A new survey finds a disconnect in organizations’ approach to maintenance, repair, and operations (MRO), as specialists call for greater focus than executives are providing, according to a report from Verusen, a provider of inventory optimization software.
Nearly three-quarters (71%) of the 250 procurement and operations leaders surveyed think MRO procurement/operations should be treated as a strategic initiative for continuous improvement and a potential innovation source. However, just over half (58%) of respondents note that MRO procurement/operations are treated as strategic organizational initiatives.
That result comes from “Future Strategies for MRO Inventory Optimization,” a survey produced by Atlanta-based Verusen along with WBR Insights and ProcureCon MRO.
Balancing MRO working capital and risk has become increasingly important as large asset-intensive industries such as oil and gas, mining, energy and utilities, resources, and heavy manufacturing seek solutions to optimize their MRO inventories, spend, and risk with deeper intelligence. Roughly half of organizations need to take a risk-based approach, as the survey found that 46% of organizations do not include asset criticality (spare parts deemed the most critical to continuous operations) in their materials planning process.
“Rather than merely seeing the MRO function as a necessary project or cost, businesses now see it as a mission-critical deliverable, and companies are more apt to explore new methods and technologies, including AI, to enhance this capability and drive innovation,” Scott Matthews, CEO of Verusen, said in a release. “This is because improving MRO, while addressing asset criticality, delivers tangible results by removing risk and expense from procurement initiatives.”
Survey respondents expressed specific challenges with product data inconsistencies and inaccuracies from different systems and sources. A lack of standardized data formats and incomplete information hampers efficient inventory management. The problem is further compounded by the complexity of integrating legacy systems with modern data management, leading to fragmented/siloed data. Centralizing inventory management and optimizing procurement without standardized product data is especially challenging.
In fact, only 39% of survey respondents report full data uniformity across all materials, and many respondents do not regularly review asset criticality, which adds to the challenges.
ACTON, Massachusetts – September 3, 2024 – New Horizon Soft, LLC, a global leader in AI-powered supply chain planning software, announced today the release of a new version of its Buyers Workbench procurement planning software. The latest version includes the ability to optimally schedule inbound deliveries, taking into account distribution center (DC) receiving capacity, thus minimizing receiving bottlenecks and lowering inbound logistics costs. A research paper describing the innovative methodology and its deployment at an iconic $10B+ U.S. quick-service restaurant chain was recently published in the peer-reviewed academic journal, the International Journal of Operations Research and Information Systems.
Supply chain organizations typically plan purchase orders without regard to DC receiving capacity. This leads to bottlenecks on some days and underutilized staff on others. New Horizon’s methodology, called Master Purchasing Receipt Scheduling (MPRS), uses a novel algorithm to automatically and optimally schedule deliveries. The algorithm plans deliveries at the time of purchase order creation and results in a steady volume of deliveries and lower planning and logistics costs. While first deployed at a restaurant chain, the methodology is applicable to any manufacturer, wholesaler, retailer, or foodservice company operating high-velocity DCs.
“With the increasing prevalence of high-velocity DCs, scheduling inbound deliveries can no longer be an afterthought,” said Chao-Ming Ying, Co-founder and CTO of New Horizon. “We developed the new MPRS functionality to address what had been a blind spot in many supply chains. Our customers are now taking advantage of this capability to streamline inbound logistics, increase receiving capacity utilization, and lower distribution costs.”
Supporting Resources
• Research article with case study published in the International Journal of Operations Research and Information Systems
• PDF version of article on New Horizon’s website
• New Horizon blog providing overview of restaurant chain deployment
• New Horizon Buyers Workbench web page
About New Horizon Soft, LLC
New Horizon’s supply chain planning software harnesses the power of artificial intelligence to enable manufacturers, wholesalers, and retailers to improve forecast accuracy and service levels while minimizing inventory and costs. We help planners make better decisions with cloud-based applications that are easier to use, easier to configure, easier to implement, and lower cost to operate. New Horizon is headquartered outside of Boston and has customers in North America, Europe, and Asia.
New Horizon — The AI Planning Suite™. Learn more at NewHorizon.ai or follow us on LinkedIn.
Media Relations
Mike Liebson
New Horizon Soft, LLC
marketing@newhorizon.ai
+1 857-242-0783
Leading independent marketing and communications agency FINN Partners has been named Agency of Record for Craft, the supply chain resilience company.
Craft will work directly with FINN’s Global Supply Chain practice, a specialized team within its Technology practice that, over the span of 24 years, has worked with more than 70 brands in the supply chain space. Craft selected FINN Partners for its expertise and demonstrable success within its industry along with the FINN team’s strategic thinking and idea quality. This partnership underscores the agency's proven track record of delivering exceptional results and driving growth and reputation for its clients within the supply chain industry.
