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A sustainable supply chain is an important part of improving a company’s environmental, social, and governance (ESG) score which have an impact on attracting more customers and investors (see Figure 2). Supply chain activities are responsible for the bulk of scope 3 GHG emissions of a company. Additionally, corporations that source raw materials or intermediate items from developing nations could unintentionally abuse their suppliers’ employees who work in inhumane conditions.
Supply chain executives have difficulties to make their operations greener. According to EY’s 2023 survey, the main challenges of supply chain managers are:
Nearly 40% of businesses struggle to identify and reach ESG targets to improve supply chain sustainability, and 20% of businesses are completely clueless about improving supply chain sustainability.
Nearly 60% of executives complain about a lack of end-to-end supply chain visibility, which makes it difficult to understand the supply chains’ financial and environmental performance.
In this article, we will look at 7 best practices with examples that can help supply chain managers overcome their main obstacles to creating more equitable and ecologically friendly supply chains.
Figure 2: Expected benefits of sustainable supply chains.What is a sustainable supply chain?
A sustainable supply chain tries to transmit goods as cheaply and quickly as possible to the upstream supply chain or end customers while reducing or eliminating negative environmental and social impacts. Three pillars make up a sustainable supply chain:Financial or economic sustainability
Because longevity is linked to sustainability, a company with a sustainable supply chain should be able to deliver a satisfying income to all of its stakeholders, including owners, investors, and employees.Environmental sustainability
A sustainable supply chain should release as few GHG as possible. Scope 3 emissions (GHG emissions related with supply chain, usage and disposal) constitute the majority of GHG emissions for consumer products firms, accounting for more than 80% of their overall GHG emissions (see Figure 2). Because the global population and GDP are both increasing, total consumption is also increasing. Thus, sustainable supply chains are a powerful tool for reducing our carbon footprint.Social sustainability
A sustainable supply chain respects human rights through the value chain. A responsible firm works with companies that do not use child or forced labor. Despite the humanitarian side of the situation, a supply chain that is unconcerned about social sustainability may produce brand image distortions. Last year, for example, it was revealed that Starbucks’ coffee bean suppliers recruited children under the age of 13 to cut expenses.Top 7 sustainable supply chain practices with examples
In this section we will present top 7 best practices that will improve your corporate supply chain’s sustainability.1. Find the current pain points of your supply chain
Each products’ carbon footprint varies from one supply chain to another. Therefore, calculating your product carbon footprint must be the first step of finding the current pain points of your supply chain. By calculating PCF you’ll be able to identify which operations need to be improved and begin developing an effective supply chain sustainability strategy.
Scope 3 GHG emissions account for around 80% of the overall product carbon footprint of manufacturing, food, electric-electronic, and textile companies (see Figure 3).
Figure 3: Breakdown of the scope of some sector’s emissions:
Depending on the industry, the most significant source of scope 3 emissions could be at different stages of the product life cycle. For non-electric automobiles, for example, around 80% of scope 3 GHG emissions occur while the vehicle is in use. For textile products, on the other hand, the majority of scope 3 GHG emissions occur during the distribution transportation and disposal stages.
Firms in the same industry also have distinct business practices and operating regions. As a result, each business and product has its own carbon footprint.
Read our article on the Top 7 Carbon Footprint Calculator Software/Tools for Businesses to learn about the best carbon footprint calculators.
UCBOS offers a no-code supply chain platform to help organizations measure and improve their supply chain sustainability.
Read how UCBOS helped a company improve its supply chain sustainability by:
Obtaining carbon emissions data from different parts of the supply chain
Identifying and eliminating redundant tasks to reduce emissions
Implementing an emissions management system for logistics and other operations.2. Optimize transportation
Transportation operations accounted for about 30% of US GHG emissions in 2023 (see Figure 4). Companies can emit less GHG by:
To learn more about digital transformation and sustainability you can read our Top 4 Digital Technologies that Improve Corporate Sustainability article.
Figure 4: U.S GHG emissions by sector. 2023:3. Collaborate with sustainable suppliers
Your business may operate in the most environmentally friendly and socially responsible manner possible. If your business partners, on the other hand, are not, they will have a detrimental influence on your company’s GHG emissions, human rights compliance, and brand image.
Many corporations, particularly those in rich countries, buy raw materials or intermediary goods from developing countries because they sell cheaper in the absence of environmental and social regulations. For example, some businesses located in these regions are unconcerned about using rivers as a disposal site for their chemical waste or employing child labor to save money.
