by Elizabeth Hines | Apr 25, 2016 | Blog, Strategy, Supply Chain
Image source: tomicpasko | Flickr
They are your employees. They are your customers. Pretty soon, Millennials will be the supply chain.
As Millennials now outnumber Generation X and Baby Boomers in the workforce, shifts in ideas and processes were inevitable. But this generation is having an even more palpable impact: They are reshaping the economy as we know it, forcing businesses to reexamine traditional methods of buying and selling to accommodate their unique preferences and experiences.
A 2014 survey found that 46% of B2B buyers were Millennials, and that number is on the rise. Their preferences and behaviors are having a noticeable impact on B2B buyer behavior as a whole. In short, the supply chain should be prepared to change the way business is conducted to account for this generation’s impact.
Who are Millennials?
The term “Millennials” describes the generation of Americans born between 1982 and 2000. The more than 83 million Millennials represent a quarter of the US population, and are more diverse than any previous generation, with 44.2% being a part of a minority race or ethnic group.
Millennials are generally highly educated, though often underemployed and saddled with debt. They are digital natives who are decidedly collaborative by nature. Having grown up in a time of rapid technological advancement, their expectations and priorities are much different than previous generations. They’re delaying marriage and parenthood in favor of higher education and travel, fueling their strong sense of optimism. And they generally are reluctant to make major purchases — like homes, cars, and even music — instead favoring services that provide access to products without ownership, fueling the growth of the collaborative economy.
Ads be gone
Bombarded with over 5,000 marketing messages a day, every day for their entire lives, Millennials are able tune out traditional advertisements. They are turned off by direct sales pitches and much prefer word-of-mouth recommendations or joining communities around brands they like to learn about products and services. They are easily incentivized and want to be rewarded for their brand loyalty with things like discounts, access to information, and personalized communications.
Reshaping retail
Millennials are highly attached to technology. More than half go online multiple times per day, while more than a third (36%) report going online “almost constantly.” Approximately 90% are active on at least one social media network. They expect brands and businesses to have a digital presence and engage with them online — especially if they have a complaint or problem.
Having the internet at their fingertips shapes how Millennials shop. Their constant access to product information, user reviews, and price comparisons allows them to favor brands and products that offer maximum convenience at the lowest cost. Catering to their proclivity for the best for the least, giant retailers like Amazon have reset expectations for shipping times, availability, and price.
Millennials have taken shopping mobile. Around 92% will use a mobile device while they shop, and 78% will use an app to shop. And the revolution is far from over : Artificial intelligence, robots, and drones represent a new wave of technology that many tech companies, driven by Millennial innovators, are just a short step from achieving.
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by Elizabeth Hines | Apr 21, 2016 | Blog, Marketing, Social Media, Strategy, Supply Chain
Fronetics’ new report explores the adoption of social media within the logistics and supply chain industries. Learn why your company is at a disadvantage if you are not participating.
It is estimated that over $1 trillion annually could be realized across the value chain through the use of social technologies. Yet companies in the logistics and supply chain industries have lagged behind when it comes to social media participation. The question is: why?
In short, many companies within these industries did not realize that their customers, employees, and competitors were leveraging social media to conduct business. In today’s world, the exponential growth of social media platforms is largely fueled by commercial activity. Consumers and corporations alike are increasingly turning online to do research and make purchases. This holds true for both the B2C and B2B sectors. In fact, a dominant 88% of B2B marketers are using social media in their marketing programs.
Companies within the supply chain and logistics industries, however, have begun to recognize the value of social media — and are starting to reap the benefits. Both large and small businesses alike can profit from the use of social technologies as part of their marketing strategy, and they can reduce their marketing costs by doing so.
About the report
This report offers an overview of social media and social technologies. It identifies users and usage patterns, and describes some of the benefits which companies within the logistics and supply chain industries can realize through participation. Further It offers insight into how businesses are using social media and some strategies for measuring ROI.
Learn more about how your company can benefit by participating in social media by downloading the report below.
by Elizabeth Hines | Apr 20, 2016 | Blog, Strategy, Supply Chain, Talent
Seek out candidates with these skills and experiences when hiring new supply chain talent.
Your business is growing, and it is time to hire. That means facing the challenge and overcoming the fact that there is a dearth of supply chain talent. Growth is very common right now, as job titles evolve and shift due to the rapid changes in supply chain management and new technological requirements. So more talent is in demand as many businesses try to remain competitive.
According to Supply Chain Brain, managing how you seek and acquire supply chain talent can either make or break your company’s success. One study revealed that only half of organizations surveyed had a talent-management program, and 80% thought that the program was a priority for their business. But, that leaves a large segment of companies that are not managing talent like it is a priority, and that can be a critical issue when business is growing.
There are, of course, specific things your talent management program should be looking for as it reviews new candidates. Here are some attributes that top the list:
Soft skills
Recruiters typically have a list of about 30 job skills that they look at when reviewing job candidates within the supply chain industry, but soft skills take top priority to produce the most successful new hires. These include: knowledge of basic business ethics, problem-solving skills, and solid communication skills. These can be identified through the talent’s past job experience, references, and responses to key questions during the interview process.
