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Business Environment Issues

Executive Summary

The report summarizes challenges faced by businesses today, including technological changes, Inflation impact, regulations, sustainability, and environmental changes.

Transformational Leadership

Improve your communication skills – Because your mentee may come from a different background or environment, the two of you may not "speak the same language."

Forecasting - Time Series Data

Business forecasting is a fundamental input when we are planning and taking decisions in our company.   The world and the economy are evolving and a big part of these changes are conducted for our planning decisions.  Without business forecasts we cannot make adequate plans for the future.   Bussines forecasting is important to plan our resources, our production, our supply chains, and also our costs, revenues, and profits.  

Supply Chain Management Challenges

Supply chain management involves coordinating and managing the flow of goods, services, and information among all the parties involved in the supply chain, from suppliers to manufacturers to customers. While this is a crucial function for many organizations, it is not without its challenges. Some of the key challenges in supply chain management include...

Procurement management - Practices:

Develop and implement a procurement strategy: A procurement strategy provides a framework for the organization's purchasing activities, and outlines the goals, objectives, and key priorities for the procurement function. By developing and implementing a procurement strategy, organizations can ensure that their purchasing activities align with their overall business goals and objectives.

Forecasting - Best Practices:

Identify the goals of the sales forecasting process: 

The first step in conducting a successful sales forecasting is to identify the goals of the process. This might include understanding the company's overall sales targets, identifying potential growth areas, or anticipating potential challenges or opportunities...  continue reading

Forecasting Models:

Forecasting models are an important tool for businesses, as they can help to inform decision-making, support strategic planning, and improve overall performance.

Forecasting models typically use data on past performance and other relevant variables to make predictions about the future. For example, a sales forecasting model might use data on past sales, market conditions, and consumer demand to make predictions about future sales....  continue reading

Supply Cahing failures:

There are many examples of supply chain failures, and these failures can have significant consequences for the companies involved. Some examples of supply chain failures include:  ... continue reading

Book: "Inventory Optimization" 

by Nicolas Vandeput

"Inventory Optimization: Models and Simulations" is a book that explores the field of inventory optimization, which is the practice of balancing inventory levels with demand to maximize efficiency and minimize costs. Written by Nicolas Vandeput, the book provides an overview of the key concepts and principles of inventory optimization, and offers practical guidance on how to implement and manage inventory optimization systems.

The rise of e-commerce

The rise of e-commerce has had a significant impact on the way that businesses operate, and has created many new opportunities and challenges for companies. E-commerce refers to the buying and selling of goods and services over the internet, and has grown rapidly in recent years due to the increasing availability of high-speed internet and the proliferation of online platforms and marketplaces.

How businesses can gain a competitive advantage

There are several ways in which businesses can gain a competitive advantage and better meet the needs of their customers. Some of these strategies include...

Leadership Styles

Today I want to talk to you about leadership styles and how they can be applied in different situations to make an impact on a group.

First, it's important to understand that there is no one-size-fits-all approach to leadership. Different situations and groups may require different styles of leadership in order to be effective.  Continue reading...

A day in the life of a Purchasing Manager

Today, I would like to talk what a day in the life of a purchasing manager looks like.

Purchasing managers play a crucial role in ensuring that companies have the materials and services they need to operate effectively. They are responsible for sourcing and evaluating vendors, negotiating contracts, managing relationships, and controlling costs.   Continue reading...

Incoterms

Incoterms, or International Commercial Terms, are a set of international rules that are used to clarify the obligations of buyers and sellers in the international trade of goods. These rules help to ensure that there is a clear understanding between the parties involved in a trade about who is responsible for the various costs and risks associated with the transportation and delivery of the goods.   

Continue reading...

Book references Purchasing Management

A purchasing manager plays a crucial role in any organization, as they are responsible for overseeing the procurement of goods and services. In today's rapidly changing business environment, it is important for purchasing managers to stay up-to-date on the latest trends and best practices in their field. 

One of the best ways to do this is by reading books on purchasing and supply chain management or books that also help to develop new skills and improve  performance. 

Continue reading...

Purchasing Manager Skills

A purchasing manager must have a range of skills in order to be effective in their role. Some of the most important skills for a purchasing manager include:

Strong negotiation skills:

A purchasing manager must be able to negotiate contracts and prices with vendors in order to get the best deals for the organization...

Negotiation

Purchasing managers are responsible for negotiating contracts and prices with vendors to ensure that  organizations get the best deals for the goods and services that they need.

 Negotiation skills are critical for purchasing managers because they allow us to save our organizations money and to improve the quality of the products and services that we purchase. By being able to effectively communicate and persuade vendors, we can negotiate prices and terms that ...

Supply and Demand

Supply and demand is a fundamental concept in economics that refers to the balance between the quantity of a product that is available and the quantity of that product that people want to buy. 

When the demand for a product is greater than the supply, the price of the product tends to rise, and when the supply is greater than the demand, the price tends to fall...

Supply and Demand

Supply and demand is a fundamental concept in economics that refers to the balance between the quantity of a product that is available and the quantity of that product that people want to buy. 

When the demand for a product is greater than the supply, the price of the product tends to rise, and when the supply is greater than the demand, the price tends to fall...