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Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. Done well, it can become a key driver of competitive advantage.
Despite their best efforts, current events and market dynamics caught up with them, leading to issues managing their suppliers and sourcing the materials needed for their products. If nothing else, the last few years highlighted the importance of sourcing strategically. How will the picture change in 2023 ? Inflation Pressure.
per cent in January 2023, down from 9.2 One way of doing this is by leveraging Source-to-Pay (S2P) solutions, which can provide procurement with the tools needed to manage their supplier relationships and identify opportunities for cost savings. Eurozone annual inflation was down 8.5 per cent in the previous month. Doug has a B.S.
Commerce is global and regional at the same time, the world is getting smaller and more interconnected, and Consumer Packaged Goods (CPG) manufacturers operate in this build-anywhere and sell-anywhere market. Here we have compiled a list of the top six challenges that CPG companies face in the post-pandemic market.
Speaker: Fernando Penteado, CPSM - Supply Chain and Logistics Executive, Global Markets Expert, and International Speaker
Now, as a variety of disruptive events cause supply chain challenges, companies are contemplating bold moves to keep business moving, including moving sourcing and manufacturing closer to home markets and maintaining a larger reserve stock to help manage the fluctuations in supply and demand.
Redwood City, CA, July 12, 2022 – Manufacturers are working to accelerate digitization initiatives to manage supply chain disruptions in 2022 and beyond, according to an original survey commissioned by Ivalua , a leading global spend management cloud provider.
Here are some highlights from these trends in 2023 and implications on supply chain planning. Continuing Disruptions in Transportation and Sourcing Materials After the pandemic, retailers are faced with new challenges and disruptions due to global conflicts, trade restrictions, and now recessions.
One of the clearest lessons learned during the pandemic was the importance of domestic manufacturing. As global supply chains snarled and essential products became hard to find, many domestic manufacturers pivoted to make up shortages. The importance of manufacturing has often been overlooked as the U.S.
Ibrahim Al Syed, the director of digital manufacturing at Celanese, was surprisingly forthcoming about how Celanese developed these capabilities at ARC Advisory Groups 29th Annual ARC Industry Leadership Forum. He also spoke at the ARC forum in 2023, and this article is based on that presentation as well. They must be. Celanese has 2.5
In April 2023, one of our Indago members — who are all supply chain and logistics executives from manufacturing, retail, and distribution companies — submitted the following question: “We see the future of transport moving toward electric and autonomous vehicles.
In March 2023, the Global Supply Chain Pressure Index fell to the lowest level since November 2008. In March 2023, the level of disruption fell to a level seen in November 1998. Build in-market sourcing. Rationalize global strategies to focus on building markets based on in-market sourcing. Unrest in Sudan.
How should a global manufacturer make a decision? In short, the research tells me that the manufacturing industries are stuck. In contrast, for a global manufacturer, the answer is more complex. What is the role of make, source, and deliver? And how can supply chain planning help? What defines a feasible plan?
Listen to the full podcast interview here ) Source: Fort Of course, this stark reality was faced by many small and medium-sized businesses (SMBs) during the peak of the pandemic. By 2023, average inventory turnover for small and midsize businesses, had dropped for the 50% percentile ShipBob seller from 1.59 to 0.85 (Source: ShipBob ).
Looking Back to 2023 Performance in 2023 was not as positive as we might have hoped, and it was a harder year than many had anticipated. A majority of organizations (62 percent) missed their 2023 business goals, and four in five organizations reported falling short of their competitors’ or peers’ performance (Figure 1).
These activities involve numerous stakeholders, such as suppliers, manufacturers, distributors, and retailers. Supply chain data can be challenging to manage due to its unstructured or semi-structured nature and the need to integrate new data sources.
Two cases have just won awards in the 2023 Case Center Awards and Competitions. The first is called Global Sourcing at Nike and takes the perspective of Amanda Tucker, Vice President of Sourcing at Nike (authors: Michael W. It is always exciting to discover new teaching cases, especially when they are of very high quality.
Manufacturing Sectors Client Alert Foreign adversaries are increasingly threatening vital domestic industries through current and potential future restrictions on critical mineral exports. Background Nickel and titanium are critical to the aerospace manufacturing sector. Foreign Adversaries Threaten Critical U.S. of these materials.
Sustainability in the world of manufacturing Many manufacturers want to do their part in taking responsibility to be sustainable. A more sustainable future The demand for sustainable manufacturing is only going to increase especially with the rising concerns around climate change and the planet.
Source: J.P. Global Manufacturing PMI Global Trade as a Barometer Clearly domestic business activity is much larger than international trade. I decided to take a look at quarterly changes in worldwide merchandise export volumes from 2016 to 2023. Manufacturing Purchasing Managers Indexes The J.P.
Creating new opportunities and enabling manufacturers to address the ever-changing disruptions is the new norm for solution providers. 2023: A Year in Review This year was full of milestones, marking the three-year anniversary of the acquisition of Arena by PTC. 3D Visualization is another product innovation delivered in 2023.
Trey is the Co-founder and CEO at Amplio , an Atlanta based tech firm that predicts and prevents material and parts shortage for companies in the electronic manufacturing space. Trey Closson is the Co-founder and CEO at Amplio, an Atlanta based tech firm builds supply chain resilience for electronics manufacturers. About Trey Closson.
A combo of pandemic-related increased demand, and the tragic destruction of a key chlorine manufacturer have led to 2022’s swimming pool chlorine shortage. Image source: Cape Analytics. Image Source: Nola. Image Source: USA Today. Image source: CNBC. The cause of this tragedy? Why is there a chlorine shortage?
Paul is the Founder and Chief Strategy Officer of Verusen , a supply chain intelligence platform, purpose-built to help manufacturers streamline their MRO supply and materials management. For manufacturers: Optimizes inventory and harmonizes data to reduce costs, improve visibility, and make better sourcing decisions.
