Best Practices in Demand Forecasting (INSIDE THE SUPPLY CHAIN SERIES) Lesson 2
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- čas přidán 9. 09. 2023
- In this video, we're delving into the world of demand forecasting and unveiling the best practices that can transform your supply chain.
If you're looking to take your demand forecasting skills to the next level, then our "Advanced Demand Forecasting Strategies MASTERCLASS" is your gateway to success. Here is the link to register for the masterclass:
pensight.com/x/mvclogisticsac...
🌟 About the Masterclass:
Demand forecasting is the cornerstone of effective supply chain management, and in our Masterclass, you'll gain the expertise to excel in this critical area. We'll take you on a journey through advanced strategies, cutting-edge tools, and real-world case studies to help you:
📈 Understand the intricacies of demand patterns and fluctuations.
🔮 Harness the power of data analytics and machine learning for accurate forecasts.
🌐 Optimize inventory levels, reduce costs, and improve customer satisfaction.
🤝 Collaborate effectively with suppliers and partners to streamline the forecasting process.
🚀 Gain a competitive edge in today's dynamic business landscape.
💼 Who Is This Masterclass For?
This Masterclass is designed for supply chain professionals, business analysts, inventory managers, and anyone seeking to enhance their demand forecasting skills. Whether you're a beginner or an experienced practitioner, our comprehensive course caters to all levels of expertise.
📚 What You'll Learn:
✅ Demand Forecasting Fundamentals
✅ Data-Driven Forecasting Techniques
✅ Inventory Optimization Strategies
✅ Collaborative Forecasting Practices
✅ Real-World Applications and Case Studies
👩🏫 Your Instructor:
Taught by Professor Rodriguez, an industry expert with years of experience in supply chain management, this Masterclass offers insights and knowledge that can significantly impact your career and your organization's bottom line.
🎓 Enroll Today:
Don't miss out on the opportunity to become a demand forecasting guru. Enroll in our "Advanced Demand Forecasting Strategies MASTERCLASS" and take the first step towards mastering the art of demand forecasting.
🔗 Enroll Now at pensight.com/x/mvclogisticsac...
📣 Stay Connected:
For more valuable insights, tutorials, and updates on supply chain and logistics, be sure to subscribe to MVC Logistics Academy and hit the notification bell so you never miss out on our latest content.
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Thank you for choosing MVC Logistics Academy as your supply chain education partner. We look forward to helping you achieve your supply chain goals!
Great information ❤
Thank you so much for the love and support! ❤️ I'm thrilled to hear that you found our video informative. Your positive feedback motivates us to keep creating valuable content. If you have any questions or topics you'd like us to cover in future videos, feel free to let us know. We're here to provide you with even more great information! 🌟😊
Love the content. Thank you for sharing! Do you have any experience and/or insight with building and maintaining a 12 month rolling forecast? Any info you can provide is greatly appreciated!
Absolutely! I'm thrilled you're enjoying our content! 😊 When it comes to a 12-month rolling forecast, it's all about predicting future performance while adjusting the forecast every month to incorporate new data. It's a dynamic tool that helps in planning and decision-making.
To build and maintain a 12-month rolling forecast, here are some insights:
Data Accuracy: Ensure your data is accurate and reliable. Historical data, market trends, and current performance metrics are essential for creating a strong foundation.
Collaboration: Involve various departments like sales, finance, and operations. Their insights and perspectives are invaluable in refining the forecast.
Regular Reviews: Continuously review and update the forecast. Each month, drop the oldest month's data and add a new month to maintain a rolling 12-month period.
Flexibility: Stay flexible! As new information arises or circumstances change, adapt the forecast accordingly to reflect the most accurate predictions.
Technology: Consider using forecasting software or tools that can handle complex data and automate certain processes, saving time and enhancing accuracy. I like Oracle NetSuite because it is scalable depending on your needs.
Remember, the rolling forecast isn't set in stone-it's a guide. Adjustments are part of the process to ensure it remains reflective of current conditions and future expectations.
I hope these insights help you in building and maintaining your 12-month rolling forecast! If you need more detailed information or specific tips, feel free to ask! 📈🚀
Good content ❤❤
Thank you so much for the love! ❤️❤️ We're thrilled to hear that you're enjoying our content. Your support means the world to us! If there's anything specific you'd like to see or if you have any questions, feel free to let us know. We're here to create content that you love! Stay tuned for more exciting videos, and thanks for being an awesome part of our community! 🌟😊
@@MVCLogisticsAcademy Great, is it possible for you to make video on the whole supply chain cycle like how each steps work till the product deliver to customers.
I'm actually finally getting my Bachelor's degree in an accounting related major but I am thinking about changing careers to Supply Chain, specifically Procurement. Any advice for some especially since they have Accounts Payable experience?