There are many international standards you can demand from your suppliers to be sure whether or not they are responsible business partners. For instance, Global Reporting Initiative (GRI) 408 and 409 or Sustainability Accounting Standards Board (SASB) human capital practices represents the global standards concerning the issues of child and forced labor. ISO 14001 is a standard that shows the environmental measures of companies. Similarly, you can demand ESG reports, carbon footprints and PCFs of companies that are verified by third parties to make business.
To learn about what are the key metrics you should include in your ESG report; you can read our 3 Types of Metrics CEOs Must Use in ESG Reporting article.4. Minimize inventory
Warehouses account for about 13% of all supply chain-related GHG emissions. They are large cement structures that consume energy due to heating/cooling & lightning and emit a specific amount of GHG with respect to breakdown of energy sources in the region (green, coal).
Firms need inventories for two reasons: they may use them as distribution centers, or they may struggle to estimate demand precisely. Companies can now more precisely forecast demand thanks to big data, behavioral analytics, and deep learning models. So, they can supply according to demand and eliminate the need for a large warehouse.
You can also use smart HVAC and lighting systems to reduce the GHG emissions of your smaller warehouse.5. Reuse waste or by-products
The limit is set by your company’s ability to innovate. A 19-year-old, for example, was motivated by the fact that she threw too much food into the basket. In her search for a means to reduce food waste, she came across organic fertilizer made from food waste. Your organization might find an efficient approach to dispose of its by-products.6. Use environmentally friendly packaging materials
According to the European Union, only 1% of plastics are biodegradable. The majority of GHG-emitting products are petroleum-based. The typical plastic’s effective recycling rate is low. They are resistant, so they may live in the wild for a long time and frequently penetrate the food chain, posing a hazard to the environment and human health. Despite their well-known drawbacks, firms frequently utilize them as packing materials since they are cheap.
It’s also a good idea to budget R&D for developing new packaging materials and methods, especially for consumer goods companies, because they have a larger negative environmental impact in this category. Coca-Cola started such an initiative where they aim to use at least 50% recycled material for packaging by 2030.
What really happens to the plastic we throw away7. Nudge regulators and consumers
Consumers, investors, politicians, and non-governmental organizations (NGOs) are more engaged and responsible than ever before in combating our social and environmental issues. Firms, on the other hand, can further nudge policymakers and customers to accelerate the transition to a truly sustainable economy.
80% of scope 3 GHG emissions of cars related to usage stage of their product life-cycle. So, especially in the regions where the electricity is heavily produced by green sources, automobile companies that produce hybrid or electric cars can request municipalities-politicians to encourage their vehicles for public transportation/private purposes etc. For instance, in Stockholm electric vehicles are used as taxis for a while to aim to reduce GHG emissions. If politicians reject such requests, then firms can publicly expose their governments’ action via online media and hope to impact public opinion.
Consumer behavior is also influenced by businesses. Many coffee shops, for example, give discounts to clients who bring their own cup. By implementing such approaches, Starbucks hopes to reduce single-use plastic consumption by 50%. Many stores also charge a fee to decrease the use of nylon bags. Perhaps, in the near future, we will be able to bring our own bottles to buy detergents or beverages and receive a discount.
You might also want to look at our lists of supply chain software and supply chain suites where we identify top vendors.
We can assist you in making your supply chain more sustainable.
This article was drafted by former AIMultiple industry analyst Görkem Gençer.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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For 2023, we looked to the experts for their ideas about the future of supply chain management trends that we might see in the new year. Between robots, ever-increasing clouds, lack of capacity, security and more, we have gathered a lot of interesting topics to discuss. Here are six SCM software trends for 2023:1. Future of Robots in supply chain management
For many years, we have been hearing about the way autonomous mobile robots (AMR) are altering the landscape of this distribution chain. But past huge players such as Amazon, we have not heard much in their widespread adoption. Nevertheless, this may be shifting in 2023. We talked to Steve Banker, VP of ARC Advisory Group, about his ideas.
Among the several future trends in supply chain management he’s seeing is “the development of a class of autonomous mobile robots constructed to maximize the picking procedure… In consequence, this tier of logic is comparable to what type of warehouse management system (WMS) does. WMS providers have new opponents from a field they may not have anticipated: hardware providers.”
