its domestic supply chain operations, which shrinks the lead times for customers by eliminating communication lapses and time delays due to the shipment of wrong products."
These distribution strategies have gone a long way in helping the company reduce costs, which is a significant advantage in a market that is grappling with a flood of cheap imports. Banom also makes sure that its products have a superior price-performance index. For example, by developing the Dynamax® yarn, the company was able to lower the prices of its products by approximately 20%.
Lastly, the company has adopted an innovative sales and marketing channel to decrease indirect costs. Unlike competitors that employ field sales representatives, Banom has trained its distributors to be technically-sound sales personnel for all of its sales and marketing requirements. Overall, these smart strategies have helped Banom strengthen its brand, and thereby the demand for its products, in the competitive cut-resistant gloves market.
Each year, Frost & Sullivan presents this award to the company that has leveraged competitive intelligence to successfully execute a competitive strategy that results in stronger market share, competitive brand positioning, and customer satisfaction.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.
Banom is a specialized manufacturer of cut-resistant gloves. The company is headquartered in Wayne, Pennsylvania and was founded in 1987. Banom has continuously invested in research and development activities, which has enabled it to engineer its fibers. Furthermore, the company offers distinguished customer services. These initiatives have allowed the company to maintain an excellent track record of protecting workers by consistently reducing laceration rates and total spend for all its customers.
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SOURCE Frost & Sullivan