Tag Archive: predictive analytics

Food & Beverage and Future Proofing Your Business

November 27th, 2019

As I have been thinking about the food and beverage industry (and process manufacturing) and future proofing your business, I see several examples of proactive clients and colleagues future proofing their business.

As this is my latest, hot-off-the-press LMA-i, LMA Intelligence topic, I thought we’d explore a few trends related to food and beverage.

First, the industry as a whole does provide some level of future proofing because it is more recession proof than other industries. After all, we all need to continue to eat!

Next, since I talked to several attendees of the PMA’s (Produce Marketing Association) Fresh Summit, I was intrigued with the level of technology and complexity. For example, one apple expert (spanning multiple tiers in the supply chain) was keeping up with an incredible amount of detail with crops in a database as it was integral to the view 9-12 months into the future and how he could navigate for success. In essence, he was using predictive analytics to position his company for success in his specialty area. He also mentioned keeping up with technology to evaluate trade-offs to handle the skills gap, costs and more. He was keenly focused on future proofing his extended supply chain. Are you?

Technology and sustainability continue to pop up when looking at future proofing. For example, according to PMA CEO Cathy Burns, the top 5 trends include conscious capitalism, a focus on emotional health and megatrends shaping the industry (which both link back to produce and floral), and how corporate sustainability and technology matter.  Also, certainly all of the largest food and beverage companies are exploring the ‘right’ technology and systems upgrades to improve performance. They know that in order to future proof their business, they have to lead the pack with technology that will return value to their customers, investors and employees. And NONE of these higher level concepts are unique to food and beverage!

What Should We Consider and/or What Impacts Could Arise?
First, how are you up-to-speed on what is happening in your industry, technology impacting your industry and what you need to do to successfully future proof your company? If you don’t have a plan that is part of your daily, weekly or monthly business cycle, you better re-think your plan!

Next, are you trying to navigate on your own? You certainly are less likely to succeed. I also talked with additional experts who had a clear strategy of partnership and collaboration to maximize impact and minimize risk. Of course, you must choose wisely. Similar to a ‘bad spouse’, a bad partner is definitely worse than no partner at all. Yet, I’m seeing more executives realize that as much as they require more control and even vertical integration to control the customer experience and associated costs, they also need to find ways to make 1+1 = 22.

In today’s Amazon-impacted marketplace, the fast prevail. How can you leverage your extended supply chain and network for exponential success?

And, of course, a big part of future proofing your business goes back to creating resilience. Check out our many articles with ideas to create a resilient supply chain on our blog. Why not pick 2 or 3 ideas and run by your trusted advisors and collaboration partners…

 



Manufacturing Expert, Lisa Anderson, Sees Impacts of Artificial Intelligence on Manufacturing Profit, Inventory Levels and Cash

September 20th, 2019

Manufacturing Expert, Lisa Anderson, Sees Impacts of
Artificial Intelligence on Manufacturing Profit, Inventory Levels and Cash

CLAREMONT, CALIFORNIA – September 19, 2019 –  Manufacturing and Supply Chain Expert,  Lisa Anderson, MBA, CSCP, CLTD, president of LMA Consulting Group Inc., predicts that artificial intelligence (AI) and human learning will impact most aspects of manufacturing resulting in improved profits, inventory levels and cash.

“Our manufacturing clients have really embraced the power of AI since the first of the year.  From improved forecast accuracy impacting inventory levels to more openly working with changing customer needs and the overall customer experience, manufacturers are seeing the effects of using this data,” Ms. Anderson commented. LMA Consulting Group works with manufacturers and distributors on strategy and end-to-end supply chain transformation to maximize the customer experience and enable profitable, scalable, dramatic business growth.

“Despite the fact that manufacturing, especially in Inland Southern California continues to be strong, manufacturers need to be smart. By integrating AI with tried and true techniques such as SIOP (Sales, Inventory and Operations Planning) and taking advantage of predictive analytics and other human learning technologies in conjunction with ERP systems, manufacturers can become better at forecasting and exceeding customer expectations.  In fact, for every one percent improvement in forecast accuracy, there can be a seven percent improvement in inventory levels and therefore cashflow,” she said.

In an effort to support clients, Ms. Anderson is active with the Board of Directors of the Inland Empire Economic Partnership, where she represents the Logistics Council whose initiative is developing a consortium for logistics, supply chain and advanced manufacturing success. “AI and other forms of technology are transforming manufacturing as we know it. From reevaluating sourcing and enabling robots to predictive maintenance and shortened design times, AI offers up vast potential. Successful manufacturers are strengthening their hold. Supply chain and other manufacturing professionals are sharpening their skills to take advantage of these resources. It takes work, smart management and a strong team to be successful. A perfect storm for manufacturing success. The evidence is in the growth we see in Inland Southern California (also known as the Inland Empire),” she concluded.

About LMA Consulting Group – Lisa Anderson, MBA, CSCP, CLTD

Lisa Anderson is the founder and president of LMA Consulting Group, Inc., a consulting firm that specializes in manufacturing strategy and end-to-end supply chain transformation.  She focuses on maximizing the customer experience and enabling profitable, scalable, dramatic business growth. Ms. Anderson is a recognized Supply Chain thought leader by SelectHub, named a Top 40 B2B Tech Influencer by arketi group, 50 ERP Influencer by Washington-Frank, a top 46 most influential in Supply Chain by SAP and named a top woman influencer by Solutions Review. She recently published, I’ve Been Thinking, 101 strategies for creating bold customer promises and profits. A regular content contributor on topics including a superior customer experience with SIOP, advancing innovation and making the supply chain resilient, Ms. Anderson is regularly interviewed and quoted by publications such as Industry Week, tED magazine and the Wall Street Journal.  For information, to sign up for her Profit Through PeopleTM Newsletter or for a copy of her book, visit LMA-ConsultingGroup.com.
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Media Contact
Kathleen McEntee | Kathleen McEntee & Associates, Ltd. | p. (760) 262 – 4080 | KMcEntee@KMcEnteeAssoc.com   
                                                        



Top Technologies for 2018

January 5th, 2018

vendor managed inventory

 

Technology Creating Business Value
We have never been believers in technology for technology’s sake – or, worse yet, FADS. However, there are some top technologies to keep an eye on in 2018 if you plan to create business value.  Not only are my most successful and progressive clients thinking about these technologies, but they are investing to leapfrog the competition.

What to Watch

  1. Artificial intelligence (AI)- Who can argue with the potential power of this technology?  It is saying something when my mom said her Amazon Alexa was the best gift she ever received (even though she only uses the alarm functionality).  Imagine how AI might transform entire industries (such as accounting) and functions (machinery and equipment maintenance).

  2. Blockchain – Although still in early stages, blockchain has the potential to transform high stakes transactions using a shared, secured, synchronized and immutable ledger.   

  3. IoT (the Internet of Things) – In today’s interconnected world, you cannot get away from connected devices.  We take them for granted.  The ultimate (which seems to be viable by 2020) is self-driving trucks.  Imagine the connections required to turn this concept into a reality. Yet, testing is already underway – and quite successful.  

  4. Predictive Analytics There is immense power in not only sifting through mounds of data rapidly and efficiently to pick out the trends and highlights, but taking that a step forward with predictive analytics is a game-changer.  Are you thinking about how to integrate predictive analytics into your decision-making processes?

  5. ERP and CRM Although tried and true, these “must have” technologies are no longer advantages. If you are interested in profitable, scalable growth, you’ll put these two topics on your strategic priority list.  

Your Edge
Customers expect you to be ahead of them, are you?