FINN, which was named to Fast Company’s 2024 Most Innovative Companies list, will provide an integrated communications strategy designed to aggressively grow awareness and understanding of Craft’s brand and offerings. The program will target decision makers and purchase influencers across the supply chain, procurement, finance, regulatory compliance and ESG business functions at large organizations and agencies across the U.S. federal government.
“In today's increasingly volatile world where disruption is constantly lurking around so many corners, supply chain resilience is becoming a top business priority,” said Mimi Spier, CMO of Craft. "Craft's intelligent supplier risk management solution helps organizations efficiently get ahead of their supplier risk, protect against disruption and simplify business continuity. We are an ideal solution for what the market is demanding, but we need greater awareness quickly. We have no doubt that FINN is the best team to help us achieve that. In fact, we’re astonished at the level of thinking and domain expertise an agency could bring in this space.”
FINN’s Global Supply Chain practice works with clients in every facet of the supply chain, including technology-based innovators, consultancies, conferences, logistics and transportation providers, procurement-related companies, the supply chain organizations of Fortune 50 brands and more.
“Supply chain has become inextricably linked to business performance, competitive advantage, brand perception and even global issues, such as fair global working practices and environmental responsibility,” said Casy Jones, Managing Partner and Global Supply Chain practice lead at FINN Partners. “The global supply chain is also experiencing foundational change not seen in 40 years as businesses and the U.S. government do the hard work of diversifying our global sources of materials and goods. Craft is uniquely positioned to be at the center of helping these organizations successfully transition, and we’re thrilled about the opportunity to tell that story and help Craft amplify the supply chain successes of their amazing customer base.”
The assignment is effective immediately.
The score trends give a view into how large purchasing organizations are leveraging ratings in their supply chains to reduce risk, build resilience, prepare for compliance with ESG reporting and due diligence laws, and unlock the value needed to thrive today and into the future. It also reflects how suppliers are reducing operational risks, enhancing efficiency, saving costs, collecting better data and enhancing their relationships with business partners.
This edition of the Index explores the trends behind the 125,000+ supplier sustainability ratings—including some 38,000 in 2023 alone—that EcoVadis has delivered to 1,200 procurement teams from 2019 through 2023. Through data-driven analysis, it looks at how these suppliers, spanning all global regions and major industries, are performing on four core assessment themes:
Environment
Labor & Human Rights
Ethics, and
Sustainable Procurement.
Despite that improvement trend, the results showed that there is much work to be done. The “first rating baselines” highlighted throughout the report show that 42% of suppliers that were rated for the first time in 2023 fell into the Insufficient/Partial performance levels, indicating significant sustainability risks and non-existent or ineffective systems in place to manage them.
“The Sustainable Procurement theme is becoming an even more crucial area to watch as supply chain and due diligence laws continue to expand,” said Sylvain Guyoton, chief rating officer at EcoVadis. “The principle of ‘substantiated concerns’ in the Corporate Sustainability Due Diligence Directive, for example, will require many companies to cascade sustainable procurement practices to their Tier 1 suppliers, and who may be anywhere in the world. Companies must work more closely with suppliers than ever before to remain both compliant and competitive.”
Santa Clara, CA —Aug 27, 2024 — KlearNow.AI is pleased to announce that we have been shortlisted for Global Logistics, Future Leader, and Executive of the Year Awards at the Global Procurement & Supply Chain Awards 2024, hosted by Procurement Magazine and Supply Chain Digital.
These prestigious awards aim to inspire a broader adoption of a more responsible approach to business and to honor those who integrate sustainability into their operations and decision-making processes.
The ceremony will be held on Tuesday 24th September at Procurement & Supply Chain LIVE London, located at the Business Design Centre.
Glen White, CEO at BizClik & Sustainability magazine comments: “The Launch of The Global Procurement & Supply Chain Awards is a key milestone for our Procurement & Supply Chain brands, honoring those who apply strategic thinking, innovation, and sustainable practices into their operations and decision-making to navigate the complexity of global supply chains.
Those shortlisted for the debut of the Global Procurement & Supply Chain Awards are having a critical impact on global supply chains driven by innovation, agility, flexibility, and a commitment to sustainable development.”
KlearNow.AI has been nominated as a finalist for the Global Logistics Award for its outstanding expertise in managing complex global logistics operations using AI and ML innovation. Connecting internal and external silos with a no integration-based AI approach, KlearNow.AI provides multinational companies with unparalleled trade data visibility, customs compliance, and insights into their duties, taxes, and customs processes globally.
Angela Aaron, Sr. Director of Compliance at KlearNow.AI, has been shortlisted for the Executive of the Year Award, recognizing her exceptional leadership, strategic vision, and innovative approach to advancing trade compliance and regulatory practices across the UK, US, Canada, Spain and the Netherlands. Angela’s commitment to excellence, combined with her extensive expertise as a licensed customs broker and certified zone specialist, has been instrumental in positioning KlearNow.AI as a leader in the global trade software industry.
