1st Luncheon Keynote Address: Planning for the “Un-Plannable” (Greg Hartunian)
How do you plan optimal inventory levels and purchase quantities for thousands of items, when demand is intermittent, constantly changing, or affected by unexpected events? Random, sporadic demand is the worst case scenario for planning and procurement, and leads to excess inventory levels, and costly stock outs.
Greg Hartunian, CEO of Smart Software, will discuss traditional inventory planning and forecasting approaches, present practical examples of how they can fail, and share how probabilistic modeling methods can make a big difference to your bottom line. Learn how to reduce stock outs and inventory costs, by leveraging data driven decisions that identify the financial trade-offs associated with changes in demand, lead times, service level targets, and costs.
2nd Luncheon Keynote Address: Moving from Analytics to Business Intelligence (Kevin Frechette)
With so much data available, it can be hard for supply management organizations to determine trends in the data and respond. But the purpose of gathering the data is to resolve issues or take strategic measures.
When compiling data, procurement professionals need to ask: ‘That’s an interesting chart or report, but what are we supposed to do with it?’ That’s where you take the step from analytics to business intelligence. It’s not just, ‘That’s interesting information.’ It’s, ‘As a result of this information, this is the action we’re going to take.’ Or, ‘We’ve identified the problem, and here is how we’re going to resolve it.’
We’ll learn if a data report does not to spur action, it’s useless. Every report has to trigger action. It can’t just be analytics, for the sake of knowing what the numbers are. The numbers have to have a result and an action.