Since AMR becomes cheaper and accessible to companies from the mid-market, we are only likely to find this rivalry growth. But while both AMR and WMS will help warehouse supervisors maximize their procedures, they do finally quite different jobs. Banker continues, “While the AMR maximizes the choosing, they do not handle procedures like tracking trucks during loading and put-away. And lots of e-commerce warehouses have parts of the warehouse dedicated to classic pallet and case choosing, which these systems do not manage, but WMS does. So while AMRs could squeeze the WMS market, it will not take the industry away.”
Banker also discussed what he has heard from executives in big WMS businesses. While WMS sellers see the danger, they know the remedy is to operate with robotics. This implies we will see a larger effort by WMS organizations to be certain their systems may utilize AMR systems in 2023. We might also find a higher emphasis on automation generally, for the little section of the marketplace which would need to pick between the 2 products.2. Logistics in 2023
This past year, you could not open up your browser without viewing something associated with”capacity ” And though the extreme need for transport was quite actual, Inbound Logistics’s yearly poll suggests it tapered off in 2023. While 62 percent of respondents stated they experienced a lack of truck ability in 2023, just 43% could state precisely the exact same in 2023. Nevertheless, 86 percent of shippers saw speed hikes last year and 1 in 5 shippers still see discovering capacity as their main obstacle.
So I don’t get this’ meaning for the market in the coming year? Possibly, 2023 could be a significant adjustment year for the trucking business. John Hitch of FleetOwner reports that a downturn is likely, founded on past market designs. He specifies that the Institute of Supply Chain Management announced a PMI of 47.8% — the most reduced it’s been since the most recent month of the Great Recession in 2009.
To exacerbate a contracting market, there is additionally an overabundance of trucks. These are vehicles that were bought to make up for fast development and to give brisk guide to casualties of Hurricanes Harvey, Irma and Maria in 2023. Obviously, this hinders the creation of trucks, which additionally influences the producers that would ordinarily supply the materials.
A feeble trucking market means that shippers are going to have more leverage to dictate costs along with also the payment cycle. Inbound Logistics additionally reports what has been a 30-day interval to generate payment is presently a 45-day period. The company also notes that this is very likely to proceed to 60 days.
This usually means that it is likely to become more important than ever for organizations to keep tabs on the business processes within an agile way that could keep up with changes on the marketplace. Truck manufacturers need to put money into manufacturing program which may help them automate procedures and reduce costs to help compensate for lost business. Shippers and trucking businesses may need more powerful supply chain cooperation systems to browse a shifting landscape that has been stable for the last decade.
One solution to this would be to proceed into the cloud.
Related: – Pros and Cons for Data Analytics in Supply Chain Management3. The Market for Cloud-Based Products is Growing
Cloud frameworks today offer a similar degree of usefulness and security as their on-premise partners, while additionally decreasing the sunk expenses and customization hardships that plague customary programming. Hardly any organizations genuinely need an on-premise framework, thus normally, the market for cloud SCM is required to develop in 2023.
At the point when we addressed Jim Tompkins, Chairman and CEO of Tompkins International, he gave us a couple of explanations behind this development. The most compelling motivation he gave regardless of anything else was that “individuals are over the dread of another person controlling them.” previously, numerous rivals of cloud-based programming were stressed over an outside gathering having any entrance to their product, particularly with unlimited authority over their uptime and security. Be that as it may, as cloud-based frameworks gain prevalence, these merchants have demonstrated themselves to be dependable and reliable colleagues.
As a general rule, organizations ought to think about how a SCM item can be arranged to help their definitive objectives. In light of this, organizations should be somewhat more adaptable with cloud-based frameworks than they may be with ultra-adjustable on-premise arrangements. An on-premise arrangement enables you to modify your product to help your business forms precisely as they stand. Configurability implies your product will bolster your business generally speaking, yet you may wind up changing a few procedures to work better with the innovation. Configurability as a component will pick up footing in the coming a long time as the interruption cycle gets shorter and shorter.4. Supply Inventory
Tompkins likewise gave his musings on appropriated stock sooner rather than later. With how most organizations handle dissemination, retailers can offer quick dispatching at significant expenses or moderate transportation at low expenses. Be that as it may, an ever increasing number of clients are needing quick and modest. He notes, “Amazon has ruined the client.” He proceeded to talk about how clients routinely pick three to five-day transporting however when their bundle takes over a day or two to show up, they’re at last disillusioned. So how do retailers meet the desires set by Amazon?
