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Nine years ago, my company FourKites pioneered the market for real-time transportation visibility. And in the intervening years — as we’ve leveraged real-time data, ML and AI to help countless companies answer the “where’s my truck” question — I’ve continued to underscore that visibility is a foundational technology.
Today’s article comes from Matt Elenjickal, Founder and CEO at FourKites, and looks at redefining real-timevisibility. When you look at the real-time supply chain visibility market of several years ago, it was all about solving or addressing foundational use cases: Where’s my shipment? What’s my ETA?
Understanding how inflation impacts procurement and then taking action to mitigate its effects is essential for any business looking to stay ahead of the game. How Inflation Impacts Procurement Inflation affects a number of aspects of a business, including its ability to compete in the market, financial performance, and overall strategy.
To test the thinking and visibility of his students, Socrates held up a white ball in front of his student and asked, “What color is the ball?”. Next time, before you answer,” said Socrates, “examine both sides.”. Indeed, who couldn’t benefit from improved transportation visibility? Real-Time Transportation Visibility Defined.
Real-time transportation visibility platforms tell shippers and their broker/carrier partners where their freight is at any point on its journey. Until we have this kind of pervasive visibility, inventory management will continue to be largely an exercise in futility. Digital transformation is the formula.
One of the most powerful tools in modern supply chain management is the Control Tower, which offers a comprehensive, real-time view of the entire supply chain and is the single source of truth for the latest developments on the demand and supply side. What is a Control Tower?
Digital transformation strategies are delivering more responsive solutions and real-time information to change the way organizations operate. Manufacturers we work with often mention the desire for a single source of truth and quicker access to information that improves decision-making with suppliers.
SCCN solutions provide supply chain visibility and analytics across an extended supply chain. The larger the number of industry participants on a network, the better the solution is at sourcing and onboarding. The LevaData solution, for example, speeds up sourcing significantly. There are messages that need to be real-time.
Many factors need to align for an organization to be able to source materials, produce a product and put it in the hands of customers. The pandemic has exposed flaws in business practices across industries, which have been acutely felt in their supply chain and procurement operations. Gap between supply chain and procurement.
SAP is embedding its generative Joule across the SAP Ariba source-to-pay solution portfolio to make it easier for their customers to manage routine inquiries, such as status updates, summarization, and frequently asked questions. When a procurement contract is negotiated, the buyer has planned to achieve a certain level of savings.
Companies worldwide seek to capitalize on cost efficiencies by sourcing goods from foreign markets. However, the advantages of globalization come with challenges, and one of the key elements that can make or break the import management process is shipmentvisibility. The importance of shipmentvisibility cannot be overstated.
Complete visibility into inventory. Better inventory management requires visibility at a granular level, down to individual orders and SKUs. And it requires visibility everywhere. Transportation teams could drill into their top bottlenecks by facility, carrier performance, dwell time and volume. All aboard.
Visibility across the entire length and breadth of your supply chain is required to predict and overcome supply chain constraints. Too much inventory means demand constraints, too little causes supply constraints. It starts of course with your planning department, but they need to partner with sourcing and procurement.
Leveraging advanced technologies like AI, machine learning, and real-time tracking can enhance visibility, optimize routes, and improve overall supply chain efficiency. Reducing reliance on single suppliers and diversifying supply sources can mitigate the impact of disruptions in specific regions or industries.
Experts from North Carolina State University and GEP conducted a survey on supply chain, procurement and IT leaders to determine their challenges and priorities, focusing on examining gaps in the supply chain. The study found that these leaders considered the largest gap to be between supply chain and procurement, citing it as a major issue.
GEP and the North Carolina State University (NCSU) Supply Chain Resource Cooperative surveyed supply chain, procurement and IT professionals across a range of industries to gain insight into their priorities and strategies regarding supply chain resilience and optimization. Alex Zhong, Director Product Marketing at GEP.
A comprehensive Source-to-Pay platform is a critical component of an organization’s IT environment. It is a crucial process for organizations that are looking to streamline their procurement activities, better manage spend and suppliers and increase operational efficiency. What is Source-to-Pay?
A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supply chain resilience and agility in times of crisis. As the COVID-19 pandemic disrupts global supply chains, procurement organizations around the world are scrambling to react.
Over the past few years, supply chain and procurement pros have faced the challenge of navigating their enterprises through one disruption after another. 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.
in turn, is a boutique procurement consultancy. Professionals from procurement, compliance, logistics, sustainability, information-security and several other internal stakeholder all use the solution for different reasons. This global, Tier 1 manufacturer is headquartered in Stockholm and had revenues of over $8 billion last year.
Even in the best of times, they can be unwieldy, and keeping track of your suppliers, your suppliers’ suppliers, and… You know the drill. Supply chain visibility offers the means to manage your supply chain efficiently by offering previously unseen opportunities. What Is End-to-End Supply Chain Visibility?
Capturing carrier data gives you more visibility into your freight spend and enables you to make data-driven decisions that positively impact your business. Analytics provides visibility into your transportation network and operations. report that the pandemic is accelerating the automation of the procurement process.
