Last updated on September 13th, 2022 at 06:27 am
Best Practices For Supply Chain Planning: Forecasting Models Review
Multiple business units and internal supply chain team stakeholders are all involved in supply chain management. The appropriate people, making the right decisions based on the correct data and structure, are required for effective supply chain management.
However, reducing risks and overcoming the multiple stumbling blocks these complex supply networks provide is no easy task. Planning, sourcing supplies and materials, production, delivery, and returns are the five core processes of supply chain management, and each presents its own set of issues and considerations.
Integration, operations, purchasing, and distribution are the other four supply chain features to consider.
Here are some of the best practices for supply chain planning
Emerging technologies and a more international supply chain are driving the growth of supply chain processes, yet trained employees are in limited supply to handle these operations. Just 38% of supply chain executives believe their present supply chain team can compete in today's market.
Effective cross-business execution is necessary for establishing an efficient supply chain. Too often, however, each supply chain function is considered a distinct entity, with business divisions, shifting objectives, time and resource restrictions, siloed systems and processes, and even location division. As a result, information gaps, delayed communication, errors, and policy contradictions are common.
A solid foundation is necessary to improve procedures and simplify a supply chain. The structural integrity of a supply chain determines its success. To establish a supply chain to fulfill your company's objectives, you must first understand what you need from it.
Many businesses prefer centralized supply chain management, while others believe decentralization is the way to go. However, many dynamic and modern firms have devised a hybrid model that combines centralized strategy and decision-making with decentralized operations and workloads. This provides a more adaptable and flexible framework.
A hybrid system provides a variety of advantages. For starters, it enables supply chain management to work more closely with corporate governance and, as a result, align the supply chain with corporate objectives.
What are reviews of Forecasting Models?
The ISI-Web of Knowledge database was used to review forecasting journals systematically. Several publications were found and read, and forecasting methodologies pertinent to this study were thus chosen and evaluated.
Findings: The primary forecasting models' strengths, shortcomings, and applications get presented to assess trends and identify future issues.
Limitations and implications of the study: It provides a theoretical reference framework for forecasting methodologies categorized as judgemental, consumer/market research, cause-effect, and artificial intelligence. Future studies will be able to evaluate these models qualitatively.
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