“The best way to do that is to circulate the stock. As the separations get longer, the costs [and] time to conveyance go up.” Tompkins states the arrangement is in lessening the expense of the last mile with more distribution centers. Be that as it may, these supply centers should be cost improved, which can’t occur on the off chance that they are principally utilized as capacity.
Rather, he says that they will need to function as points of stock flow. To do so, he forecasts a tool known as dispersed inventory flow calling (DIFF) will become ever more common. Together with DIFF,”we now can predict the flow of substances to optimize order fill rate when decreasing inventory levels” Tompkins says present software only does not offer strong enough information analytics for many vendors to use distributed stock. However, as DIFF becomes readily available, we will notice an increase in spread inventory and shorter shipping times.
Related: – Importance of Supply Chain Management5. Stronger Security Measures
With such a basic requirement for improved security inside this industry, all things considered, we’ll see fabricating programming sellers fortify and add further safety efforts to their items. This incorporates instruments like client based access levels which give reviews to workers and denies entrance into favored pieces of the framework. There may likewise be an accentuation on sourcing and obtainment apparatuses, which as indicated by Free is the place numerous organizations put themselves in danger.
Further, a 2023 report from the National Counterintelligence and Security Center (NCSC) states cybercrime inside all supply chain programming might be on the ascent sooner rather than later.
As new programming highlights, for example, man-made brainpower and IoT gadgets are acquainted with the supply chain, cybercriminals will have significantly more vulnerabilities to abuse. So as to keep acquainting the new innovation with improve SCM best practices, sellers should fortify safety efforts to keep organizations secured.6. Artificial Intelligence and the Internet of Things
The principal inventory network the board innovation pattern Nahata predicts will develop in 2023 is the Internet of Things (IoT). “The primary drivers behind the development of IoT are the accessibility of modest and dependable sensors, infiltration of web, the enormous addition in information stockpiling and preparing capacities, and the rise of AI. The eventual fate of IoT is anticipated to prompt a 15 percent efficiency increment in the conveyance and store network industry. Numerous coordinations specialists are utilizing these new assets to improve their stockpile systems, lessen expenses and search for chances to produce incomes.”
He likewise predicts an expansion in man-made reasoning to settle the numerous wasteful aspects still present in the present stock chains. “The store network has verifiably been similar to a black box for ventures, with clients not knowing where and what condition their merchandise is in. Producers are losing a ton of time, cash and stock because of unpredicted cargo development. India alone spends about $160 billion on street coordinations, twice [what is gone through by] nations with a proficient transportation framework.” Nahata states numerous organizations are now going to AI to streamline their stock chains, as it effectively decreases time and cash spent while accelerating forms.
He proceeds, “Man-made brainpower can rehash plans of action by patching up the manner by which you see inventory network the board future patterns. Artificial intelligence can break down the examples of the present activities to anticipate the potential results of tomorrow’s situations. This can be utilized to robotize lower-level basic leadership and offset the stockpile with the guage request. Directors would thus be able to enjoy their abilities insignificant level basic leadership and strategizing.”
Related: – What is the Right Data Strategy for IoT and Industry 4.0To Sum it Up
One year from now will carry both new difficulties and innovations to organizations working in the inventory network. To start with, organizations will have more choices with regards to supply center administration innovation as both WMS arrangements and robotized robots. Be that as it may, this implies the makers of these two items may see some expanded challenge from one another.
Next, the limit crunch could prompt a trucking downturn, constraining organizations to discover more approaches to reduce expenses. One of the manners in which organizations may have the option to spare assets forthright is with cloud-based SCM. The cloud market will keep on developing as more organizations become less dreadful.
Notwithstanding reducing expenses, organizations should discover better approaches to remain aggressive. New innovation will probably get prominent to help actualize dispersed stock, enabling littler organizations to stay aware of Amazon. In conclusion, the requirement for security inside the store network will probably keep on being tended to into 2023 as AI and IoT develop in universality.
So as to stay aware of the coming changes to the store network industry, organizations may profit by embracing a SCM programming arrangement. To get familiar with what a SCM arrangement can do and how to pick the correct one for your business, make a point to look at our SCM Software Buyer’s Guide. By actualizing a solid framework now, you’ll be better outfitted to manage the difficulties seemingly within easy reach.
Until a decade ago, experts’ experience, education, and instinct were the best tools to understand their customers’ preferences and behaviors. However, all of these could be biased and lead companies to ineffective directions. Today, businesses can make data-driven decisions thanks to behavioral analytics that interpret big data. In this research, we introduce in detail the concept of behavioral analytics and the areas where it is used.
