Artificial intelligence for sales and procurement planning: fundamental success criteria

All Things Supply Chain

I am often asked whether Artificial Intelligence can help to achieve better sales forecasts and procurement planning.

Revisiting Transportation Forecasting

Talking Logistics

Many companies have collaborative planning and forecasting processes with suppliers and manufacturing partners, but very few companies translate demand and production forecasts into transportation capacity requirements. In this episode, Adrian discusses the key challenges and opportunities associated with transportation forecasting. Watch as Adrian discusses: Two key reasons why transportation forecasting has been a challenge to implement.

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Improve Forecast Quality and Reliability with Value-add Forecasting (Part 1)

Logility

The ability to effectively forecast demand is essential for supply chain management decisions. In fact, demand forecasts are used throughout the supply chain including supply chain design, purchasing, operations, inventory, and sales and marketing. In large part due to computer processing power, new advances in forecasting and the abundance of new data sources have helped to increase forecast reliability. procurement, operations, inventory, sales and marketing).

Why Supply Chain Managers & Procurement Should Collaborate

Cerasis

The roles of logistics and procurement in an efficient supply chain cannot be overstated. According to Paul Myerson , reports Industry Week, up 70 percent of a company’s costs come from procurement and logistics operations. However, both logistics and procurement often become isolated in modern companies, resulting in inefficient practices and a sluggish production value. So, why do supply chain managers not take advantage of this data with respect to procurement?

Why Procure-to-Pay Software is Critical Today

ivalua

This month Gartner published its eagerly awaited Magic Quadrant for Procure-to-Pay (P2P) Suites , ranking the top 14 vendors based on ability to execute and completeness of vision. 1.Investing in Procure-to-Pay solutions is seeing the bigger picture. Procure to Pay Uncategorized

10 Key Logistics & Procurement Supply Chain Practices to Know and Master to Reduce Spend.

Cerasis

However, following these 10 practices can help you learn how to reduce spend in the procurement supply chain. As a result, an external benchmarking tool , explains Olga Rissin of CHAINalytics , offers the benefits of reducing internal spend and accessing outside data, which further drives competitive advantage and lower spend in managing the procurement supply chain. Take Advantage of Cloud-Based Analytics for Better Warehouse Management and Forecasting.

Hey Procurement! It’s Time to SELL!

Supply Chain Game Changer

The Procurement, or Purchasing, function is considered by many to be a necessary but non-strategic part of any organization. But there is a profoundly significant Procurement value chain. This is not to say that they believe Procurement doesn’t play a role, but rather that they don’t view Procurement as playing a critical role beyond cutting costs and finding suppliers. Procurement is strategic! Now is the time for Procurement to SELL!

The Importance of Using Supply Chain Management Software in Procurement

EC Sourcing Group

When you’re trying to control the entire procurement process within the supply chain, you want to make sure that you have the best software for your needs at your side so that everyone—you, vendors, and suppliers, are getting their needs met within the supply chain. Procure-to-pay operations.

Logistics Operations Forecasting- Are you doing it right?

ThroughPut

What is Logistics Forecasting? Logistics demand forecasting is the process of accurately anticipating the demand for products, services, and shipments throughout the supply chain. Why is Logistics Forecasting a Complex Process? Are you Forecasting Logistics Accurately?

Pioneering An Innovative Approach to Forecast and Planned Procurement

ivalua

The post Pioneering An Innovative Approach to Forecast and Planned Procurement appeared first on Ivalua

Top 7 Benefits of System driven Inventory Projections

Arkieva

Forecasting Inventory Management advantages of demand forecasting advantages of demand forecasting in economics advantages of sales forecasting demand forecasting pdf forecasting in procurement forecasting in supply chain management ppt importance of demand forecasting in logistics strategic importance of forecasting in term of supply chain management

Hey Procurement! It’s Time to SELL!

Supply Chain Game Changer

The Procurement, or Purchasing, function is considered by many to be a necessary but non-strategic part of any organization. This is not to say that they believe Procurement doesn’t play a role, but rather that they don’t view Procurement as playing a critical role beyond cutting costs and finding suppliers. Procurement is strategic! Now is the time for Procurement to SELL! The Procurement Value Chain Continuum. Procurement 101.

Procurement Experiences, Trends and the Future!

Supply Chain Game Changer

Check out What is Virtual Procurement and Why Should You Care? Where is procurement, outsourcing, sourcing, supply chain, and purchasing going? Secondarily, we will include information from other procurement professionals and procurement firms about their experiences, what they forecast, and what they are seeing. We have worked in hundreds of different industries and spend areas over many years in thousands of procurement projects. Subscribe Here!

