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This episode covers the 2024 Predictions for Supply Chain.
✅ChatGPT
As Supply Chain and Procurement practitioners always looking for ways to make our work more effective and efficient, my prediction is that the use of ChatGPT will trend upward.✅Dashboards for Communication with Stakeholders
Data visualizations like those from PowerBI will be on the rise because they have different levels of aggregations so your stakeholders can see only what they are looking for.✅Sustainability
Sustainability has been trending in the most recent years. I think 2024 will not be the exception.✅Procurement as Revenue Generator
I think this year, Procurement will show and educate more about their financial impact on the top and bottom lines.✅Logistics Planning and Execution
Logistics will continue to make headlines. Companies will increase their focus on logistics planning and execution.✅Innovation with New Product Introductions
Companies will continue investing in innovation. I think the trend will be upward about product launches.✅Inventory Optimization
Most companies will be focusing on inventory optimization in 2024 to achieve greater profitability and to free up cash.✅Operations and Finance Integration – Advanced S&OP/ IBP
I think that in 2024 there will be an increased focused on the intersection between finance and supply chain to improve profitability and working capital.✅Supply Chain in the C-Suite
This year, we are keeping a seat at the table with a supply chain that integrates with finance and with participants that know the language of the business—finance and accounting—the language that the C-suite speaks.✅Generative AI
I think that the adoption of these technologies will move at a slow pace. Excel will continue to be the top planning tool in 2024, used together with the company’s ERP and advanced planning systems.Hope you like it!
What are your thoughts? What predictions would you add?
Let's make it a GREAT year!
Bonus Tip: For Free and Actionable Resources, please visit https://usmsupplychain.com/
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Ready to know the top 10 inventory management metrics that everyone in supply chain and procurement must know. In this video you will know the top metrics, the meaning, and calculation. Everything is here.
#1 Inventory Days of Supply
#2 Inventory Turnover
#3 Cash to Cash Cycle
#4 Return on Working Capital
#5 Inventory Carrying Cost
#6 Cost of Goods Sold (COGS)
#7 Obsolescence for Raw Material, WIP, and Finished Goods Inventory
#8 Perfect Customer Order Fulfillment
#9 Inventory Accuracy
#10 Customer Order Fulfillment Cycle TimeBonus Tip: For Free and Actionable Resources, please visit https://usmsupplychain.com/
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Inventory has a tremendous impact on your profit and loss statement and balance sheet.
If it's not properly balanced against demand, it's hard for companies to serve customers, which can lead to problems.
For example, Nike's difficulty with responding to supply chain issues and inflation created an inventory surplus that's negatively impacted its profit.
On the other side, Revlon's inability to meet demand because of low inventory led to the company to file for bankruptcy after 90 years in business.
In this episode, we will unveil 5 secrets for effective inventory management:
Secret #1 – Increase Your Visibility
Secret #2 – Focus on Better Responsiveness
Secret #3 – Have a New Product Launch Management Process
Secret #4 – Improve Your Demand Forecasting
Secret #5 – Consider the Total Cost of OwnershipBonus Tip: For Free and Actionable Resources, please visit https://usmsupplychain.com/
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Tim Cook—Apple’s CEO—says that inventory is “fundamentally evil”.
In Accounting, inventory is an asset. This means a resource that the company expects to generate future benefits.
It seems that Cook and Accounting views are in conflict. Who’s right: Apple’s CEO or Accounting?
To answer this question, listen to this video and know the impact of inventory on the financial statements in S&OP/ IBP.
For Free and Actionable Resources, please visit https://usmsupplychain.com/
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Sales and Operations Planning (S&OP) has been around since the late 1980’s. However, a handful of companies only are successful in this cross-functional process that “integrates demand, supply, operations, and financial planning into one game plan for business.” This is the definition by the Institute of Business Forecasting and Planning. It is unfortunate that most organizations are just capturing a small fraction of the potential benefits of S&OP.
In this episode, we are going to cover:
- Benefits of S&OP/ IBP
- 5 reasons for S&OP failures
The number 1 secret for a successful S&OP implementation
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Walmart has a negative working capital. Coca-Cola has a positive working capital. Which company is doing better? Another question for you. Being in Supply Chain and Procurement, how can you improve working capital? In this video we are going to cover:
What’s working capital?