Sales teams want to find answers about who is buying a particular product and why.
Marketers want to understand how their campaigns influence customer behavior.
Financial institution professionals want to know who is making transactions to prevent fraud.
Game/mobile app makers want to understand user experience to improve overall features of the game/platform for the next versions.What is behavioral analytics?
The performance of behavioral analytics is directly related to the amount of data stored (see Figure 1). It is therefore related to big data and the rapid proliferation of smart devices such as phones, watches, homes, etc. As the actions of individuals can be tracked better thanks to such technologies, companies can better understand their customers and carry out more efficient, tailored marketing and sales activities.
Figure 1: Volume of data.1. Develop personalization and customized Offers
Other large companies such as Youtube, Netflix, and Spotify are also able to ensure customer satisfaction thanks to their recommendation engines.
The below video provides information about how Netflix implements recommendation engines to provide convenient movie/series experience for their users.2. Measure success of marketing campaigns
Thanks to behavioral analytics, companies can use detailed behavioral data to determine the success of their campaigns. For example, a cosmetics company would not rely solely on sales figures to understand the success of its new product. It can also rely on consumer responses on online platforms, such as:3.Improve fraud detection
Fraud costs about $600 billion, or 0.8% of global GDP. That makes it a significant burden on businesses and consumers. Businesses can use behavioral analytics to improve the fraud detection capabilities of their AI/ML models. Thanks to behavioral analytics, ML models can identify individually unique factors such as:
Typing speed and habits
Login history, etc.
to confirm the security of a transaction. Such improvement reduces the percentage of successful fraudulent actions.
The following video of AWS further explains how behavioral analytics can be used for fraud prevention.4. Facilitate better A/B testing
A/B testing is ideal for testing a hypothesis you have developed based on other user data or insights. For instance, if a company cannot decide on the color of the font of a custom mobile app platform, it can test the impact of different colors on customer engagement with an A/B test.
By using behavioral analytics, companies can understand how customer usage behavior changes when a parameter is changed. Do customers spend more time using the app? Do they shop more? etc. It’s worth noting that such testing and analytics are also valuable for game developers, as they can identify the “boring” parts for gamers that should be improved.
Figure 3: Example of use of behavioral analytics on A/B testing
For more information on behavioral nudging, you can check our article Internet of Behaviors.
You can also check our list of analytics platforms.
To find out more about behavioral analytics please do not hesitate to reach us:
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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The global industry 4.0 market is expected to reach $210B by 2026 as more businesses embrace digitalization. Digital twin technology is one of the top components of the digital transformation in the manufacturing industry as it increases productivity and revenue, and improves customer experience. Supply chain industry analysts can also leverage digital twins technology to achieve digital transformation and hyperautomation of their business.
In this article, we explain five use cases of digital twins technology in supply chain industry.What is a digital twin in supply chain?
A supply chain digital twin is a virtual simulation model of a real supply chain used to analyze supply chain dynamics and predict process success. DT models benefit from real-time data and snapshots of planned and released work orders, sales orders, pending approvals, demand and supply. The data is gathered from sources like:
IoT devices (e.g. sensors)
Logistics and transportation databases
Vendor information (e.g. CRM data, bills, invoices)
User experiences (e.g. online reviews, customer service tickets)
To collect customer experience data, supply chain managers can rely on web scrapers to pull real-time data from online resources such as business or competitor websites, online listings, and analyst reviews.
Bright Data’s Data Collector scrapes public data from targeted websites in real-time and delivers it to users on autopilot in the designated format. Additionally, Bright Data provide proxies for scraping which enable users to access content in targeted regions, avoid IP bans, and increase crawling security.
The data digital twin technology leverages is mostly historical data. However, there are cases where digital twins can work with real-time data as well. Real-time data refers to the information that is delivered immediately after collection.Transform supply chains with digital twin technology
Digital twins help analysts understand a supply chain’s behavior, predict unusual situations, and provide an action plan to reduce costs and improve efficiency of processes.1. Optimize overall supply chain processes
A digital twin can help businesses understand patterns, and model the outcome of modifications in different processes for:
Improving design tests of supply chain process: DT models in supply chain moderate business continuity and transformation risks before they occur by outcome prediction. The models enable calculating benefits, savings, and potential ROI before the transformation of the process occurs. For example, a business generates DT models to redefine the global operations by simulating various scenarios that include data related to manufacturing, inventory and product distribution.
