Warehousing and Distribution
Article | July 11, 2023
Enhance professional skills and knowledge in supply chain management by attending top industry events. Gain insights from thought leaders, connect with peers, and stay ahead of the competition.
Supply chain and logistics professionals face various challenges in improving supply chain efficiency and overcoming obstacles. The industry is complex and highly competitive, with external forces making it more challenging. Supply chain and logistics conferences help to address these challenges and promote a healthy international supply chain. In addition, the events will offer a comprehensive platform for professionals to understand the latest innovations & technologies and learn about digital transformation within the supply chain. Discover the latest insights, innovations, trends and more at the top 15 supply chain events to be held between May and December in 2023.
1. Swiss Supply Chain & Logistics Conference 2023
May 31- June 1, 2023 | Zurich (Switzerland)
The Swiss Supply Chain & Logistics Conference is a comprehensive platform uniting global stakeholders within the industry. The event focuses on presenting cutting-edge innovations and technologies, addressing industry challenges, and promoting environmentally friendly solutions. By fostering networking opportunities, the conference aims to facilitate business collaborations among participants. Attendees representing various stakeholders in the value network can expect to gain insights into creating agile, resilient, and sustainable supply chains while optimizing logistics operations. Esteemed speakers will discuss critical topics such as supply chain digitization, demand forecasting, and sustainable transportation practices, which directly impact businesses' bottom lines.
2. ASCM Connect 2023: Europe
June 27-28, 2023 | Belgium (Europe)
ASCM is set to host ASCM CONNECT 2023: Europe, a highly anticipated conference in Brussels. The event promises an extensive range of educational sessions covering the latest trends and developments in the supply chain field. Supply chain professionals attending the conference will allow them to connect with peers, gain insights from industry leaders, and explore advancements in the area. In addition, keynote speakers will share their corporate transformation journey, sustainability in the supply chain, resilience while disruptions, and their views on topics related to the digital supply chain. This event offers a platform for networking and knowledge sharing that can positively impact the growth and success of supply chain businesses.
3. Annual European Supply Chain Management Strategies Summit
November 7-8, 2023 | Munich (Germany)
The European Supply Chain Management Strategies Summit is a premier event that provides a unique platform for senior leadership to explore case studies and solutions in the supply chain industry in Europe and globally. This conference focuses on essential methods to enhance supply chain management. Attendees will gain insights into improving logistics and inventory management, implementing and optimizing IoT and new technologies, fostering collaboration and transparency with suppliers, and mitigating key and emerging risks. In addition, the summit offers an opportunity for supply chain businesses to contribute to the conversation and improve management practices.
4. Empack: The Future of Packaging Technology
November 29-30, 2023 | Madrid (Spain)
The upcoming 15th edition of Empack Madrid, scheduled at IFEMA, is focused on the future of packaging technology and promises to offer a transformative experience for professionals in the logistics and packaging sector. This innovation-driven event is a hub for networking, knowledge sharing, and business opportunities. Attendees will learn the latest advancements and updates that will optimize their supply chain operations within a few hours. Empack caters explicitly to designers, packaging managers, marketing professionals, product developers, sustainability advocates, and industrial packaging, labelling, printing, weighing, palletizing, and robotics experts. Additionally, the event features a key session with Jose Luis Gallego, a prominent naturalist, environmental disseminator, and writer, who will share valuable insights.
5. Future Supply Chain
November 28 - 29, 2023 | Torrey Pines (California)
The Logistics & Supply Chain Summit is designed to bring together supply chain and logistics professionals and key industry solution providers. The event provides a platform for engaging in one-to-one business meetings, participating in interactive seminars, and building valuable professional networks with the range of industry experts, including keynote speakers such as Clare Bottle (Chief Executive of UKWA), Richard Lim (Chief Executive Officer of Retail Economics), Jon Brewin (Business Development Manager of AutoStore System), and Jonathan Ogg (Senior Solution Architect of sofco Limited). The seminars and discussions at the summit cover a range of topics, including emerging technologies, innovative logistics solutions, and sustainable supply chain practices.