What’s the difference with cash?
What are the metrics we can use?
How can we improve working capital?
What’s the impact of inventory on working capital?
For Free and Actionable Resources, please visit https://usmsupplychain.com/ -
Ready to know the top 10 financial metrics that everyone in supply chain and procurement must know? In this episode you will know the top metrics, the meaning, and calculation. Everything is here.
Top 10 Financial Metrics for Supply Chain Professionals
#1 – Gross Margin
#2 – Operating Profit Margin
#3 – EBITDA
#4 – ROA
#5 – Inventory Turnover Ratio
#6 – Days Sales in Inventory
#7 – Accounts Receivable Turnover Ratio
#8 – Accounts Payable Turnover Ratio
#9 – Working Capital Ratio
#10 – Operating Cash Flow Ratio
For Free and Actionable Resources, please visit https://usmsupplychain.com/
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What is the Difference Between Sales and Operations Planning (S&OP) and Integrated Business Planning (IBP)?
Is that the right question? Or should we ask if there are any differences between S&OP and IBP.
In this episode we will dive into the key aspects of S&OP and IBP, compare them against each other for you to decide if they are different.
We will cover the following aspects:
-Focus
-Scope
-Execution
-Approach
-Language
For Free and Actionable Resources, please visit https://usmsupplychain.com/
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I am not an Accountant; Why do I need to know about cash flow if I am in Supply chain, I am in planning, S&OP?
Fair question. To advance in your career and improve in your sales and operations planning or in integrated business planning, you need to know the language of the business. And that language is Finance and Accounting.
In this episode, you will learn about the Cash Flow Statement and its key components so you can understand the impact of operations on a fundamental financial statement and think like the CEO and CFO. After all, cash is king.
For Free and Actionable Resources, please visit https://usmsupplychain.com/
Please also visit our YouTube channel: https://www.youtube.com/@usmsupplychain387
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The Profit and Loss Statement or P&L? Why do I need to know about that if I am in Supply chain?
These are valid questions. Supply Chain is not Finance or Accounting. But, we need Finance and Accounting to be successful in Supply Chain careers and to improve in sales and operations planning or in integrated business planning. It is the language of the business.
In this episode, you will learn about the Profit and Loss Statement (P&L) or Income Statement and its key components so you can understand the impact of operations on a fundamental financial statement and think like the CEO and CFO.
For Free and Actionable Resources, please visit https://usmsupplychain.com/
Please also visit our YouTube channel: https://www.youtube.com/@usmsupplychain387
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Why do you need to know about the balance sheet if you are in Supply Chain; maybe in planning, S&OP/ IBP and you are not an Accountant?
Fair question. To advance in your career and improve in your sales and operations planning or in integrated business planning, you need to know the language of the business. And that language is Finance and Accounting.
In this episode, you will learn what a balance sheet is and its key components so you can understand the impact of operations on a key financial statement and think like the CEO and CFO.
For Free and Actionable Resources, please visit https://usmsupplychain.com
Please also visit our YouTube channel: https://www.youtube.com/@usmsupplychain387
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There are so many acronyms that we use in planning!
In this episode, you will learn the terminology and key concepts about all of them:
- S&OP—Sales and Operations Planning
- SIOP—Sales, Inventory, and Operations Planning
- IBP—Integrated Business Planning
- FP&A—Financial Planning and Analysis
- S&OE—Sales and Operations Execution
-ITP—Integrated Tactical Planning
For Free and Actionable Resources, please visit https://usmsupplychain.com/
Please also visit our YouTube channel: https://www.youtube.com/@usmsupplychain387
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Why do you need to know about Finance if you are in Supply Chain?
Being in Supply Chain, Logistics, Operations, Procurement, you have a massive impact on the business financial performance.
In this episode, you will learn about the three core financial statements:
- Income Statement or Profit and Loss Statement (P&L)
- Balance Sheet
- Cash Flow Statement (or like Marcia calls it “Show me the Money Statement)
For Free and Actionable Resources, please visit https://usmsupplychain.com/
Please also visit our YouTube channel: https://www.youtube.com/@usmsupplychain387
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In this episode, Jonathan and Marcia talk about the following:
What are the trends in flexible packaging - for example, on cost, lead times, materials? What are the options available regarding sustainability? What is the cost of regular film against sustainable film? What customers have been more aggressive with sustainability? How can a company make a transition from regular film to sustainable film? What are the steps/ best practices? What are some examples in the market? -
In this episode you will learn about the following:
- What is the relocation industry and what does a relocation management company do?
