Coronavirus and Supply Chain with Paul Malone - Director, Purchasing Functional Excellence at Allison Transmission

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/

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 Time

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 Ownership Bonus Tip: For Free and Actionable Resources, please visit https://usmsupplychain.com/

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.

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.