6. Deutsche Bank's 2023 Transportation Conference
August 15-16, 2023 | New York City (United States)
Deutsche Bank presents the highly anticipated 2023 Transportation Conference, an event that offers market-leading insights into the global transportation industry. The conference caters to logistics industry professionals with a comprehensive program, including one-on-one and group meetings, engaging fireside chats, and intimate small company dinners for networking. Renowned industry experts, including esteemed key speakers, will share their extensive knowledge and expertise on various logistics and transportation topics. Discussions will cover market dynamics, emerging trends, regulatory developments, and lucrative investment opportunities. The conference provides an invaluable platform for supply chain businesses to gain critical market intelligence, establish strategic partnerships, and capitalize on vast opportunities in the industry.
7. International Conference on Transportation and Development (ICTD 2023)
June 14, 2023 | Austin (Texas)
ASCE's Transportation & Development Institute (T&DI) has organized the co-located ICTD 2023 and Pavements 2023 conferences in partnership with TxDOT. The collaboration brings together global leaders in transportation, development, and pavements, offering an exceptional networking and knowledge-sharing platform for supply chain businesses. Professionals and researchers worldwide will convene to explore topics such as transportation strategies, cutting-edge technologies, infrastructure solutions, and pavement best practices. In addition, the influential key speakers, including Marc D. Williams, Carlos Braceras, Marie Dominguez, Butch Eley, Roger M. Millar Jr., Diane Gutierrez-Scaccetti, Lorie Tudor, and Eileen M. Velez Vega, will share industry-related insights and experiences.
8. Supply Chain Risk and Resilience Forum 2023
May 30 - June 1, 2023 | Berlin (Germany)
The Resilient Supply Chain Summit brings together 35+ experts to discuss new strategies and approaches to manage supply chain risks and build resilience in future crises. The conference provides deep-dive assessments of categories, supplier portfolios, and processes to surface potential issues, better understand risk exposure and vulnerabilities across the supply chain, and identify winning strategies for current and future challenges. Join the summit to gain insights from industry experts and improve your supply chain ecosystem.
9. Gartner Supply Chain Symposium/Xpo
June 5-7, 2023 | Barcelona (Spain)
In today's changing world, supply chains have become more crucial than ever, given their ability to navigate disruptions and manage risk while maximizing returns. Supply chain leaders can deliver profitably in times of uncertainty by leveraging their credibility, confidence, and commitment. Gartner Supply Chain Symposium/Xpo 2023 will explore big ideas and provide actionable insights to help supply chain leaders develop agile and resilient strategies, mitigate risk, respond to disruptions, pursue digital initiatives that drive growth, develop talent for the future, and prioritize technology investments.
10. Supply Chain USA 2023
June 13-14, 2023 | Chicago (United States)
Supply chain professionals, mark your calendars for the upcoming event in Chicago, where 900 executives from the supply chain ecosystem will convene to address the pressing need for resilient, customer-centric, ESG-compliant, cost-effective, and data-driven supply chains. The event is an opportunity to exchange insights, innovative solutions and best practices with industry heavyweights, leading technology providers, forward-thinking logistics organizations, Fortune 500 retailers and manufacturers, and government officials. In addition, the event will help the participants understand how to overcome the glaring weaknesses prevalent in fragmented, siloed, inflexible, and inefficient supply chains and emerge with the right strategies for a successful future.
11. 6th Edition Supply Chain Innovation Summit
June 15-16, 2023 | Amsterdam (Netherlands)
Supply chain management is undergoing a digital revolution that renders old fundamentals obsolete. As a result, companies must rethink and redesign their strategies to stay ahead of the new trends. The Supply Chain Digitalization Summit 2023 will provide an in-depth exploration of the latest advances and techniques in supply chain technology and innovation. Experts will cover every modern supply chain management aspect, from planning and strategy to risk management and customer focus. Gain insights from industry leaders that will help in transforming supply chain operations.