- Is this still a relevant topic post-Covid?
-What goals is an HR department seeking to accomplish by hiring a relocation management company?
- What are some of the challenges a Procurement and HR team face when sourcing relocation management services?
- What are the benefits that an audit can bring?
Our guest, Gary Conerly, has over two decades of experience in the relocation and global mobility industry. Gary is a frequent speaker on various employee mobility topics at regional SHRM and relocation conferences. Having lived on assignment in Latin America for ten years, Gary is very familiar with the challenges faced by both expatriates and their employers. He is fluent in Spanish and has a broad range of expertise in the relocation and global mobility industry.
Gary attributes his success in business to a direct result of his sincere desire to help corporations achieve their goals while maintaining complete visibility and control over all related costs.
This episode is sponsored by USM Supply Chain. USM stands for Unstoppable, Scalable, Mindful Supply Chain. Check us out @usmsupplychain.com to scale up your profits together with your supply chain.
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In this episode, we talk about the following:
What are the top 3 challenges to become like Amazon with domestic last-mile delivery? What are the challenges and opportunities you see post-Covid for the sector of grocery stores and restaurants? What are some actions that companies can take to reduce cost of domestic shipping? What is the key to fast innovation and how can you support innovation from the supply chain perspective and the ability to pivot? What are the key metrics in supply chain that companies need to track?Get FREE actionable resources at usmsupplychain.com
Book a call with Marcia @usmsupplychain.com to scale your profits together with your supply chain
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In this episode, we talk about the following:
- What does six sigma imply?
- Who should be using six sigma?
- What are the critical factors to have a successful implementation?
- How do you use lean concepts to eliminate waste?
- How are lean and circular concepts similar or dissimilar?
To know more about six sigma, lean and circular economy or to get amazing FREE resources in Supply Chain and Procurement, please visit usmsupplychain.com
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Getting savings in an inflationary economy? Sounds like mission impossible? Our guest, Angela Thurman, challenges that. Let's dive in so you can know how to hit your savings goals.
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This is episode 34 of Adventures in Supply Chain podcast. We are pleased to present the Data and Tech in Supply Chain Video Series with guest Rick Watson, E-Commerce Expert.
This episode is sponsored by USM Supply Chain. USM stands for Unstoppable, Scalable, Mindful Supply Chain. Check us out at usmsupplychain.com to scale up your profits together with your supply chain.
Our guest, Rick Watson, after spending the last 20 years as a technology entrepreneur and operator exclusively in the eCommerce industry with companies like ChannelAdvisor, Barnes & Noble.com, Merchantry, and Pitney Bowes, started his own business to help with incubating and growing direct-to-consumer businesses.
Rick has been a featured speaker at nationwide news programs such as Bloomberg Surveillance and Bloomberg West, as well as at a number of retail-focused industry events including NRF Shop.org, ECommerce Europe, ETail West, and others.In this episode we talk about the following:
What are the most common challenges that e-commerce companies face? Is it Marketing or Supply Chain? Where are cost savings opportunities? What is the role of data and technology in e-commerce companies? If a company needs to choose a particular area where to invest in technology, what's that area? And why? Thoughts about the battle between UPS and Amazon? What companies that are already in business and want to scale should do? What companies that want to start or developing more their ecommerce channels should do, in particular those that are doing B2B?
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Check us out at usmsupplychain.com to scale up your profits together with your supply chain. Watch this episode on YouTube https://www.youtube.com/watch?v=lDjlIkxwre4 and SUBSCRIBE to our channel.
Today we talk about how you can achieve cost reduction by working with a Group Purchasing Organization (GPO). If you are considering how to save costs from 7% up to 20%, this episode is for you.
We cover the following points:
What are the benefits of a Group Purchasing Organization (GPO)? What kinds of businesses should consider working with a GPO? For what kind of products and services? And more great points - Daha fazla göster