One of my insights from doing the industry analysis for the Supply Chains to Admire each year is that smaller and less well-known companies outperform larger and better-known manufacturers. The analysis is biased toward large process-based manufacturers in the Gartner network. Is this success? I don’t think so. Learning Stalled.
Blog » Procurement on the Thames: Ivalua’s London Summer Symposium June 26, 2023 | | Thought Leadership by Eloise Barnum As businesses navigate through supply chain disruptions, high inflation, and sustainability initiatives, procurement, and supplier management has taken center stage in driving change. See you soon!
While Contract Pharma & BioPharma manufacturers continue to experience an increase in demand for more projects, new challenges are emerging from nearly every angle including new regulatory and quality requirements, workforce shortages and of course, supply chain disruptions. is likely to reach 2.1
2022 Realities vs 2023 Predictions. Protectionist trade policies are also causing companies to shift their country sourcing practices, and there is no reason to believe that we will see geopolitical posturing along the trade front fade soon. 2023 will be the year to shore-up innovative, intuitive, intelligent solutions.
In our work with a large DIB manufacturer, Exiger identified additional impacted parts by analyzing technical data packages and master production schedules. Antimony (Sb): A metalloid used primarily in flame retardants and lead-acid batteries; predominantly sourced through stibnite (Sb2S3) ore.
Following the post-COVID slump in 2022, global air cargo demand saw a recovery starting early 2023 with a notable 11% year-over-year increase in volumes from December 2023 through February 2024, according to IATA, with much of this rebound attributed to B2C e-commerce volumes. From Q3 2021 to early 2022, Freightos Air Index China-U.S.
Disruptions cause supply chain uncertainty Original Equipment Manufacturers (OEMs) in Asia continue to see strong demand for trade supply. For instance, sourcing of raw materials for battery manufacturing may become the next great supply problem as automakers bet big on electrification in 2023.
Industries dependent on these metals, including defense , renewable energy , electronics, and manufacturing, may experience supply chain disruptions, including delays, price increases, and supply bottlenecks, due to China’s leading role in their production. China is the top producer of all five recently restricted metals.
BOSTON — January 16, 2023 — ToolsGroup , a global leader in retail and supply chain optimization software, today introduced the launch of Inventory Hub®, a Dynamic Data Unification Platform that provides retailers with a “single source of truth” for inventory data across their enterprises. “As About ToolsGroup.
Although inflation has slowed since then, it continued to climb in January 2023 , triggering fears that the Fed could keep raising interest rates throughout 2023. What does all of this mean for manufacturers and distributors? More and more manufacturers will aim to control costs by casting a wider net for suppliers.
In December of 2023 it was reported that $1.2 These solutions use natural language processing, for example, to read online publications and other data sources, make sense of what they read, contextualize the data into information, and report supply chain disruptions caused by weather, geopolitical events and other hazards in near real-time.
Thomas Lobert , a Solutions Consultant with Descartes, explains, “[Forced labor] can happen any time in the supply chain: from sourcing raw materials to manufacturing products, including distribution. 7] Nithin Coca, “ AI Is Helping Brands Address Forced Labor in Supply Chains ,” Sustainable Brands, 14 September 2023.
Todays large-scale manufacturing supply chains are more geographically distributed than ever. And manufacturers are facing unprecedented demand volatility. Automakers and other large-scale manufacturers are often challenged to match their traditional lean production approaches with todays complex business landscape.
A large multinational is undergoing an impressive supply chain transformation that will run through 2023. They source from approximately 15,000 suppliers with a sourcing spend of over €7 billion. It started in manufacturing and spread, step by step, to improvements in the way the company runs its supply chain.
Ivalua Spend Management Insights [ivory-search] 3 Powerful Ways Procurement will Drive the 2030 Saudi Vision Transformation May 30, 2023 | | Procurement Strategy by Sara Omer What is the Saudi Vision 2030 Program? Sourcing locally is not just beneficial for individual businesses but the entire local economy.
Ivalua Spend Management Insights [ivory-search] Procurement Rising: The Silent Inflation Tax on Manufacturers February 27, 2023 | | Manufacturing by Doug Keeley Last year, the Consumer Price Index was the highest it has been in four decades, making inflation one of the most concerning macroeconomic factors facing the business world today.
Jorge is Co-CEO of The Nearshore Company , where he helps North American, European, and Asian manufacturing companies to successfully establish reliable manufacturing operations in Mexico. About The Nearshore Company The Nearshore Company is a manufacturing services company that was founded in 1992. Jorge holds a B.A.
This is the year that AI stops being just a buzzword and begins to evolve into an operational imperative for manufacturers, retail and supply chain companies. Like any engine, it cant run without fuel, and not just any type of energy source is going to cut it. billion in 2023 and is expected to hit $76.8
On December 21, 2023, the U.S. Although programs initiated before December 2023 are not required to implement digital engineering, they are encouraged to do so when it is deemed feasible. MEAN FOR AEROSPACE AND DEFENSE MANUFACTURERS? Department of Defense (DoD) released Digital Engineering Instruction 5000.97 (DoDI 5000.97) 1.
Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building Supply Chain Resilience February 8, 2023 | | Manufacturing by Doug Keeley In the face of an unprecedented global crisis, Procurement stepped up to become a crucial driving force for business continuity. Work to achieve 100% supply chain visibility.
Tomorrow, 26 April 2023, is international Stop Food Waste Day. ”[3] He continues, “No matter the data source (e.g., The site explains each goal this way: • Prevent food waste at the source by storing food optimally, making use of every edible part of the ingredient and planning meals ahead of time. UN’s FAO, U.S.
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