“With great risk comes great reward”, said Thomas Jefferson. What he failed to mention was that great risk also brings the potential for great loss — just ask any hedge fund or investment manager. Risk is not something only investment firms have to acknowledge. Every company, especially manufacturing companies with large supply chains, have the challenge of managing risk.
Because of the potential for loss, it is important for organizations to mitigate, manage, and handle risk in their supply chain if they want to ensure customer satisfaction, experience greater profitability and outcompete competitors. People running supply chains certainly know that risk management is important, but do they know just how important it is?
The data says no.
Previous studies have found that many supply chain executives are apathetic towards managing and assessing risk. For example, none of the organizations in the study use an outside source for assessing the risk in their supply chain, yet most organizations will bring in consultants for employee management, marketing, sales, and finance. A shocking 90% of organizations do not consider risk when outsourcing their production, which could have dramatic effects on the speed of their supply chain.Read More
River Logic’s Enterprise Optimizer® and Microsoft Office Excel® have a long and close working relationship. For two decades, EO’s prescriptive analytics-based models have read data from and written data to Excel workbooks. Consistently one of EO’s most popular data sources, Excel makes building prototype EO models or conducting quick, one-off consulting projects considerably easier. It has also been an excellent option to analyze EO model solution results, either with Excel’s built-in features or using add-on technologies like Tableau.Read More
Enterprise consultants are uniquely positioned to maximize the benefits derived from advanced analytics, provided they act swiftly. The nature of new, complex, advanced analytics requirements places consulting firms at an advantage over traditional software companies. Consulting firms, understanding their advantaged position, are rapidly adopting predictive and prescriptive analytics, due to the following:Read More
International Data Corporation (IDC) recently released the report titled “Innovative Business Analytics Companies Under $100M to Watch.” The report features vendors that are innovating around three key trends in the business analytics market. These trends are: Collaborative Decision Management, Cloud-based Analytics, and Mobile Analytics.Read More
I am lucky because I work with some really smart people. One of those really smart guys recently said to me that “All problems are search problems”. He went on to point out how Google has taken this approach and has been wildly successful (check out Google’s current stock price). When you enter anything into a Google search box, you will get some kind of result. You may be shopping, looking to answer what movie won the 1957 best picture Oscar (The Bridge on the River Kwai) or trying to find how to get somewhere. Google is going to search its database and get you an answer.Read More
Q & A: What is Integrated Business Planning?
We sat down with Srikanth Srinivas, an Integrated Business Planning (IBP) expert, and fired off a series of questions to help readers interested in IBP understand the following:
- The definition of IBP
- The true value of IBP
- How to go about finding the best IBP solution