Procurement Prodigy

It's Your Supplier, Make it "LARGS" Supplier Selection Using "LARGS" - Lean, Agile, Resilient, Green, and Sustainable. Any organization's supply chain sustainability now depends critically on knowing the extent of the social, environmental, and economic impact and viability that its suppliers have. It has been observed that buying managers take into account traditional supplier selection criteria. Sustainable supplier selection from a resilience and sustainability point of view has become vital in Today’s business scenarios. To remain competitive, companies must consider “LARGS” (Lean, Agile, Resilient, Green, Sustainable) as supply chain attributes for supplier selection to attain long-term corporate success. LEAN : Lean supply chain management is the application of lean management principles to the optimisation of inter-organizational processes that are directly connected by the upstream and downstream flow of goods, information, and finance in order to re...

Build Sustainable Supply Chain Analytics Foundation According to research, there is a substantial association between more advanced analytics and a higher Return on Investment. It is more vital than ever to develop strong supply chain analytics capabilities. Economic constraints such as growing fuel costs, global expansion, low-cost offshoring competition, and restricted manufacturing capacities continue to put a strain on a supply chain team's ability to cut costs while fulfilling ever-increasing consumer demands. To make matters worse, acquiring and maintaining qualified supply chain talent remains a challenge. Top supply chain talent typically migrates to firms that have invested in modern solutions that allow users to spend their time creating value rather than formatting, aligning, validating, and reporting on last week's data. The application of mathematics, statistics, predictive modelling, and machine learning approaches to uncover meaningful patterns in large mountains...

Traditional vs Agile Supply Chain Management Supply chain management refers to the processes involved in the production, transportation, and distribution of goods from the manufacturer to the customer. There are two approaches to managing the supply chain: traditional and agile. In this script, we will compare and contrast the traditional and agile supply chain management approaches. PART 1: TRADITIONAL SUPPLY CHAIN MANAGEMENT Traditional supply chain management is a linear approach that focuses on a fixed plan, with a focus on efficiency and cost reduction. It is a centralized approach where decisions are made by upper management. The traditional supply chain management approach is characterized by the following: Planning : In traditional supply chain management, planning is based on forecasts and demand predictions. The plans are made in advance and are not easily changed. Procurement : The procurement process is focused on cost reduction, with a focus on negotiating the lowest possi...