Today’s rapidly changing market demands elasticity and flexibility from people, processes and technology. In the current economy, change is the only thing that is consistent and we must change in order to adapt to this constant. However, knowing this doesn’t make it any easier. The Summer 2012 issue of the IBF’s Journal of Business Forecasting provides insight into the challenges and presents solutions covering a multitude of facets in this difficult market.
Alan L. Milliken, a member of BASF’s Business Process Solutions Team, presents a five step process for planning, implementation and monitoring successful change in any arena. This includes determining the firms capability to change and why we need it. How to properly communicate needed change across the organization including how all stakeholders will benefit. He also speaks about developing a public relation program to counter resistance as well as measuring performance to ensure objectives are being achieved.
Also, in this issue, Patrick Bower, Senior Director of Corporate Planning and Consumer Service at Combe Inc., demonstrates why forecasts provided by the S&OP process to supply chain planning are not sufficient in the current market and how to enhance them for better performance. We need guideposts/directions and scenarios for effective planning. In other words, supply chain people need a set of alternate plans or scenario options to use in the event the market deviates significantly from the targeted value.
Michael Morris teaches from his experience implementing change at Yokohama Tire Corporation.
Larry Lapide, a Research Affiliate at MIT, discusses global supply chain uncertainty and the best way to master it.
Robert F. Byrne demonstrates how multi-national consumer goods companies have benefitted by using demand sensing tools for forecasting.
Evangelos Otto Simos talks about uneven patterns of global recovery, and gives updated growth rates and inflation rates of 60 different countries.
Jack Malehorn discusses why the US economy is growing so slowly, and presents forecasts of 13 key economic indicators and how they will affect economic growth.