12. The Future of Supply Chain 2023
June 21-22, 2023 | Cleveland (Ohio)
The Future of Supply Chain will bring together executives, academics, and experts to share their knowledge, experience, and vision for the future of supply chain management. The event will feature captivating discussions and fast-paced demonstrations of emerging technologies that will shape the industry's future. In addition, attendees will have a chance to explore interactive sponsor kiosks and network with like-minded professionals. This year's conference will feature special topics such as the circular economy, blockchain, and last-mile delivery.
13. Digital Supply Chain Transformation 2023
October 3-4, 2023 | Biltmore (Miami)
The Digital Supply Chain Transformation Assembly is an exclusive gathering of industry experts, thought leaders, and visionaries at the forefront of digital transformation in the supply chain industry. The event provides an opportunity to learn from what the field's experienced and innovative minds share about the experiences for navigating the challenges of the digital era. Through interactive discussions, hands-on workshops, and insightful keynote speeches, attendees will gain practical insights and strategies for transforming their supply chains, improving operational efficiency, and enhancing customer experience.
14. Gartner Supply Chain Planning Summit 2023
November 29-30, 2023 | Phoenix (Arizona)
The Gartner Supply Chain Planning Summit 2023 is the right platform for supply chain planning leaders to learn about new strategies, insights and frameworks to tackle the challenges of network complexity, demand volatility, and supply disruptions. The event allows heads of Supply Chain Planning, S&OP, integrated business planning, demand planning and supply/inventory planning to connect and share their future vision. At the summit, attendees will gain actionable insights and drive resiliency to achieve sustainable business outcomes. Join now and shape the future of supply chain planning.
15. Supply Chain & Logistics Transformation Summit 2023
November 29- December 1, 2023 | Phoenix (Arizona)
The Resilient and Sustainable Supply Chain Summit will bring supply chain and logistics leaders to address the topics and learn from peers and industry experts how to accelerate digital adoption, transform the supply chain with new technologies, and build the leadership, team skills, and capabilities needed for long-term success. This summit will help professionals to stay ahead of the curve in the ever-changing supply chain management landscape. In addition, it will gain valuable insights into the latest trends, strategies and best practices for building resilient and sustainable supply chains that can withstand disruptions and meet the demands of a rapidly-changing world.
Conclusion
Professionals in the supply chain and logistics industry face challenges in improving efficiency and overcoming obstacles due to high competition, making it crucial to stay informed about the latest industry developments and best practices to succeed.
Attending the top supply chain conferences can provide an opportunity to address challenges, learn about the latest innovations & technologies, and maintain adequate supply chain operations. In addition, attending the events and conferences for supply chain opens up better possibilities for supply chain and logistics professionals to network, gain valuable insights, engage in peer-to-peer discussions and access resources.
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Management
Article | June 21, 2023
Warehouse Management System
In Supply Chain, warehouse management acts as the bridge between the supplier and customer. The warehouse facility utilized to consolidate or accumulate products and reduce the transportation cost to achieve economy. Warehouse Management System (WMS) refers to the movement and storage of materials within a warehouse. WMS is part of the Supply Chain Management and concerned with the receipt, shipping and picking of materials.
To effectively monitor the flow of products, WMS utilizes technology devices such as Barcode scanners, Bio-Metrics, and RFID to name a few. A seamless link created between the warehouse facility, order processing and logistics management till shipment. Warehouse management just not limited to the warehouse; it can also a component of Supply Chain Management (SCM) and, when done well, provides a competitive advantage to the business or organization.Supply Chain Management is the management of flow of goods and services including raw materials, work-in-process inventory and finished goods. The markets these days are transcending borders and managing the demand-supply quotient is increasingly getting complex. Production centers are setup at locations where the raw materials and labour are cheaper. Raw materials sourcing and finish goods distribution are done globally.