Michelle Riber, Sr. Director of International Operations, has been shortlisted as a finalist for the Future Leader of the Year Award. This recognition highlights Michelle’s exceptional leadership and pivotal role in KlearNow.AI’s global expansion. Her strategic acumen demonstrated through the successful launch of operations in new international markets, including navigating the complexities of Brexit, has significantly advanced KlearNow’s global scope. Under her leadership, KlearNow has reduced reliance on paper in global trade by digitizing and automating the import-export process, reflecting the company’s commitment to reducing carbon footprints and fostering a more eco-friendly supply chain.
For further information on Procurement & Supply Chain LIVE London, and to purchase your tickets, please visit: https://live.supplychaindigital.com/ps-live-london-2024/
About Supply Chain Digital:
Supply Chain Digital connects supply chain, operations and logistics executives representing the world’s largest brands. The platform serves as a digital hub for industry leaders and offers a wide range of services including media and advertising, events, research reports, demand generation and data. With a comprehensive approach, Supply Chain Digital strives to provide timely and valuable insights into best practices, fostering innovation and collaboration within the supply chain community.
About Procurement Magazine:
Procurement Magazine connects the world’s largest Procurement & Logistics companies and their most senior executives with the latest trends as the industry pivots towards technology and digital transformation. As a trusted authority on the latest procurement news combining executive thought leadership interviews with the very latest case studies.
About KlearNow.AI
KlearNow.AI is a software company focused on customs and supply chain documentation. Specifically, we use AI and Machine Learning to digitize and automate the painful paper-intensive import-export process. With KlearNow.AI, importers and brokers can see all their vital shipment data along the entire supply chain in one place. We are the only AI-powered Global Trade Data Hub.
CHICAGO, August 13, 2024—CADDi, a leading global procurement solutions provider for the manufacturing industry, is a winner of the 2024 SaaS Awards. CADDi Drawer, the company’s innovative AI software, has been recognized in two key categories: Best SaaS Product for Business Intelligence or Analytics and Best SaaS Product for Engineering Management, PLM, or CAD. These prestigious awards highlight CADDi’s commitment to driving excellence and innovation in manufacturing.
The SaaS Awards is a long-established program that recognizes the best software-as-a-service solutions from around the world. Past winners include Intuit Quickbooks, Blue Yonder, Last Pass and SAP SE. This year’s competition was particularly fierce, with entries from organizations of all sizes spanning North America, Europe, and APAC. CADDi’s success in two critical categories is a testament to the software’s powerful capabilities and its impact on the manufacturing industry.
"When we first developed CADDi Drawer, we were trying to find a solution for categorizing the hundreds of millions of drawings our manufacturing customers were sending us. It was just too great a volume of data for us to reliably process competitive quotes at speed,” said Yushiro Kato, CEO and Co-Founder of CADDi. “Drawer allowed us to extract and organize data from drawings and use it to interlink those designs with POs, quality defect reports, PLM files, or CAM data from across the rest of our customer's entire tech stack.”
CADDi Drawer’s recognition in the Best SaaS Product for Business Intelligence or Analytics category highlights its advanced capabilities in simplifying and streamlining manufacturing data management. By integrating data from various production systems, CADDi Drawer ensures that complex engineering information is easily accessible and actionable. Its patented similarity search feature facilitates the efficient retrieval and comparison of engineering drawings, enhancing procurement and engineering processes with real-time insights and streamlined workflows.
“By giving all our customers an easily accessible and intractable data model on Day One, we make it possible for them to leverage their entire historical record in ways they never could, “ Kato added. “That's true whether you're trying to deploy AI in your business or just trying to up-skill folks to help address labor shortages. It's been amazing to watch our customers standardize the use of Drawer across procurement, engineering, manufacturing, and sales. The speed with which these companies are starting to make hard, data-driven decisions is incredible. It's precisely why we built Drawer in the first place. We're going to keep pushing the boundaries of what people can do with manufacturing data. That's just what we do."
In the Best SaaS Product for Engineering Management, PLM, or CAD category, CADDi Drawer was celebrated for its user-friendly interface and powerful engineering capabilities. The software’s AI-driven tools streamline engineering management, making it easier for teams to access, share, and analyze technical drawings and data. This has led to significant improvements in efficiency, cost control, and overall project management for manufacturers.
"CADDi has demonstrated an unwavering commitment to innovation and excellence and is a more than deserving winner of its categories. The caliber of the finalists this year was particularly high, which is a testament to this wonderful achievement," said James Williams, CEO of The Cloud Awards. “A huge congratulations to CADDi, and to all of 2024’s winners. We are extremely excited to see how they continue to drive the industry forward in the coming years.”
Visit CADDi’s official website for more information about its innovative solutions. Explore its latest partnerships, news, and resources here.
To view the full list of winners across all categories, please visit: https://www.cloud-awards.com/2024-saas-awards-winners