Demand Forecasting: The Unfair Competitive Advantage

Logility

” scenario: in many supply chain organizations, sub-SKU forecasting (the task of translating high-level forecasts into specific quantities by size, color, configuration, region, etc.) Taking the burden of ad hoc SKU-level forecasting off their shoulders would help them focus on improved procurement decisions and meeting vendor minimums more cost-efficiently. It is time to take the sub-SKU forecast burden off of the supply team.

Procurement – How to Enable Spend Aggregation!

Supply Chain Game Changer

Check out Procurement: The Spend Aggregation Obstacle Course! Aggregating your procurement spend for the purpose of delivering greater value is a sound objective. We discussed these in greater detail in our post Procurement (Part 1!) – The Spend Aggregation Obstacle Course! I have been in the Procurement organization trying to get our arms around spend. This may be the head of Procurement, the CFO, the COO or the CEO. Subscribe Here! Email Address.

Demand Forecasting: The Unfair Competitive Advantage

Logility

” scenario: in many supply chain organizations, sub-SKU forecasting (the task of translating high-level forecasts into specific quantities by size, color, configuration, region, etc.) Taking the burden of ad hoc SKU-level forecasting off their shoulders would help them focus on improved procurement decisions and meeting vendor minimums more cost-efficiently. It is time to take the sub-SKU forecast burden off of the supply team.

Digitalization in Procurement: Your Questions Answered

Jaggaer

Last week JAGGAER hosted a webinar reviewing the findings of our recently released 2019 Digital Procurement Survey Report. We reviewed the key takeaways and provided recommendations for how procurement professionals can begin to take advantage of next-generation technologies. 35% of respondents said it was their main challenge in modernizing their procurement process. Digital transformation in procurement is not just automation. Procurement Resources

Logistics & SCM, PLM, Manufacturing, and Procurement 2016

Supply Chain Movement

Logistics & SCM, PLM, Manufacturing, and Procurement 2016. URL: sapinsiderevents.wispubs.com/2016/Vienna/SCM-PLM-MFG-Procurement-CRM/. Logistics & SCM, PLM, Manufacturing, and Procurement 2016, sponsored by SAP, is the most important educational event of the year for organizations using SCM, PLM, manufacturing, and procurement solutions to fortify their business operations and infrastructure with proven methodologies and measurable, value-driven results.

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Procurement Challenges Condensed

Claritum

Claritum Article - Procurement Blog. I took on the challenge of writing a condensed version of all the current Procurement challenges. I believe the issue with these articles is the broad range encompassed by the word Procurement and the constant change within this domain. To my mind, your challenges depend on where you are in transformational change within your organisation, the scope of your function within Procurement and the nature of the organisation’s supply chain.

Streamline Procurement Activities By Reducing Your Purchase Order Cycle Time

Unleashed

The most effective way to streamline procurement activities is to include a well-considered purchase order cycle as part of your purchasing processes, one that allows you to plan for expenses and budget for the costs of doing business. The purchase order life cycle is the set of steps taken to process a purchase order to procure goods for your business and it includes the following steps: 1. Business Tips procurement purchase order purchase orders

COVID-19 Procurement Response: Your Questions Answered

Jaggaer

JAGGAER’s Amenallah Reghimi and Mic h ael Roesch recently partnered with Philip Ideson , founder and managing directo r at Art of Procurement , to bring procurement professionals a presentation on response tactics for the current global crisis. What analysis do you currently do related to spend or price forecasting? . I think this will also help procurement teams learn to be agile. Why do we see a decrease in procurement activity during COVID ?

Future Procurement Capabilities: Supply Managers Need to Think like CFO’s

Supply Chain View from the Field

In this first of a series of blogs, I will be exploring many of the key themes that emerged in the recent Future of Procurement study I co-authored with KPMG’s Procurement Advisory Council. The first of the themes we will explore is the procurement manager’s role as a support to the Chief Financial Officer. So for procurement, the value of an off-balance float and the total cost of ownership given higher interest rates suddenly become more important.

Procurement Trends 2019 – what’s your priority?

Eyvo

There is no shortage of predictions from procurement experts and companies. Anyone can purchase products and services so procurement, as a department, has the challenge of showing value in every aspect of their existence. The race for procuring, pun intended, the best talent has been challenging. Project-based procurement, consultative engagement, product and service specialization, need for geographic presence, among the many factors will permeate procurement.