Supply Chain Management
Thus Supply Chain Management refers to all business processes and activities involved from the procurement of raw materials to the manufacturing and distribution of finished products. SCM in short is the art of providing the right product at the right time, place and cost. As inferred, SCM gets much wider in scope than WMS. However, WMS is perhaps the last mile in the Supply Chain Management system and any hitch in the efficacy of WMS system hampers SCM too.
Conclusion
The primary aim of Supply Chain Management is to match supply with demand. For this to work, the supply chain should be free from bottlenecks such as errant supplies, difficulty in sourcing etc. There seemed significant confusion about the phrases SCM and WMS until recently, and both frequently used interchangeably. However, it been generally accepted that warehouse management refers to the logistics of warehouse, storing, stocking, and also movement of goods. The term Supply Chain has a much broader focus involving suppliers, manufacturers and retailers.By providing customer centric operations in warehousing, companies gain competitive advantage. SCM tools help manage the supplies effectively keeping inventory at optimum levels. The efficiency of SCM relies to a large extent upon the efficiency of WMS. The SCM’s primary concern is to find out the best storage levels, which the WMS attempts to address. Therefore, it is seen that the SCM & WMS are only complementary in nature and not competing. Warehouse Management system also complements the Sales Management System by shortening the sales cycle through quick data access and delivery of quality service, every time.
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Supply Chain
Article | August 17, 2023
Efficient demand forecasting techniques transform supply chain management, help optimize inventory levels, streamline operations, improve customer satisfaction, and achieve a competitive edge.
Contents
1. How Accurate Demand Forecasting Impacts Business Operations and Profitability?
2. Navigating the Pitfalls of Traditional Demand Forecasting
2.1 Limitations of Manual Forecasting Methods
2.2 Inaccuracy and Inconsistency in Demand Prediction
2.3 Multiple Products and Markets Challenges
2.4 Influence of External Factors on Demand Forecasting
3. Advanced Demand Forecasting Techniques for Supply Chain Management
3.1 Statistical Forecasting
3.2 Collaborative Demand Planning
3.3 Demand Sensing and Real-time Data Analytics
3.4 Agile Supply Chain Management Practices
4 Summing up
1. How Accurate Demand Forecasting Impacts Business Operations and Profitability?
Accurate demand forecasting plays a vital role in determining the operations and profitability of a business. By anticipating future demand, companies can more effectively plan their production, inventory management, and supply chain activities to meet customer needs while minimizing costs.
Additionally, accurate demand forecasting can aid businesses in enhancing customer satisfaction by proactively meeting customer needs and expectations, improving customer experiences and increasing customer loyalty. To generate actionable insights that drive informed decision-making, businesses must leverage advanced analytics and predictive modeling techniques that combine data from various sources with industry-specific knowledge and expertise.
“Businesses that leverage advanced analytics and predictive modeling techniques for demand forecasting report an average of 5% improvement in their supply chain efficiency.”
(Source: A survey by Deloitte)
Supply chain businesses frequently rely on sales data from the past, which may not be sufficient in the complex and rapidly changing business environment. Businesses might not observe an improvement in operations and profitability if they rely solely on conventional methods.
2. Navigating the Pitfalls of Traditional Demand Forecasting
As businesses strive to optimize their supply chain operations and meet customer demand, traditional demand forecasting methods can often hinder their efforts. In this context, it is essential to navigate the pitfalls of such techniques to achieve success in supply chain management.
2.1 Limitations of Manual Forecasting Methods
Manual forecasting methods have limitations that can affect demand forecasting accuracy in supply chain management. Frequently based on historical data, these methods can overlook emerging trends in supply chain management and alterations in customer behavior. In addition, manual processes are time-consuming, prone to error, and incapable of incorporating real-time supply chain data. As a result, businesses struggle to optimize supply chain operations and meet customer demand.
