Guest Speaker:
Chandramouli Mahadevan
AVP, Manufacturing
AVP, Manufacturing
Ajay Kale
GPD (Global Program Director)
GPD (Global Program Director)
Transcripts
Hello and welcome to Tech Lyceum where innovation and conversation go hand in hand.
My name is Neerja and we're here today to discuss the symbiotic relationship between inventory management and supply chain disruption. Towards that end, let me invite our esteemed speakers, starting with Chandramouli Mahadevan, who is Associate Vice President. Now Chandramouli or Mouli has he's endearingly known as is a seasoned it strategist with a keen focus on CXO level engagements and relationships. He is renowned for his robust business acumen, exemplary execution skills and a profound understanding of technology. With over two decades of hands on IT experience and a successful management track record. Mouli brings a wealth of experience to the table. Hi, Mouli, great to have you. Welcome to the show.
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Speaker – Mouli - 01:06
Hey, Neerja, thank you for inviting me. Absolutely.
Hey, Neerja, thank you for inviting me. Absolutely.
Speaker – Neerja –01:08
We also have Ajay Kale, Global Program Director with us. Now a little bit about Ajay he is a seasoned enterprise adviser and C suite engagement leader with 19 years of extensive industry it and management consulting experience, renowned for his passion for innovation and digital transformation. Ajay has collaborated closely with top tier executives spearheading strategy development, planning and the seamless execution of transformative initiatives. With a proven track record in managing cross functional strategic programs spanning business, ERP and supply chain domains Ajay truly brings the best there is to every project he undertakes. Thanks for being here today. And welcome to the show.
We also have Ajay Kale, Global Program Director with us. Now a little bit about Ajay he is a seasoned enterprise adviser and C suite engagement leader with 19 years of extensive industry it and management consulting experience, renowned for his passion for innovation and digital transformation. Ajay has collaborated closely with top tier executives spearheading strategy development, planning and the seamless execution of transformative initiatives. With a proven track record in managing cross functional strategic programs spanning business, ERP and supply chain domains Ajay truly brings the best there is to every project he undertakes. Thanks for being here today. And welcome to the show.
Speaker – Ajay - 01:53
Thank you, Neerja. Thanks for having me on this podcast.
Thank you, Neerja. Thanks for having me on this podcast.
Speaker – Neerja - 01:57
Sure, Ajay. Let's start with you. Let's cover the fundamentals.
Q: First, how would you define the symbiotic relationship between inventory management and supply chain disruption? In what ways? Do you think disruptions in the supply chain impact inventory management, and you know, vice versa? Well,
Sure, Ajay. Let's start with you. Let's cover the fundamentals.
Q: First, how would you define the symbiotic relationship between inventory management and supply chain disruption? In what ways? Do you think disruptions in the supply chain impact inventory management, and you know, vice versa? Well,
Speaker – Ajay - 02:15
Neerja the interplay between inventory management and the supply chain disruption forms a mutual relationship where each intensely influenced the order. Disruptions within the supply chain have a significant impact on inventory management practices. While a smart inventory management strategies can mitigate the fallout from the supply chain disruption. In addition to that, a supply chain disruption frequently leads to stock out shortages and delays in the fulfillment or production halls and some unforeseen circumstances. So this disruption results in loss of sales opportunity and dissatisfied customers. So this is the typical definition of not supply chain disruption. However, on the contrary, supply chain disruption can also trigger excess inventory due to miscalculation, or distribution delays or inefficiencies in the processing orders. And this is the reason that smart inventory management emerges as a crucial tool in addressing these challenges. By accurately forecasting demand and developing supplier diversification business can uphold optimal inventory level, ensuring that they they meet predefined service benchmark. In essence, this symbiotic relationship highlights the necessity for proactive strategies to navigate risk and fortify operational resilience by adopting proactive measures business can survive disruption more effectively and maintain competitive edge in a dynamic marketplace.
Neerja the interplay between inventory management and the supply chain disruption forms a mutual relationship where each intensely influenced the order. Disruptions within the supply chain have a significant impact on inventory management practices. While a smart inventory management strategies can mitigate the fallout from the supply chain disruption. In addition to that, a supply chain disruption frequently leads to stock out shortages and delays in the fulfillment or production halls and some unforeseen circumstances. So this disruption results in loss of sales opportunity and dissatisfied customers. So this is the typical definition of not supply chain disruption. However, on the contrary, supply chain disruption can also trigger excess inventory due to miscalculation, or distribution delays or inefficiencies in the processing orders. And this is the reason that smart inventory management emerges as a crucial tool in addressing these challenges. By accurately forecasting demand and developing supplier diversification business can uphold optimal inventory level, ensuring that they they meet predefined service benchmark. In essence, this symbiotic relationship highlights the necessity for proactive strategies to navigate risk and fortify operational resilience by adopting proactive measures business can survive disruption more effectively and maintain competitive edge in a dynamic marketplace.
