Sunil Bharadwaj, CSCP, CLTD

From Procurement Managers leading operations, to Category & Vendor Managers shaping supplier strategies, to Analysts & Business Partners turning data into insights — every role plays a critical part in building a resilient and future-ready procurement function. At the top, the Chief Procurement Officer (CPO) aligns vision with business goals, ensuring procurement becomes a true growth enabler. 🌍✨ #Procurement #SupplyChain #BusinessGrowth #Leadership #StrategicSourcing #CategoryManagement #DataAnalytics #FutureOfWork #TransformationLeadership Image Credit Tanya W.

119

1 Comment

📦 Excess Inventory: A Cost You Can’t Afford to Ignore Excess inventory quietly builds up storage costs, eats into margins, and slows down business agility.   🔍 Reasons Behind Excess Inventory (with examples): Forecasting Error: Overestimating Rakshabandhan demand led to unsold gift sets piling up. Poor Inventory Management: A retailer didn’t track in-transit stock accurately, overordered, and overfilled warehouses. Rapid Change in Consumer Demand: A healthy chips variant gained sudden popularity due to strategic promotion, leaving traditional SKUs untouched. Product Life Cycle Mismanagement: A snack brand launched new chips without phasing out old ones — both ended up sitting unsold. Quality Issues: Shampoo bottles with leaky packaging were returned and piled up in storage. Bulk Orders Gone Wrong: A biscuit manufacturer doubled orders fearing a strike — which never happened, leading to excess stock.   📉 Consequences of Excess Inventory: Storage Costs 📦 Carrying Costs 💸 Reduced Cash Flow 🧾 Obsolete Products 🕒 Loss of Profit Margins 📉 Customer Dissatisfaction 😕 Risk of Write-Offs 🗑️   ✅ How to Avoid It? -Invest in Demand Forecasting & Analytics: Accurate, real-time insights are key to predicting customer demand. -Adopt Just-in-Time (JIT) Inventory Management: Order materials when needed, not just in bulk for convenience. -Align Promotions with Inventory Strategy: Effective marketing campaigns can stimulate demand and balance supply. -Collaborate Closely with Suppliers: Share real-time data on sales trends, promotions, and demand changes to avoid overproduction.   📌 Whether you're in retail, manufacturing, FMCG, or e-commerce — excess inventory is a silent cost. Plan smart.

35

3 Comments

#artofprocurement: What is there for upskilling the SCM roles of tomorrow Some practical suggestions: 1 Build a personalized learning roadmap using tools like Skill Dynamics, Coursera, or SkillIndia—tailored to your career aspirations. 2 Pair online certifications (CPIM, CTLE, or SAP Specialist) with job shadowing and mentorship for robust, practical upskilling. 3 Regularly join webinars and SCM forums to network and keep pace with industry best practices and global innovations. 4 Adopt project-based learning—work on internal projects or capstone challenges that force you to apply new skills in real-world settings. 5 Champion a culture of learning in your organization; volunteer to lead workshops or cross-learning sessions, which benefits your growth and team. A Commit to Lifelong Learning & Continuous Improvement Vibrant supply chain careers never stand still. Leverage microlearning platforms, certification programs, and curated LinkedIn groups for ongoing upskilling. Pair technical mastery with a growth mindset, pushing for operational excellence at every turn. “Good is the enemy of great. That’s why so few things become great.” ~ James C. Collins B Advance Sustainability & Ethical Sourcing Know-How Regulatory and consumer demand for eco-friendly, ethical supply chains is growing. Upskill in environmental compliance, sustainable procurement, and supplier ethics to support your organization’s ESG targets and manage global scrutiny. “Many supply chains are perfectly suited to the needs that the business had 20 years ago.” ~ Jonathan Byrnes C Embrace Digital & Analytical Skills Tomorrow’s supply chain relies on mastery of digital tools like AI, machine learning, and big data analytics. Becoming proficient in interpreting vast datasets for better forecasting, logistics optimization, and risk management is critical. Invest in courses that cover ERP systems, SAP, predictive analytics, and digital twins to ensure you can leverage technology for smarter decisions. “Without data, you’re just another person with an opinion.” ~ W. Edwards Deming D Strengthen Strategic & Risk Management Capabilities Reactive management is obsolete; building resilience means mastering multi-layer scenario planning, supplier diversification, and predictive disruption analysis. Learn how to map alternative supply routes, use simulation tools, and develop contingency frameworks. Seek out training in strategic sourcing, contract negotiation, and risk analytics. “Our real competition is between supply chains, not companies.” ~ Martin Christopher E Develop Soft Skills: Collaboration & Leadership As supply chains grow more interconnected and remote teams become the norm, strong communication, leadership, and collaboration skills are paramount. Try group learning and peer mentoring to strengthen stakeholder management and cross-functional teamwork. “Leadership is the art of giving people a platform for spreading ideas that work.” ~ Seth Godin

25

3 Comments