Coronavirus and Supply Chain Series - How to Build a Purchasing Department from the Ground Up with Guest Vivek Sengupta
27m
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Adventures in Supply Chain
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THEME: HOW TO BUILD A PURCHASING DEPARTMENT FROM THE GROUND UP
It’s our pleasure to introduce Vivek Sengupta – the head of procurement at ICANN (The Internet Corporation for Assigned Names and Numbers). ICANN is a key facilitator in the global discussions around evolving internet policy.
Vivek is a dynamic and trusted procurement professional having over twenty years of experience across varied industries such as Internet, Technology, Insurance, Financial Services, Manufacturing and Entertainment.
With his strong interpersonal skills, Vivek has great experience in leading diverse, cross-disciplinary teams in matrix organizations. He got his MBA from Indiana University - a top 20 US business school - with concentrations in Strategy and Supply Chain. Vivek is ISM Certified Purchasing Manager (C.P.M.) and certified Six Sigma Green Belt.
The episode Coronavirus and Supply Chain Series - How to Build a Purchasing Department from the Ground Up with Guest Vivek Sengupta from the podcast Adventures in Supply Chain has a duration of
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✅ChatGPT
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✅Dashboards for Communication with Stakeholders
Data visualizations like those from PowerBI will be on the rise because they have different levels of aggregations so your stakeholders can see only what they are looking for.
✅Sustainability
Sustainability has been trending in the most recent years. I think 2024 will not be the exception.
✅Procurement as Revenue Generator
I think this year, Procurement will show and educate more about their financial impact on the top and bottom lines.
✅Logistics Planning and Execution
Logistics will continue to make headlines. Companies will increase their focus on logistics planning and execution.
✅Innovation with New Product Introductions
Companies will continue investing in innovation. I think the trend will be upward about product launches.
✅Inventory Optimization
Most companies will be focusing on inventory optimization in 2024 to achieve greater profitability and to free up cash.
✅Operations and Finance Integration – Advanced S&OP/ IBP
I think that in 2024 there will be an increased focused on the intersection between finance and supply chain to improve profitability and working capital.
✅Supply Chain in the C-Suite
This year, we are keeping a seat at the table with a supply chain that integrates with finance and with participants that know the language of the business—finance and accounting—the language that the C-suite speaks.
✅Generative AI
I think that the adoption of these technologies will move at a slow pace. Excel will continue to be the top planning tool in 2024, used together with the company’s ERP and advanced planning systems.
Hope you like it!
What are your thoughts? What predictions would you add?
Let's make it a GREAT year!
Bonus Tip: For Free and Actionable Resources, please visithttps://usmsupplychain.com/
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#2 Inventory Turnover
#3 Cash to Cash Cycle
#4 Return on Working Capital
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#6 Cost of Goods Sold (COGS)
#7 Obsolescence for Raw Material, WIP, and Finished Goods Inventory
#8 Perfect Customer Order Fulfillment
#9 Inventory Accuracy
#10 Customer Order Fulfillment Cycle Time
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Inventory has a tremendous impact on your profit and loss statement and balance sheet.
If it's not properly balanced against demand, it's hard for companies to serve customers, which can lead to problems.
For example, Nike's difficulty with responding to supply chain issues and inflation created an inventory surplus that's negatively impacted its profit.
On the other side, Revlon's inability to meet demand because of low inventory led to the company to file for bankruptcy after 90 years in business.
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