Monitoring risk and testing probabilities: DT allows supply chain companies to test and discover the best course of action for emergencies, and try different scenarios in a virtual environment, significantly improving organizational stability.2. Identify bottlenecks
DT provides a perpetual, end-to-end view of processes and bottlenecks across the supply chain, facilitating more agile problem resolution with minor human intervention. By collecting data, digital twins help to identify potential weaknesses in all aspects of delivery. For example, a shipment digital twin will rely on data gathered from sensors which transmit updated data during shipment, and can be analyzed to spot performance and bottlenecks during transportations and delivery trips.3. Plan transportation and facilities
A digital twin can assess how changes in demand and supply affect the supply chain’s physical locations and supporting system while delivering products and services to end customers. By leveraging real-time data, digital twins enable supply chain management to better plan transportation resources.4. Optimize inventory
A supply chain digital twin can input data from demand forecasting processes to avoid stock-outs and minimize overall costs of production and warehousing. As a result, it addresses the “single-echelon” challenge (optimizing inventory in a single warehouse) and the “multi-echelon” challenge (optimizing inventory across the entire network).5. Predict the performance of packaging materials
When applied to packaging, digital twins can simulate package shapes and packaging material in order to test for defects before deploying them, which does not only decrease the financial but also environmental cost.Overcome the challenges of supply chain digital twins Improve data quality
To generate digital twins of supply chain systems, the data that is extracted from various sources should be cleaned and wrangled to fix duplications and missing data.
Though data quality is crucial part and it seems challenging, companies can leverage data transformation tools and data mining tools that use AI and machine learning (ML) to enhance data quality. Process mining is helpful to extract and analyze process data before generating the digital twin of the supply chain processes.Increase technology adoption
There are variability in business practices with regards to the level of technological embracement. In some sectors, like agriculture, product-technology is complex and the infrastructure is not always clear. However, more businesses on the way to transform by adopting new technologies, promising that the issue might be tackled down soon.Further Reading
If you are interested in digital twins, other use cases and integrations with different technologies, you can check our in-depth articles:
If you believe your business will benefit from a digital twin, feel free to check our data-driven list of digital twin software.
And let us help you choose the right tool for your business:
Hazal is an industry analyst in AIMultiple. She is experienced in market research, quantitative research and data analytics. She received her master’s degree in Social Sciences from the University of Carlos III of Madrid and her bachelor’s degree in International Relations from Bilkent University.
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Get Exclusive Insights on Demand Forecasting
We conducted research to assess how supply chain teams perceive the accuracy of their forecasts and discover the tools and techniques they are using to upgrade the forecasting process.
Our research results are presented in this report.
Here, you’ll find helpful benchmarks and insights offered by peers on the latest demand forecasting techniques, forecast specifics and periodicity, and expectations for the future.
The survey was completed by 301 professionals working in supply chain, finance, sales and commercial / business roles.
Respondents work in many areas, including North America, Europe, Latin America, and Asia Pacific.
Various industries are represented from chemicals to consumer electronics, food and beverage and manufacturing sectors.
Perceptions on forecast accuracy
Find out how supply chain professionals rate the accuracy of their forecast and the benefits they expect to gain from improved forecast accuracy.
Most common techniques and technologies
Find out which methodologies and tools are in use and on the rise.
A New Day For Demand Forecasting?Demand Forecasting
How supply chain teams realize the accuracy of their forecasts and discover the tools and techniques they are using to upgrade the forecasting process.Perceptions on Forecast Accuracy
Demand forecasting is perceived as an important part of the business planning process.
But, only 2% of respondents reported being “extremely satisfied” with the accuracy of their forecasts.
Also read: Best Oculus Quest 2 Accessories To Bring Home (Its Upgrade Time For Meta Quest 2)Technologies and Techniques in Use
Technology may performance the main role in organizations’ perceptions of forecast accuracy.
Only 2% of respondents said they were “extremely satisfied” with the tools used for demand forecasting.
Neutrality seems to be the norm, with 49% of respondents rating their satisfaction with their current technology between 5 and 7. Roughly 27% are not satisfied.
30% of respondents stated that they use an expert forecasting package, and 61% of them reported being satisfied.
About a quarter of respondents (23%) use bundled ERP functionality, and the majority feel indifferent about this toolset.