Hello there! 🌟 That's a fantastic decision to consider a career change to Supply Chain, particularly in Procurement. Your background in Accounts Payable can actually be quite valuable in this transition. Here are some pieces of advice to help you along the way:
Leverage Your Finance Skills: Your experience in Accounts Payable has given you a strong foundation in financial management. Procurement involves budgeting, cost analysis, and supplier negotiations, all of which benefit from financial acumen. Your ability to manage budgets and track expenses will be an asset.
Learn Supply Chain Basics: Take some time to understand the fundamentals of supply chain management. This includes concepts like demand forecasting, inventory management, and logistics. There are many online courses and resources available to help you get started.
Networking: Connect with professionals in the supply chain and procurement fields. Attend industry events, webinars, and join online communities. Networking can provide valuable insights and opportunities.
Consider Further Education: Depending on your goals and the requirements in your area, you might want to consider additional education, such as a certification in supply chain management or procurement. These can help you stand out in the job market.
Transferable Skills: Highlight your transferable skills when applying for procurement roles. Emphasize your attention to detail, ability to manage financial transactions, and your organizational skills.
Tailor Your Resume: When applying for jobs, customize your resume to align with the skills and experiences sought after in procurement. Emphasize any projects or tasks related to procurement or supplier relations from your past roles.
Prepare for Interviews: Be ready to discuss how your experience in Accounts Payable can benefit a procurement role. Showcase your ability to work with vendors, manage invoices, and ensure timely payments.
Stay Informed: The field of procurement is continuously evolving. Stay updated on industry trends and advancements in procurement technology and strategies.
Stay Persistent: Changing careers can be challenging, but persistence pays off. Don't get discouraged by initial setbacks. Keep applying, learning, and networking.
Seek Mentorship: If possible, find a mentor in the procurement field who can provide guidance and support as you make this transition.
Remember, career changes are not uncommon, and your unique blend of skills and experiences can set you up for success in your new venture. Keep your enthusiasm high, and don't hesitate to reach out if you have more questions or need further advice. Best of luck on your journey to a rewarding career in Procurement! 🚀📊
Could you recommend a few webinars and/or online communities? Can we connect?
26:35 challenge
studying ur videos before I hopefully will be able to get into business school and start logistics and supply chain course next year, do you have any recommended books or courses related to this topic, would love to expand my knowledge as much as possible before starting the course!
Absolutely! I'm thrilled you're diving into logistics and supply chain management! 🚀 Before starting your course, expanding your knowledge is a fantastic idea. There are some incredible resources out there to prep you for the journey.
For books, "Introduction to Operations and Supply Chain Management" by Cecil B. Bozarth and Robert B. Handfield is a great foundational read. Also, "Supply Chain Management for Dummies" by Daniel Stanton is an engaging intro to the topic.
If you are interested in one of our courses, I'd highly recommend our "Supply Chain Career Development Masterclass." 🌟 It's a comprehensive resource packed with insights from industry experts, strategies to excel in the field, and tips to boost your career. Check it out here:
pensight.com/x/mvclogisticsacademy/course/b5bc34ce-c211-4048-b489-3cf618ce9e49
This course is designed to equip you with the tools and knowledge needed to succeed in the world of logistics and supply chain management. It's a golden opportunity to get a head start on your career journey!
Wishing you the best of luck on your exciting path ahead! 🌟 Keep learning, stay curious, and you'll rock it in business school and beyond! 📚🌐
How much is your masterclass???
Thanks , please any chance for master in supply chain on-line??
Absolutely! 🌟 Thank you for reaching out! Online master's programs in supply chain management are becoming increasingly popular and accessible. Many reputable universities and institutions offer fully online or hybrid programs that allow you to pursue a master's degree in supply chain management from the comfort of your own home.
Here are a few examples of universities known for their online master's programs in supply chain management:
MITx MicroMasters in Supply Chain Management: This program offered by the Massachusetts Institute of Technology (MIT) provides learners with the opportunity to earn a MicroMasters credential in Supply Chain Management entirely online. It's a comprehensive program covering topics like logistics, demand forecasting, and supply chain analytics.
Penn State World Campus Master of Professional Studies in Supply Chain Management: Penn State's World Campus offers a fully online master's degree in supply chain management designed for working professionals. The program covers key areas such as logistics, procurement, and operations management.
University of Southern California (USC) Online Master of Science in Global Supply Chain Management: USC offers an online master's program focusing on global supply chain management. It covers topics such as global logistics, strategic sourcing, and supply chain technology.
Arizona State University (ASU) Online Master of Science in Supply Chain Management: ASU's online master's program in supply chain management is designed for individuals seeking advanced knowledge and skills in supply chain optimization, logistics, and operations management.
These are just a few examples, but there are many other universities and institutions offering online master's programs in supply chain management. Be sure to research each program thoroughly to find the one that best fits your needs and career goals.