Redwood City, CA, June 30, 2021 – Ivalua, a global leader in Cloud Spend Management solutions, announces an extension of its source-to-pay platform with a new payments solution to digitize and streamline global supplier payments. All within the same automated workflow, tightly linked to the invoice and procure-to-pay process.
Real-time insights embedded into operations. To achieve all these and more, next-generation planning platforms need to combine AI/ML predictive capabilities with operational diagnostics, expand beyond the enterprise, and have visibility across the whole ecosystem. Network cost modeling. Automated forecasting processes.
SCCN solutions provide supply chain visibility and analytics across an extended supply chain.”. Collaborative system of record – Some SCCN solutions can serve as the source of truth about a transaction that has occurred on the network. Why the Rebranding? This eliminates “he said, she said” type arguments.
Emerge has an interesting new platform to deal with the problems shippers are having procuring truck capacity. It has spot procurement functionality that you would see in a transportation management system (TMS), and the request for proposal (RFP) functionality you would see in contract planning or procurement solutions.
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.
Procurement, activities such as strategic sourcing, are one of the main processes in the supply chains that can generate a positive impact on companies by giving them a competitive advantage in the market. Strategic sourcing can help supply chain leaders identify potential risk factors and develop procurement mitigation plans.
How do Chief Procurement Officers and their teams leverage digital transformation to take control of their data and better deliver against their strategic objectives? . Data is central to successful digital transformation to relay real-time information and greater visibility into operations and resource allocation.
We now have complete visibility of our supply chain. We can run a plan simulation to maximize revenue, maximize shipments, maximize the customer experience, or minimize transportation costs. Once a contract is in place, we have real-timevisibility on the delivery status. We have full visibility.
That’s the question we set out to answer in our recent panel discussion with Procurement and Supply Chain experts. For example, a single-stack approach can lead to low user adoption, because the incumbent sourcing solution, for example, fails to meet the needs of various business units. . Demand planning capabilities.
The past few years have been a boon for procurement, which has become increasingly strategic and critical to business. The pandemic has accelerated this trend, with the Procurement function front and center in the fight to ensure supply chain resilience and continuity, reduce costs and protect the bottom line.
The most interesting thing that Blue Yonder is doing from an OMS standpoint is driving promising and pre-sourcing to retailers. As new short-term plans are created, the linkage to the revenue and profitability goals based on the initial IBP plan becomes instantly visible.
As global supply chains and procurement scrutiny become more and more complex, risks increase and the range of stakeholders who demand a compliant supply chain has increased from simply regulators to investors, providers, partners, consumers, and the media. Having a 365-degree view of every vendor in your supply chain is imperative.
But as companies embraced advanced risk management solutions, they discovered that while some of these solutions were very good at identifying risks in realtime one tier up in the supply chain, they could not identify risks occurring several tiers up in the supply chain – the so called “n-tier problem.”
SCCN solutions provide supply chain visibility and analytics across an extended supply chain. The emerging issue is that while internal control towers have visibility and control over their loads, they don’t have visibility to all of the loads in the market ecosystem in which they operate.”.
The Quest to Use Real-Time Data. Real-time data surrounds the supply chain, often as streaming data. For this article, we will define real-time data as the availability of data and the usage within 15 minutes of the occurrence (writing or publishing from an input system). Definition of Time Horizons.
Traditionally, procurement has been a process weighed down by manual tasks, fragmented systems, and endless paperwork. Today, procurement is undergoing a transformation. While procurement teams have long worked to add strategic value, Artificial Intelligence (AI) amplifies their impact.
It is critical that retailers, manufacturers and logistics providers have visibility over the complete supply chain in order to the impact on the environment is minimised at every step of the process. But few companies have the level of visibility across the supply chain to achieve this. Visibility is vital.
To deal with the new challenges in managing and planning the supply chain , the procurement department is one of the functions that should look at changing. It is no longer sufficient for procurement to focus just on supplier costs, placing orders and ensuring goods are received. Risk management.
Enhancing supply chain resilience as well as supply chain visibility is crucial in today’s interconnected world. The powerful concept of Supply Chain Visibility lies at the core of resilience. Supply Chain Visibility refers to tracking and monitoring the movement of goods, services, and information throughout the supply chain.
As the COVID-19 pandemic disrupts global supply chains, procurement organizations around the world are scrambling to react. Many of these organizations are already using Source-to-Pay technology and are now realizing more than ever that technology is a “must have” to ensure their supply chain remains resilient and agile throughout a crisis.
Technology advancements and adoption are driven by better data availability and a push for better visibility, efficiency and accuracy. Centralized information eliminates data silos and strengthens information sharing through real-time communication (instead of point-to-point data transmission).
And, more than ever, these decisions have to be made on the fly, in real-time. IoT capabilities have long helped to track the location of transportation assets, communicate with employees and support real-time collaboration in the warehouse. Achieve end-to-end visibility and control. How great can the impact be?
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