Importance of Demand Forecasting

Importance of Demand Forecasting in Supply Chain- 9 Authentic Reasons

The importance of demand forecasting has been topic of discussion in economics and valuable books have been written on it over the years. However, within the supply chain context there are three types of forecasting, which are: Demand Forecasting: This is the investigation of the companies demand for an item or SKU, to include current and projected demand by industry and product end use. Supply Forecasting: Is a collection of data about the current producers and suppliers & technological and political trends that might affect supply. Price Forecast: This is based on information gathered and analyzed about demand and supply. […]

Logistics Competencies

6 Must Have Logistics Competencies for Supply Chain Professionals

Logistics activity is literally thousands of year’s old, dating back to the earliest form so organized trade. As an area of study however, it first began to gain attention in the year 1900s in the distribution farm products1.  Considering logistics is a broad, far-reaching function which has major impact on a society’s standard of living, logistics competencies are difficult to master. In the current day and age we just take it for granted that when we go to our favorite shopping center we will find our favorite food, clothes and other items conveniently. This won’t be possible without the logistical […]

Supply Chain Manager

8 Habits of a Highly Effective Supply Chain Manager

A good well-rounded Supply Chain Manager is always in high demand, but they are in scarce supply in my opinion! You just need to look around how many jobs are available with title of “Supply Chain Manager”. I have worked as a Supply Chain Manager for 5 years in two entirely different businesses and in the process I have seen and worked with lot of Supply Chain Managers either as colleagues or Suppliers or sometime as Customers. There are several habits that many successful Supply Chain Managers have in common. Sometimes these habits form naturally, but they are more often […]