AI and data are helping McDonald's bring together supply and demand. By tying personalized recommendations to its entire supply chain network, the fast-food chain has created a new way of managing its inventory and promoting key products.
The act of facilitating supply and demand is no mean feat. Things used to be slightly easier back in the day as companies would tend to favor geographically proximate suppliers from which to source goods and services.
GlaxoSmithKline has been working with IBM and other big brands to develop a new blockchain supplier network.
Environmental issues have been hitting the headlines a great deal in recent years. As the effects of man-made climate change begin to be keenly felt across the globe - through more extreme weather, for example - there is a great need and desire for companies to find more environmentally-friendly ways of carrying out their business.
Magna had become the largest automobile parts manufacturer in North America, and one of the largest companies in Canada. Its operating groups include Magna Steyr, Magna Powertrain, Magna Exteriors, Magna Seating, Magna Closures, Magna Mirrors, Magna Electronics and Cosma International.
Like almost every segment of industry, digital technology is playing an increasingly influential role in how organizations perform their core and periphery functions. Procurement is no exception to this trend and the buyer/supplier relationship is also being successfully augmented by digital technology. However, where organizations in other sectors might use digital technology for direct customer experience purposes like with AI powered chatbots such as ChatGPT or flashy augmented reality games and services, its deployment in the procurement function is usually an altogether subtler affair.
Becoming more diligent regarding the business practices of your customers is rapidly proving to be an incredibly important part of procurement operations. With supply chains stretching the breadth of the planet, brands need to be confident their reputation isn’t at risk through association with an unscrupulous supplier. Bad news travels fast in the modern world and, thanks to the 24/7 news cycle and social media engagement, a brand’s reputation can be dragged through the dirt in a matter of moments should they fail to adequately manage supply chain risk. This kind of reputational damage can often be unbelievable hard – or even impossible – to fix once it’s been suffered, so there is a real palpable need to nip it in the bud.
It’s hard to escape the news of the myriad ways climate change is being writ large on our planet right now. With global temperatures rising and various natural disasters wreaking mass devastation on parts of the world, the need for immediate action on the climate emergency is growing rapidly. We all know how our global supply chains are one of the biggest contributors to climate change, with our reliance on airfreight and fossil fuels pumping enormous quantities of CO2 into the atmosphere, not to mention the energy which goes into manufacturing the materials other organizations in the value chain need supplied. This is why many stakeholders in the supply chain business are increasingly waking up to the notion they need to prioritize ESG goals in their operations and reduce this impact.
Anyone who has worked in the supply chain space for any length of time will know just how important relationships are to the business of procuring products and/or services from suppliers. Keeping relationships happy, healthy, and communicative is the best way to ensure you are getting the best deals and the best service from suppliers.
It’s no secret that the global COVID-19 crisis and subsequent geopolitical events such as the Russian invasion of Ukraine and the UK’s exit from the European Union have made the business of getting products from one country to another significantly more difficult than it was before 2020.