Research shows that organizations are looking at several techniques to improve demand forecasting.
56% of professionals are looking into statistical modeling of historical demand in their organizations, and 41% are looking into machine learning.
Another 41% is currently investigating demand sensing.
Other techniques that are being investigated include the ‘best fit’ functionality and segmentation. 60% of respondents also indicated that they were “extremely curious” about new techniques such as DDMRP for expulsion from the effects of forecast accuracy.
We have focused in this paper on particular performance measurement, i.e. forecast accuracy, and its relevance for improving the quality of firms’ planning processes. Of course, firms use many different performance metrics and forecasting accuracy is clearly just one of them. It is not our interest in this paper to only study forecast accuracy to expand this list. Instead, our study is driven by a long-standing concern with the quality of firms, which has gained momentum recently as researchers became interested in the use of firms’ rolling forecasts and application beyond budget considerations is.
AIMMS SC Navigator Director, Brian Dooley.
Group of multiethnic coworkers applauding the success of a sustainability project about renewable energy and green power – teamwork clapping hands sitting around the table of the meeting room
Sustainability companies are on the rise as there is a growing push to address the challenges of climate change. Further, a significant amount of funding is available for environmentally minded initiatives. The shift towards a more sustainable future and subsequent capitalization of the growing revenue stream requires a specific form of marketing.
Read on to learn more about the top sustainability marketing firms and how to select the best firm for your growing business.Aspects of a Top Sustainability Marketing Firm Previous Work
A top firm will present clear examples of past successful work and can showcase how previous strategies have done well. Look for a marketing firm with the ability to track and measure the effectiveness of its marketing campaigns and with clear past examples of this success.Effective Collaboration Marketing and Engineering Expertise
The experts at the right firm will collectively have decades of experience and simultaneously support a culture of innovation. The best sustainability firms are constantly looking for new and innovative ways to reach and engage their target audience and are willing to try new approaches to stay ahead of the ever-growing competition.The Future of Sustainability and Sustainability Marketing
The sustainability industry is expected to continue growing in the coming years as more and more organizations and individuals are aware of the need to adopt environmentally-friendly practices and technologies. There is likely to be an increasing demand for products and services that reduce energy consumption, minimize waste and pollution, and mitigate the impact of climate change. This is expected to lead to the green technologies and sustainability market size being worth $44.4 billion by 2028.
Further, as there is increased regulatory pressure on businesses to adopt sustainable practices, and governments around the world are beginning to implement policies and incentives to encourage the transition to a more sustainable economy, there will be more sustainability companies coming to prominence.
Overall, the future of the sustainability industry looks bright. As the sustainability field grows and becomes more competitive, there will be an increased need for exceptional sustainability marketing firms.Best Sustainability Marketing Firms for 2023
Here’s our list of the top sustainability marketing firms moving into 2023.
At Elevato Digital, we excel in ‘all things web’ from marketing to engineering to design. Our focus is on helping all our client companies become top competitors in their industry. Between our almost 500+ active clients and over 35 years of practice, we’ve gained experience in many industries and across the world.
Regarding sustainability marketing, we understand how to dive into the industry and market for a quick scaling business. Our teams can run impressive content marketing, social media strategy, and engineering marvels for any sustainability company looking to grow in 2023.
Finn Partners is a global public relations and marketing firm. The agency has a number of different practice areas, including corporate communications, technology, health, and social impact. Finn Partners has won numerous awards for its work, including being named “PR Agency of the Year” by PR News.
Mightybytes is a digital marketing and sustainability consulting firm. The company is headquartered in Chicago, and helps organizations to improve their online presence, increase their visibility, and drive traffic. The company offers a range of services, including website design and development, search engine optimization, and social media marketing.
Longview Strategies is a public affairs and communications consulting firm that serves many prominent clients. The company is based in D.C., and has a team of experienced professionals with expertise in a range of areas.
Woven is a creatively led brand engagement agency with decades of digital experience. They specialize in real-time social insights and creating an ideal user experience from end to end. Their services include digital transformation, brand strategy, experiential marketing, and more.
R & G focuses on the intersection of sustainability and creativity. They are a creative consulting agency that offers branding assistance and web design and prioritizes sustainable packaging.The Top Sustainability Marketing Firm: Elevato Digital
Here at Elevato Digital, we’re dedicated to crafting compelling content and efficient products for sustainability companies. Our team of experts is poised to help you drive traffic and revenue through 2023.
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