Speaker – Neerja - 03:54
Right. Thank you for taking us through that Ajay. Mouli, if I may come to you. Now,
Q: How do you think advancements in technology you know, such as AI and blockchain contribute to creating a symbiotic relationship between inventory management and supply chain resilience?
Right. Thank you for taking us through that Ajay. Mouli, if I may come to you. Now,
Q: How do you think advancements in technology you know, such as AI and blockchain contribute to creating a symbiotic relationship between inventory management and supply chain resilience?
Speaker – Mouli - 04:11
Absolutely. Advancements in technology, particularly AI and blockchain play a pivotal role in fostering a symbiotic relationship between inventory management and supply chain resilience. AI powered inventory management systems offer predictive analytics and real time insights. This is widely used in the areas of demand forecasting, inventory levels and supplier performance. By leveraging machine learning algorithms, these systems can anticipate fluctuations in demand, identify potential disruptions, and optimize inventory levels accordingly. This proactive approach enhances supply chain resilience by enabling companies to adapt swiftly to changing market conditions and mitigate risks. block chain technology enhances transparency, traceability and trust within the supply chain ecosystem by creating an immutable ledger of transactions, share them and among shareholders, Blockchain ensures the integrity of data related to inventory management, product provenance and supply of contracts. This transparency reduces the likelihood of fraud, counterfeiting and errors in inventory management, you know, which strengthens supply chain resilience. The integration of AI and blockchain enables seamless collaboration and information sharing across the supply chain network. AI algorithms can analyze vast amounts of data from disparate sources, including IoT sensors and external market data. This helps to optimize inventory allocation and logistics operations. Blockchain, on the other hand, ensures data integrity and facilities or automated smart contracts between parties. This synergy between AI and blockchain fosters greater resilience in inventory management and supply chain operations.
Absolutely. Advancements in technology, particularly AI and blockchain play a pivotal role in fostering a symbiotic relationship between inventory management and supply chain resilience. AI powered inventory management systems offer predictive analytics and real time insights. This is widely used in the areas of demand forecasting, inventory levels and supplier performance. By leveraging machine learning algorithms, these systems can anticipate fluctuations in demand, identify potential disruptions, and optimize inventory levels accordingly. This proactive approach enhances supply chain resilience by enabling companies to adapt swiftly to changing market conditions and mitigate risks. block chain technology enhances transparency, traceability and trust within the supply chain ecosystem by creating an immutable ledger of transactions, share them and among shareholders, Blockchain ensures the integrity of data related to inventory management, product provenance and supply of contracts. This transparency reduces the likelihood of fraud, counterfeiting and errors in inventory management, you know, which strengthens supply chain resilience. The integration of AI and blockchain enables seamless collaboration and information sharing across the supply chain network. AI algorithms can analyze vast amounts of data from disparate sources, including IoT sensors and external market data. This helps to optimize inventory allocation and logistics operations. Blockchain, on the other hand, ensures data integrity and facilities or automated smart contracts between parties. This synergy between AI and blockchain fosters greater resilience in inventory management and supply chain operations.
Speaker – Neerja - 06:07
All right, Mouli, thank you. Back to you Ajay. How can organizations enhance collaboration with suppliers and partners to you know, fortify the mutually advantageous relationship between inventory management and the supply chain amidst you know all the challenges,
All right, Mouli, thank you. Back to you Ajay. How can organizations enhance collaboration with suppliers and partners to you know, fortify the mutually advantageous relationship between inventory management and the supply chain amidst you know all the challenges,
Speaker – Ajay - 06:25
we'll need to reinforce the mutually beneficial relationship between inventory and supply chain challenges, organization can implement several strategies. So here are some ways that they can collaborate effectively. So first and foremost is very important that is to set up a clear objective and expectation. So setting a clear objective and expectation with suppliers will ensure that all the parties are aligned for the common goal. So this could include setting your performance metrics says for the areas that are most important for the organization example, they can set up KPIs related to delivery, let's say they can agree upon the lead time or they can set up KPIs related to quality, they can agree upon the percentage of defects or they can even say supplier responsiveness to the various queries in a difficult situation like you know fluctuating demand. So all these parameters will set up a clear objective and a goal for a vendor second, is also equally important that is to develop trust and transparency, that is very important aspect to be considered while building a robust supply chain. One of the impactful way in my opinion to build this trust is to share relevant information with supplier to help them understand your business need, understand your market trends, understand your customers expectation and provide access to all the data. So that data could be inventory levels or safety stock across all the locations, you're planning information, purchasing order status, and all that critical information which is helpful for the decision making. Third is obviously to set up some platform for collaboration. And that comes to collaborative technologies, wherein this platform will help in establishing strong communication and collaboration that will be used in various areas like you know, concurrent planning, or forecasting or managing complex contracts, negotiating it, that all becomes very smooth. This platform can also be used by supplier for their self service update or uploading their invoices, which will reduce the time for settling the amount. Furthermore, this platform can also be used to measure and track suppliers performance against the goal that we have decided earlier. So that is very important to track and trace how the supplier is doing. And the finally creating a risk sharing mechanism with partner that will help to mitigate the impact of a supply chain disruption. So this could include something like sharing cost of holding inventory, safety, stock of investing in backup plan, joint planning, and vendor management, inventory, etc. So these are some important areas where we can work collaboratively with the partners and make sure that supply chain is not disrupted. Furthermore,