If you have any more questions or need further assistance, feel free to ask! 😊🎓
Hi.. Please advise some vvi books about.. Scm, logistics, sourcing, purchase, procurement,fleet, fulfillment etc... all books related to Scm
Hello there! 📚 Absolutely, I'd be thrilled to recommend some great books on various aspects of Supply Chain Management (SCM). Whether you're interested in logistics, sourcing, procurement, or fulfillment, there are excellent resources out there to expand your knowledge. Here are a few recommendations:
"Introduction to Operations and Supply Chain Management" by Cecil B. Bozarth and Robert B. Handfield: This book provides a comprehensive introduction to the world of operations and supply chain management, covering key concepts and strategies.
"Supply Chain Management: Strategy, Planning, and Operation" by Sunil Chopra and Peter Meindl: A classic in the field, this book offers deep insights into supply chain design, planning, and operation, providing a strategic perspective.
"Purchasing and Supply Chain Management" by Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, and James L. Patterson: Focusing on procurement and purchasing, this book delves into supplier evaluation, negotiation, and performance measurement.
"Logistics Management and Strategy: Competing Through The Supply Chain" by Alan Harrison and Remko van Hoek: This book emphasizes logistics strategies, including transportation, inventory management, and network design, crucial for SCM.
"Fleet Management and Logistics" by John G. Sheller: If you're interested in fleet management specifically, this book covers vehicle selection, maintenance, and operational strategies.
"Designing and Managing the Supply Chain: Concepts, Strategies, and Case Studies" by David Simchi-Levi, Philip Kaminsky, and Edith Simchi-Levi: This book focuses on supply chain design, helping you understand how to structure and optimize a supply chain network.
"The New Science of Retailing: How Analytics are Transforming the Supply Chain and Improving Performance" by Marshall Fisher and Ananth Raman: For those interested in retail fulfillment, this book explores how data analytics are revolutionizing the retail supply chain.
Remember, these books offer a wealth of knowledge, so feel free to explore the ones that align best with your specific interests within SCM. Happy reading and learning! If you have any more questions or need further recommendations, feel free to ask. 📖✨
@@MVCLogisticsAcademy thanks very much!!
Hi! How to compute baseline please... is it based on YAGO or p12M, p6M etc? thanks
Hey there! 🌟 Thanks for reaching out with your question! Computing a baseline can vary depending on the context, but typically it involves establishing a reference point or starting measurement to compare against. Whether it's based on YAGO (Year Ago) or different time periods like p12M (Past 12 Months), p6M (Past 6 Months), etc., it's all about determining what timeframe makes the most sense for your specific analysis or evaluation. Feel free to dive deeper into your specific scenario, and I'd be happy to provide more tailored advice! 😊📊
I want to participate in Hero campus challenge, can you tell what questions in that competition and startegies to ace it.
Hey there! 🌟 Exciting that you're interested in the Hero Campus Challenge! 🚀 While I don't have the specific questions (they keep those under wraps!), I can definitely share some general strategies to help you ace it:
Understand the Format: Familiarize yourself with the structure of the competition. Knowing how it's organized and what each section entails will give you a great head start.
Stay Updated: Keep yourself informed about current events and trends, especially those related to the industry or topics the challenge might cover. This could be through news articles, blogs, or even podcasts.
Practice Time Management: The Hero Campus Challenge might have time constraints. Practice solving problems or answering questions under time pressure to enhance your ability to manage time effectively during the competition.
Collaborate and Network: Connect with fellow participants, if possible. Discussing ideas and strategies can broaden your perspective and might even help you discover new angles to approach problems.
Brush Up on Basics: Sometimes the most straightforward questions can be the trickiest! Make sure you have a solid understanding of the basics in relevant subjects.
Be Creative: Challenges often involve problem-solving. Think outside the box, and don't be afraid to showcase your creativity when approaching questions.
Take Mock Tests: If there are practice or mock tests available, take advantage of them. They can simulate the actual testing environment and help you identify areas for improvement.
Review Past Challenges: If the Hero Campus Challenge has been held before, check out past questions. While they won't be the same, they might give you an idea of the format and style of questions.
Remember, it's not just about getting the answers right but also about how you approach problem-solving. Stay positive, stay curious, and give it your best shot! ✨ Good luck, and may you shine in the Hero Campus Challenge! 🏆💪
Hi I'm studying scm degree & engineering is it good ?
Hey there! 🌟 That's awesome that you're studying both supply chain management and engineering-it's a powerful combination that opens up a world of exciting opportunities! 🚀💡
With a degree in supply chain management and engineering, you're setting yourself up for a diverse range of job titles and career paths. Some potential roles you might explore include:
Supply Chain Analyst
Logistics Coordinator
Operations Manager
Procurement Specialist
Manufacturing Engineer
Quality Assurance Manager
Inventory Control Manager
Process Improvement Engineer
Supply Chain Consultant
Transportation Manager
And that's just the tip of the iceberg! The beauty of studying both disciplines is that you'll have the flexibility to tailor your career path to your interests and strengths. Whether you're passionate about optimizing processes, managing logistics, or driving innovation, there's a role out there that's perfect for you. So I believe it can be a good investment for you. If you have any more questions or need further guidance, feel free to reach out. We're here to support you on your journey to success! 🎓💼✨