In addition, traditional forecasting methods can influence the ability to accurately predict demand, resulting in overstocked inventory, delivery delays, and, ultimately, poor customer satisfaction. Inaccurate demand forecasts can also result in poor purchasing decisions and increased carrying costs, negatively impacting profitability.
2.2 Inaccuracy and Inconsistency in Demand Prediction
Inaccuracy and inconsistency in demand forecasting pose significant obstacles in managing the supply chain. This is the case in the dynamic business environment, where market conditions can change rapidly, making it challenging for companies to keep up with shifting demand patterns. As traditional demand forecasting methods depend heavily on historical data, they produce inaccurate forecasts that do not reflect real-time market changes.
In addition, inconsistency in demand forecasting can also result in a mismatch between supply and demand, leading to missed opportunities or excess inventory. As a result, creating an effect on company’s bottom line in addition to customer satisfaction.
2.3 Multiple Products and Markets Challenges
Accurate demand forecasting is crucial to the success of supply chain management. When there are multiple products and markets to manage, it becomes a challenge for traditional demand forecasting. Different products and markets may have varying demand patterns and drivers, making it difficult for businesses to accurately forecast demand.
Manual processes and siloed data can hinder visibility and the ability to identify cross-product or cross-market trends, making supply chain optimization operations and meeting customer demand more complex. Managing multiple products and markets is one of the challenges of traditional demand forecasting when businesses operate in various markets with varying customer preferences and demand patterns for products.
2.4 Influence of External Factors on Demand Forecasting
External factors can significantly impact the demand forecasting accuracy for supply chain optimization. These factors are often unpredictable, and conventional methods may not account for them. The external factors affecting the supply chain include natural disasters, economic recessions, and sudden changes in consumer behavior.
In addition, political and regulatory modifications, such as tariffs or trade agreements, can affect the supply and demand of particular products. Therefore, businesses must incorporate these external factors into their demand forecasting models and advance the process, as traditional demand forecasting methods cannot predict accurate future demand patterns and ensure optimal supply chain operations.
3. Advanced Demand Forecasting Techniques for Supply Chain Management
To avoid the above-mentioned pitfalls, companies need to adopt advanced demand forecasting techniques that enable capturing and analyzing huge data from various sources to generate accurate and real-time demand forecasts.
3.1 Statistical Forecasting
Statistical forecasting is an advanced method for demand forecasting in supply chain management that utilizes complex algorithms and statistical models to analyze historical data, identify trends, and generate forecasts. This method employs numerous statistical techniques, including regression analysis, time-series analysis, and exponential smoothing, among others.
Statistical forecasting can help businesses overcome some of the limitations of traditional manual forecasting methods because it is more objective, data-driven, and capable of identifying trends and patterns which are not apparent with manual forecasting methods. As a result, by utilizing statistical forecasting, businesses can increase demand forecasting accuracy, optimize inventory management, and better align supply and demand, resulting in enhanced customer satisfaction, greater efficiency, and lower costs.
3.2 Collaborative Demand Planning
Collaborative Demand Planning combines intensive forecasting algorithms to predict future demand and a set of ML techniques to achieve better demand forecasting. It involves collaboration between suppliers, customers, and other stakeholders. The advanced data and insights sharing technique improve the comprehensive understanding of demand drivers and trends, leading to more accurate demand forecasting. The collaborative approach enables real-time adjustments to demand forecasts, which can help businesses respond promptly to market conditions and customer demand changes.
In addition, using advanced analytics and machine learning algorithms can help identify patterns and trends that would otherwise go unnoticed. That enables businesses to optimize inventory levels, reduce under and overstocking, and enhance customer service levels. In the dynamic business environment, it helps transform the supply chain that is better equipped to meet the ever-changing demands of customers.
3.3 Demand Sensing and Real-time Data Analytics
Demand Sensing and Real-time Data Analytics are advanced demand forecasting techniques that can assist businesses in overcoming the challenges that multiple products and markets pose to the supply chain. By utilizing real-time data from various sources, such as social media, point-of-sale systems, and weather reports, businesses can better understand customer demand patterns, adjust inventory and production planning, reduce delay, and increase responsiveness.