we'll need to reinforce the mutually beneficial relationship between inventory and supply chain challenges, organization can implement several strategies. So here are some ways that they can collaborate effectively. So first and foremost is very important that is to set up a clear objective and expectation. So setting a clear objective and expectation with suppliers will ensure that all the parties are aligned for the common goal. So this could include setting your performance metrics says for the areas that are most important for the organization example, they can set up KPIs related to delivery, let's say they can agree upon the lead time or they can set up KPIs related to quality, they can agree upon the percentage of defects or they can even say supplier responsiveness to the various queries in a difficult situation like you know fluctuating demand. So all these parameters will set up a clear objective and a goal for a vendor second, is also equally important that is to develop trust and transparency, that is very important aspect to be considered while building a robust supply chain. One of the impactful way in my opinion to build this trust is to share relevant information with supplier to help them understand your business need, understand your market trends, understand your customers expectation and provide access to all the data. So that data could be inventory levels or safety stock across all the locations, you're planning information, purchasing order status, and all that critical information which is helpful for the decision making. Third is obviously to set up some platform for collaboration. And that comes to collaborative technologies, wherein this platform will help in establishing strong communication and collaboration that will be used in various areas like you know, concurrent planning, or forecasting or managing complex contracts, negotiating it, that all becomes very smooth. This platform can also be used by supplier for their self service update or uploading their invoices, which will reduce the time for settling the amount. Furthermore, this platform can also be used to measure and track suppliers performance against the goal that we have decided earlier. So that is very important to track and trace how the supplier is doing. And the finally creating a risk sharing mechanism with partner that will help to mitigate the impact of a supply chain disruption. So this could include something like sharing cost of holding inventory, safety, stock of investing in backup plan, joint planning, and vendor management, inventory, etc. So these are some important areas where we can work collaboratively with the partners and make sure that supply chain is not disrupted. Furthermore,
Speaker – Neerja - 09:31
Thanks, Ajay. You've shared a very comprehensive list there. And finally, Mouli,
Q: How do you see the future of inventory management evolving in response to ongoing and potential, you know, future disruptions? Are there any emerging trends or technologies you see that could significantly impact how businesses approach inventory management?
Thanks, Ajay. You've shared a very comprehensive list there. And finally, Mouli,
Q: How do you see the future of inventory management evolving in response to ongoing and potential, you know, future disruptions? Are there any emerging trends or technologies you see that could significantly impact how businesses approach inventory management?
Speaker – Mouli - 09:54
The future of inventory management is poised to undergo significant evolution in response to disruption. Several emerging technologies are likely to shape how businesses approach inventory management in the coming years. To name a few, data analytics and AI, the integration of advanced analytics and AI will continue to revolutionize inventory management. Predictive Analytics will enable businesses to anticipate, optimize and make data driven decisions in real time. machine learning algorithms will enhance forecasting accuracy, and automate inventory processes, leading to greater efficiency and responsiveness to market dynamics, IoT and sensor technology, the proliferation of IoT devices and sensor technology will provide unprecedented visibility into inventory movement and condition RFID tags, GPS trackers and environmental sensors can monitor the location, temperature and condition of products throughout the supply chain. This real time data will enable businesses to track inventory in transit, identify potential issues, such as spoilage or theft, and proactively address disruptions. Blockchain technology, blockchain technology will play a crucial role in enhancing transparency, traceability, and trust in inventory management. This transparency reduces the risk of fraud, counterfeiting, and errors in inventory management. Ultimately, enhancing supply chain resilience. robotic process automation, or RPA. RPA will streamline inventory management processes by automating repetitive tasks such as data entry, order processing, and inventory reconciliation, robots, and autonomous drones can optimize warehouse operations by performing tasks such as picking, packing, and inventory counting, all with greater speed and accuracy than human workers. RPA will enable businesses to improve inventory accuracy, minimize errors and reduce operational costs, supply chain digitization and collaborative platforms. digital platforms and collaboration tools will facilitate seamless communication and collaboration among supply chain partners. Cloud based inventory management systems, collaborative forecasting platforms and supplier Portals will enable real time data sharing visibility across the supply chain and streamlined collaboration on demand planning and inventory replenishment. This digitization of supply chain processes will enhance agility, responsiveness and collaboration.
