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Each year, Inbound Logistics researches the supply chain challenges of business logistics managers and measures those against the capabilities of technology providers across the industry to develop a list of the Top 100 Logistics IT Providers.

 

Inbound Logistics’ editors place value on choosing providers whose solutions are central to solving transportation, logistics, and supply chain challenges, and whose customer successes are well-documented.

 

TECSYS is honored to once again be included in this prestigious list, selected for its supply chain platform which is designed to flex to the demands of highly-regulated healthcare logistics ecosystems, omni-channel complex distribution landscapes, and tightly-run 3PL operations alike. As supply chains are gaining their foothold as strategic assets and competitive differentiators in increasingly globalized economies, we, as providers, should not underestimate how the data we synthesize is used to support informed decision-making that drives business performance objectives.


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In the January-March 2018 issue of APICS magazine, APICS CEO Abe Eshkenazi contends that if supply chain leaders bring business success then that makes them business leaders. Mr. Eshkenazi goes on to state “organizations that consider their supply chains as strategic and competitive assets outperform the market”.

 

Indeed, superior supply chain performance does drive business success in very measurable ways.  How can supply chain justify and measure process improvement initiatives using a metric that finance can relate to?  As cash management is a top priority for finance, sharing the Cash Conversion Cycle (CCC) metric allows supply chain and finance to speak a common language when measuring business success.


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I just read a blog post entitled How do you feel when someone mentions predictive analytics? Well, I feel like it’s a good thing. How about you?

 

One commenter replied that predictive analytics = forecasting and that it’s just a different label for the same thing. Well, true enough, given that the verb predict is synonymous with the verb forecast.

 

I submit to you two other synonyms: examine and analyze. An analysis of your historical demand will lead to a better understanding of the numbers. When one understands the elements that drove demand in the past then one can review these elements and assess their validity going forward. The result is a forecast achieved using both quantitative and qualitative methods. This is a very good thing!


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Given that accounts receivable (A/R) are essentially zero interest loans extended to customers, one might be forgiven for considering credit sales a necessary evil. Maybe one day crypto-currencies like Bitcoin will replace all other forms of payment, but in the meantime many companies have a ton of cash tied up in receivables. So how evil is your A/R?

 

According to a recent D&B study on payment practices in the US, only 53% of companies paid their suppliers within the due date.  The remaining 47% were late with 38% of companies paying within 30 days of the due date and the remaining 9% paying over 30 days late. Interestingly, larger companies are the worst offenders with only 10% paying within the due date.


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A lot of focus has been placed on advanced and predictive analytics, and rightfully so. I have written many posts and have spoken publically on the merits of advanced analytics for several years now.

 

What I find disorienting and misleading are marketers harping on how important it is to adopt advanced analytics right now. The thing that they just don’t get (or maybe they don’t want to get?) is that an organization will need to transcend a series of analytical maturity levels before they can truly capitalize on the benefits of advanced and predictive analytics.


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Source: MIT Sloan Management Review

In my last post, I introduced the longitudinal study that MIT Sloan Management Review has been conducting over the past five years. From 2010 to 2012 they indicated that 67% of those surveyed believed that analytics gave their organizations a competitive edge. In 2013, that figure stabilized at 66% revealing the so called ‘Moneyball Effect’ where leaders lost their competitive edge that they once enjoyed because followers matured and made analytics core competencies. In 2014, that trend continued, falling to 61%.

 

But why?


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By now, most of you have probably heard of, or read, the book entitled Competing on Analytics by Thomas Davenport that demonstrates how some of the most successful organizations in the world have made analytics a core capability and integral to their strategic planning. MIT Sloan has been tracking this phenomenon since 2010 echoing Davenport’s findings. From 2010 to 2012 they indicated that 67% of those surveyed believed that analytics gave their organizations a competitive edge. However, in their last installment of their longitudinal study, something interesting happened. Something that I like to call the ‘Oakland Athletics Effect’.

 

Findings from the annual MIT analytics study


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Forecastability is an important word in demand planning.  Oddly, the word forecastability is not listed in the Merriam-Webster dictionary nor is it found in Wikipedia.  However Wiktionary describes forecastability as “A measure of the degree to which something may be forecast with accuracy”.  That something could be an item used in the production of a finished good or the finished good itself.

 

In healthcare that something could save a life. Prudent healthcare providers must ensure the availability of products that play a critical role in a hospital setting. This is good news for the patient. Unfortunately, the bad news is that the strategy for achieving desired fill rates ties up huge amounts of capital. In fact, there is so much overstock that a company called Hospital Overstock has made a business out of buying excess inventory from hospitals and clinics. Sadly a lot of inventory is lost, damaged, expired or becomes obsolete.


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In 2013, Gartner conducted a survey on Big Data Adoption in Supply Chain Industries and found that adoption has been flat and is lagging behind the overall adoption rate of other industries such as banking, insurance, and retail to name a few. Gartner ascertained that these characteristics pertaining to the Supply Chain industry are attributable to an inherent lack of understanding of what Big Data truly is and a fundamental lack of the required skill sets. This, in essence, is the challenge facing the Supply Chain industry.

 

In parts one, two and three of this four part series on Big Data, we looked at what makes data “big”, how it can benefit organizations that apply the right analytics, and the implications of doing so, respectively. In the closing segment of this series, we focus our attention on examples of how elements of Big Data can be leveraged. The challenges identified by Gartner translate to opportunities regardless of your organization’s analytical maturity level.

 


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Big data and big data analytics pose a series of implications and challenges.  Organizations that seek to become analytical competitors must have an established analytics culture consisting of  well trained employees who are using the right enabling technologies.  However, these organizations face challenges maintaining consumer privacy while they collect and use sensitive information.

 

In parts one and two of this four part series on big data, we looked at what makes data ‘big’ and how it can benefit organizations that apply the right analytics.  In part three, we will look at the cultural, technological, and ethical implications of big data and advanced analytics.


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