MML First Fridays Presents…
Forecasting, Inventory & Your Supply Chain (Forecasting – the other “F” word)
Friday March 3rd, 2017 7:15 am – 9:00 am
You have to admit, no one is ever happy with the forecast, and many give up. Either it is too difficult to get a forecast from sales, or the forecast is inaccurate. However, if you have an inventory in your manufacturing and distribution businesses (raw materials, purchased components, work-in-process or finished goods) you are forecasting. Maybe you use the trailing 12 month demand to set your inventory levels. That means you are forecasting that the next month’s demand is the average of your last 12 months. Same with keeping “6 weeks on hand”; this 6 weeks is probably based on some average.
The absolute truth is that your forecast affects your inventory which affects your supply chain. This includes your suppliers, internal operations and customers. (And perhaps your customers’ customers.) We will review ways of forecasting, how you use it to set inventory levels and then how this can improve or hurt performance of your supply chain.
The Speaker: Mitch Millstein
Mitch Millstein, Ph.D. is an Entrepreneur, Supply Chain Strategy Consultant and Academic Researcher. For over 15 years he has been helping companies in St. Louis and around the United States create their supply chain strategy and then implement that strategy to profitably grow sales. He has helped 99 clients implement 450 supply chain improvement projects. He earned his Ph.D in logistics and supply chain management at the University of Missouri – St. Louis, has a MBA from Washington University and an Engineering degree from Rutgers University.
MML First Fridays Event Details
March 3rd, 2017
7:15 – 8:00 am – Breakfast & Networking
8:00 – 8:45 am – Presentation
8:45 – 9:00 am – Question & Answer
The Lodge Des Peres
1050 Des Peres Rd.
St Louis, MO 63131