The future of inventory management is poised to undergo significant evolution in response to disruption. Several emerging technologies are likely to shape how businesses approach inventory management in the coming years. To name a few, data analytics and AI, the integration of advanced analytics and AI will continue to revolutionize inventory management. Predictive Analytics will enable businesses to anticipate, optimize and make data driven decisions in real time. machine learning algorithms will enhance forecasting accuracy, and automate inventory processes, leading to greater efficiency and responsiveness to market dynamics, IoT and sensor technology, the proliferation of IoT devices and sensor technology will provide unprecedented visibility into inventory movement and condition RFID tags, GPS trackers and environmental sensors can monitor the location, temperature and condition of products throughout the supply chain. This real time data will enable businesses to track inventory in transit, identify potential issues, such as spoilage or theft, and proactively address disruptions. Blockchain technology, blockchain technology will play a crucial role in enhancing transparency, traceability, and trust in inventory management. This transparency reduces the risk of fraud, counterfeiting, and errors in inventory management. Ultimately, enhancing supply chain resilience. robotic process automation, or RPA. RPA will streamline inventory management processes by automating repetitive tasks such as data entry, order processing, and inventory reconciliation, robots, and autonomous drones can optimize warehouse operations by performing tasks such as picking, packing, and inventory counting, all with greater speed and accuracy than human workers. RPA will enable businesses to improve inventory accuracy, minimize errors and reduce operational costs, supply chain digitization and collaborative platforms. digital platforms and collaboration tools will facilitate seamless communication and collaboration among supply chain partners. Cloud based inventory management systems, collaborative forecasting platforms and supplier Portals will enable real time data sharing visibility across the supply chain and streamlined collaboration on demand planning and inventory replenishment. This digitization of supply chain processes will enhance agility, responsiveness and collaboration.
Speaker – Neerja - 12:39
Mouli on that note, Can I also ask you to leave us with some parting words of wisdom as we wrap this episode up?
Mouli on that note, Can I also ask you to leave us with some parting words of wisdom as we wrap this episode up?
Speaker – Mouli - 12:47
Ofcourse, Neerja. New demands and paradigms are emerging today in the realm of supply chain. Technology trends like aI ml, blockchain and robotics are at the intersection of what organizations need to deal with these disruptions are the technology advancements that are happening today.
Ofcourse, Neerja. New demands and paradigms are emerging today in the realm of supply chain. Technology trends like aI ml, blockchain and robotics are at the intersection of what organizations need to deal with these disruptions are the technology advancements that are happening today.
Speaker- Neerja - 13:05
Perfect, and Ajay, if I can also invite you to share some closing words as we conclude.
Perfect, and Ajay, if I can also invite you to share some closing words as we conclude.
Speaker – Ajay -13:13
Yeah sure. So as we wrap up, remember that the journey towards supply chain excellence is ongoing. Embrace continuous improvement, you need to modify your strategies to accommodate changing market dynamics. And most importantly, never underestimate the power of collaboration and driving success. So that's my concluding words. Thank you Neerja, for this session.
Yeah sure. So as we wrap up, remember that the journey towards supply chain excellence is ongoing. Embrace continuous improvement, you need to modify your strategies to accommodate changing market dynamics. And most importantly, never underestimate the power of collaboration and driving success. So that's my concluding words. Thank you Neerja, for this session.
Speaker – Neerja -13:36
Yes, thank you, Ajay. Thank you, Mouli. I'm sure your words have given everyone listening in a lot to think about. So, thank you for sharing your insights on this. And we hope to have you back on tech lyceum.
Yes, thank you, Ajay. Thank you, Mouli. I'm sure your words have given everyone listening in a lot to think about. So, thank you for sharing your insights on this. And we hope to have you back on tech lyceum.
Speaker – Mouli -13:46
Thank you very much, Neerja. Thank you.
Thank you very much, Neerja. Thank you.
Running Music –13:48
This is tech Lyceum podcast from Birlasoft.
This is tech Lyceum podcast from Birlasoft.
Speaker – Neerja - 13:57
Once again, some food for thought on tech lyceum. I hope you gained a lot of insights. And we'll be covering many more trends as we progress. So join us again next time. Bye.
Once again, some food for thought on tech lyceum. I hope you gained a lot of insights. And we'll be covering many more trends as we progress. So join us again next time. Bye.
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