Digitization has proved to benefit the efficiency and productivity of the supply chain. The point of digitizing is to revamp supply chain management and to streamline repetitive tasks. A 2017 study from McKinsey found the average supply chain has a digitization level of 43 percent and only 2 percent of executives said that the supply chain is the focus of their digital strategies. Seizing an opportunity to digitize the supply chain has surprisingly been a challenge for a lot of companies. Embracing new technology also means revamping operational practices – which could even mean building a whole new management strategy. The best way to digitize is to integrate advanced, leading-technology and revamp operations. Management usually understands the measures to the transformation approach – establishing a vision for the future supply chain, assessing the current state and envisioning the future path to take. We've analyzed five different ways that digitization influenced the innovation
What Defines a Leader?Daniel Goleman, an internationally known psychologist, interviewed with Forbes Magazine reporter Dan Schwabel on what makes an effective and impactful leader. Goleman talks about the types of leadership characteristics that are the most important in the business world and what the real definition of a leader is. All of this can be read more in depth in his book, Focus: The Hidden Driver of Excellence. We took Goleman’s leadership characteristics and applied them to supply chain management. In an ever-changing industry, how can we build the best leaders in the business to create an overall efficient system? A system that harnesses different levels of talent in different ways to keep the supply chain moving forward.
- Studies conducted have proven the top 10 percent of executives display superior competencies in emotional intelligence, rather than just in purely cognitive thinking. Capabilities like self-confidence and initiative, bouncing back from setbacks and
The next National Take Back Day is Oct. 27, 2018!June is National Safety Month, but we're not talking big machinery safety. We're talking about the safety of our health. Twice a year the Drug Enforcement Administration sponsors National Take Back Day. They partner with law enforcement and various pharmacies within communities to provide ways for patients to dispose of unused, unwanted and expired prescriptions. The purpose behind this day is to provide a safe, convenient and responsible way to dispose of drugs, opposed to tossing them in the trash. The day also serves as a way of educating the public about the potential for drug abuse. Your medicine may be helpful for you, but remember it's most likely harmful to someone else.
What if I can't make it to a registerd facility to dispose my prescriptions?While it is preferred prescriptions be taken back to registered officials, there are ways to dispose
Sears Holdings announced this week that they have identified one hundred additional stores that continue to be unprofitable. Representatives of the company say they are not liquidating just for the sake of liquidating, instead their plan is to get capital in order to fulfill pensions for their employees. The department store chain has found themselves in a constant cycle of closing low performing stores to reduce costs. But even as expenses were cut, sales continued to fall further. At the end of the first quarter, Sears and Kmart had 894 stores operating. That's 381 fewer than it had a year ago. In January 2018 the company announced the closing of 64 Kmart stores and 39 Sears stores. Some locations are even being auctioned off online. CEO of Sears Holdings said they're not erring on the side of "this store might work," however instead of investing the time and money, they're staying on
Millennials are quickly taking over the workforce. The Governance Studies at Brookings predicts that by 2025, 75 percent of the workforce will be millennials. So, what will become of the supply chain in the millennial workforce? A study done at the close of 2017 by the Council of Supply Chain Management Professional found striking results in regards to the future. CSCMP interviewed 300 young professionals. Of those 300, 70 percent are working towards a bachelor's degree and 54 percent are majoring in supply chain management or a related field. The reason? When choosing a career choice, millennials gravitate to jobs that give endless opportunities and different types of jobs. They're also looking for an abundance of room for growth. Millennials appreciate the surplus of opportunities for internships and first hand learning, saying it gives them perspective into the job before graduation. Job satisfaction is another reason young professionals are looking to supply
Consumerism – Then and Now
You’re a consumer, I’m a consumer – we’re all consumers, and in today’s modern world, appearance goes a long way and captured the attention of millions. The evolution of consumerism has rocketed forward in the last 10 years bringing the supply chain world with it. Picture this: 10 years ago you walked into a brick and mortar store, found those amazing jeans the model had on in the catalog only to discover they don’t have the right size. Back then you more than likely would have accepted the item was unavailable and perhaps you waited for it to be restocked. The key word here being “waited”. A store associate even told you when to check back into the store for those jeans. Or maybe you chose to order them from the catalog and called to place the order. Those jeans would arrive
DEA and States Share Prescription Drug Information to Combat Opioid Abuse
The Drug Enforcement Administration and attorneys general from 46 states, the District of Columbia and Puerto Rico will now share prescription drug information with one another to help with criminal investigations tied to opioids. The DEA will provide data from its Automation of Reports and Consolidated Order Systems, which collects 80 million transaction reports annually, and the attorneys general will provide the DEA information from their state-run prescription drug monitoring programs. Better information means better decisions . That means the 48 attorneys general and DEA can prosecute the criminals who are contributing to our national drug emergency... Keep Reading.
Bon-Ton Announces the Closing of all Department Stores
The Bon-Ton Stores, a chain of department stores that trace its origins to 1854, applied for Chapter 11 bankruptcy protection in February, but failed to find a buyer. With a significant geographic operating footprint and operating presence, the store is dependent on traffic. "Foot traffic" for stores has decreased as customers shift increasingly toward online retailers," said the company. The company says big retailers like JCPenny, Kohl's and Macy's are squeezing them out. Bon-Ton is the parent company of Younkers, Carson's and more. The stores will hold liquidation sales until late July. Keep Reading...