Why e Procurement Systems are the Secret Weapon for Public Sector

ivalua

And most forecasters aren’t predicting an upswing, at least in the short term. . Step 1: Use e Procurement Systems as a Potential Source of Revenue. Thinking of procurement as a new source of revenue is certainly counterintuitive, but it fits the bill of thinking differently.

Applying the Laws of Forecasting to Predictive Analytics

NC State SCRC

We met at the United Club in Chicago, as he was on his way back from a visit with Honda, and met to discuss the upcoming study I will be working on with him on procurement analytics for the Center for Advanced Purchasing Studies later this summer. We had a chance to catch up on a great number of things, but one that sticks in my mind is the discussion on predictive analytics and forecasting. And we always return to the two cardinal rules that deal with the accuracy of forecasting.”

Augmented Procurement is Making the Future Our New Reality

Jaggaer

Now this idea of augmented procurement – and eventually autonomous procurement – has surfaced , and many are asking when the change will happen, and more importantly what it means for them. . Now, just imagine that technology specifically tailored to procurement.

Contingent Workforce is a Major Focus for Procurement

NC State SCRC

Brian Hoffmeyer from IQ Navigator, a procure to pay solution, spoke today at IBM’s Empower event on this trend, and the implications for procurement. But 60% of the workforce is not well managed and unaccounted for in financial planning, budgeting and forecasting. It helps to manage the procure to pay process for contingent labor – and helps to manage workflows. The number of workers who are “contingent is growing rapidly.

Five things you need to know about the UK’s procurement & supply chain market

Proxima

So I thought it would be helpful and interesting to pull together some thoughts on how the UK’s procurement and supply chain market is changing and the trends we’re seeing based on our work and conversations with companies over the last month. The way demand is forecast is changing.

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Procurement Must Contribute to Competitiveness to Become Relevant!

NC State SCRC

Procurement is always thinking about cost savings, year over year. What if, for example, procurement has a budgeted amount for 4.5 cents, so procurement declares victory and says they saved their organization a lot of money: 3 cents per unit! Vel Dhinagaravel, CEO of Beroe , thinks this is the wrong way to measure procurement. However, the annual reports of these three companies has a write up where they talk about the massive savings delivered by procurement.

Procurement Trends 2019 – what’s your priority?

Eyvo

There is no shortage of predictions from procurement experts and companies. Anyone can purchase products and services so procurement, as a department, has the challenge of showing value in every aspect of their existence. The race for procuring, pun intended, the best talent has been challenging. Project-based procurement, consultative engagement, product and service specialization, need for geographic presence, among the many factors will permeate procurement.

Predictive analytics in procurement means using whatever data is available

NC State SCRC

Predictive analytics is still relatively new in procurement, but it’s increasingly important, particularly in organizations that have already been through the cycle of spend analytics, supplier leveraging, segmentation, and consolidation. This provides the ability to forecast revenue, mitigate disruption, identify market opportunities, and much more. Furthermore, prediction requires highly sophisticated levels of procurement analytical modeling capability.

Procurement Perspectives In Year 2017

CormSquare

Procurement too is not untouched from these changes, but the question is how? We have been seeing over the years that procurement executives keep on surveying and conducting researches that the function continues to transform itself but it will have to adapt to these wider changes if it wants to continue to deliver. The power of the crowd to unlock concrete forecasts about the future is a key means to add real impactful data into buyer’s plans.

Marketing Supply Chain Solutions Post-COVID: Q&A with ToolsGroup CMO Caroline Proctor

ToolsGroup

I think almost everyone was astounded to see that something as basic as a face mask could not be procured at adequate levels in the US during the initial stages of the pandemic. Blog demand forecasting inventory optimization machine learning supply chain planning

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

Visibility is the centrepiece … not only in terms of where my inventory is, in which channel, and where to move it, but also in consumer demand, and how can I be ahead of that game and forecast the demand?” We need to look at alternative sources of procurement, of production, alternative factories, alternative countries. We need to take risks on forecasting like never, ever before. We need to take risks on forecasting like never, ever before,” espouses Paiva. “We

Collaboration between Finance and Procurement Leaders is more important than ever

Proxima

Long gone are the days when their role was restricted to accounting and forecasting – they are now pivotal to setting business strategy and in many cases act as the ‘right-hand’ of the Chief Executive. For procurement leaders, finance leaders are often a key stakeholder or indeed the person they directly report to. But do finance leaders value the performance of procurement? It’s up to procurement leaders to seize this opportunity.