In addition to implementing demand sensing, businesses can begin with sell-in data obtained from supply chain planning or an ERP system in supply chain management and then incorporate all relevant data sources and external factors to broaden the forecasting horizon.
3.4 Agile Supply Chain Management Practices
Agile supply chain management practices are a collection of methodologies and strategies emphasizing supply chain operations' adaptability, responsiveness, and flexibility. These practices involve utilizing real-time data analytics, collaborative planning, and other advanced technologies to enable businesses to respond swiftly to changes in customer demand, market conditions, and other external factors.
Adopting an agile model allows the organization to act swiftly and decisively and achieve successful business outcomes despite adverse conditions. Agile supply chain management practices can give companies greater visibility and control over their supply chains, enabling them to adapt more effectively and efficiently to fluctuating market conditions in the context of external factors influencing demand forecasting. By cultivating a culture of continuous improvement, innovation, and customer value, agile supply chain management practices have the potential to transform into modern supply chain.
4. Summing up
Demand forecasting accuracy is crucial for supply chain management and profitability. Manual forecasting methods hinder operational optimization and customer demand fulfillment. Customer satisfaction, purchasing decisions, and carrying costs suffer from inaccurate forecasting. In order to avoid these pitfalls, businesses can leverage statistical forecasting and collaborative demand. These methods recognize trends and patterns, optimize inventory levels, reduce over- and under-stocking, and improve customer service using advanced analytics and machine learning algorithms.
As the supply chain evolves and becomes more complex, businesses must adopt advanced demand forecasting techniques. Implementing these techniques will enable businesses to optimize their supply chain management by better-aligning supply and demand, resulting in increased productivity, decreased costs, and ultimately increased profits.
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Supply Chain
Article | June 29, 2022
Purchasing software and supply chain management software are often mistaken for one another, but both have distinct functionalities. While purchasing software automates the procurement process, supply chain management software executes logistical transactions and manages supplier relationships. This report identifies the similarities and differences between the two software categories to help you understand which one is better suited to your needs.
What is purchasing software?
Purchasing software is an online tool that allows businesses to automate the process of procuring goods and services. It includes security compliance and reporting features.
Purchasing solutions offer integrated tools for invoice approval, inventory control, asset management, customer service, and work order management. They help manage contracts, analyze spending, track sales deliveries, and monitor inventory levels. They also assist in identifying bottlenecks in the purchase process, such as functions that have high expenditure.
Purchasing software offers invoice processing capabilities as well. Procurement professionals and accounting teams can use the tool to generate invoices, track invoice status, and monitor expenses via detailed reports.
What is supply chain management software?
Supply chain management software is a software platform that allows supply chain managers to automate the entire supply chain process—from acquiring raw materials to delivering the finished goods to consumers. The software provides tools for monitoring stock levels, including raw materials, and predicting future requirements based on the current inflow and outflow of inventory.
Supply chain management tools manage material handling, order fulfillment, and information tracking for stakeholders such as manufacturers, suppliers, and transport and logistics providers. They also track the returns of damaged goods, process refunds and insurance claims, and provide planning and forecasting tools for supply chain professionals.
What do they have in common?
Purchasing is a crucial component of supply chain management. Together, these processes significantly contribute to an organization’s procurement cycle. Despite the functionality differences, both the software categories have a few features in common, including supplier management, order management, and forecasting.
Which tool is right for you?
The answer to this question depends on your use case. If you’re looking for a tool that majorly focuses on acquiring supplies, opt for a purchasing software solution, as it will help you streamline the procurement cycle, maintain purchase order accuracy, and monitor supplier activities. However, if you wish to manage your entire supply chain operations, including supplier, transportation, warehouse, and inventory management, then investing in a supply chain software solution would be the right choice.
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