Supplier and inventory management experience
Look for previous experience and direct knowledge of supplier management and inventory management. These are typically a critical component to a hire’s skill set.
Financial management proficiency
Financial management training is a huge plus. Maybe the talent didn’t crunch numbers daily in their prior position, but there should be indications that he or she definitely has a good understanding of how to utilize data to make solid business decisions.
Demonstrated interest
Seek talent that demonstrates interest, enthusiasm, energy, and passion for the position they are hoping to fill. For example, they have researched and show knowledge about your specific company and how their skills will benefit the organization.
Education
Try to find candidates that possesses university training or certifications. Specific things to look for include participation in projects involving problem-solving and a basic understanding of financial management.
Mentorship
Look for applicants that have been mentored by supply chain professionals or took part in an internship for career development.
Data and technology knowledge
A candidate with training in supply chain data-driven technology should catch your eye.
“Fit”
Look at talent that aligns with your organization’s objectives. According to SCM Talent Group’s founder and talent recruiter, Rodney Apple, every supply chain is different, especially in size, scope, and complexity, so the talent you hire should be a good match for your specific organization.
Varied experience
Seeks someone with knowledge and/or experience spanning multiple functions within the supply chain.
Results-oriented track record
Ask candidates to not only list their previous job responsibilities, but to quantify their results. Look for someone who can produce a few examples of projects in their resume, with results, where they have had to work with other supply chain departments, suppliers, and/or service providers.
Female candidates
Also, look for female talent for traditionally male-dominanted roles. Women tend to be strong in many of the soft skills needed for the future of SCM. According to Shanton J. Wilcox, vice president, North America, and lead for logistics and fulfillment at Capgemini, “Many so-called tactical jobs will be replaced by positions requiring more interpersonal and relationship management skills.”
Transferable experience
Also, be open-minded when it comes to considering top talent from other fields/industries. Many candidates in other professions have very transferable skill sets for careers within supply chain.
With the present challenges in securing supply chain talent to fill required positions, it may be time to shift your approach. Examine your staffing forecast, know your company’s specific trends/needs from historical data, create a talent management program, and then look at candidate pipelines that can fulfill your frequent hiring needs. Companies that perform the best are the ones that treat the recruiting department like a strategic, value-added program.
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by Elizabeth Hines | Apr 19, 2016 | Blog, Strategy, Supply Chain, Talent
Looking for talent? Try recruiting from these top-rated programs and schools.
Recently U.S. News & World Report released its annual rankings, including the top supply chain and logistics MBA programs. Of course, U.S. News is not the be-all end-all. But this list gives companies in the supply chain and logistics industries an idea of where some of the brightest graduates, who will be seeking employment in the upcoming months, will be coming from.
We have talked before about the importance of recruiting and strengthening the relationship between academia and the supply chain industry as means to solve the growing talent gap. If your company is looking to hire, consider strengthening your rapport with schools that offer supply chain programs or specialties.
U.S. News 2017 Top Supply Chain Management/Logistics MBA Programs
#1 Michigan State University
#2 Massachusetts Institute of Technology
#3 (tie) Ohio State University
#3 (tie) Pennsylvania State University
#5 (tie) Arizona State University
#5 (tie) University of Tennessee – Knoxville
#7 Carnegie Mellon University
#8 University of Michigan – Ann Arbor
#9 Purdue University
#10 University of Maryland – College Park
#11 University of Texas – Austin
#12 (tie) Georgia Institute of Technology
#12 (tie) University of California – Berkeley
See all 19 schools.
See also: U.S. News 2017 Online Supply Chain Management Master’s Degree Featured Programs
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by Elizabeth Hines | Apr 18, 2016 | Blog, Leadership, Marketing, Supply Chain
Hailey McKeefry began her career in the supply chain industry in 1990 as an intern at EBN. After quickly rising to the position of assistant editor, McKeefry left EBN and the industry to cover enterprise computing. In 2012, she returned to the supply chain and to EBN as managing editor, and in 2014, she was promoted to her current role, editor in chief.
McKeefry’s decision to return to the supply chain industry was driven by the changing perception of the industry and an interest to get involved.
“I saw that the supply chain as a topic was taking center stage in the business world. Companies like Apple, Cisco and others live and die by their supply chain decisions. Clearly, procurement and supply chain now have a seat at the strategic table and are making real bottom-line contributions that are being recognized and valued.”
Four years later, McKeefry remains enthusiastic about the industry and about her role:
“I love the work because it provides an opportunity to talk about people, processes and technology, and to tackle a variety of topics from sustainability and human rights to technology and good business practices. I enjoy the opportunity to create room for important conversations around leveraging new technology, managing risk, and implementing good business practices.”
Women in the supply chain industry
While there remains a gender gap in the supply chain industry, progress has been made. McKeefry is a clear example of progress. Her internship at EBN in 1990 was a “minority internship,” and today, 26 years later, she holds a leadership position within the company.
McKeefry is not alone. At industry events McKeefry sees more female faces than she used to, and she has started to see women in high-powered positions. She points to: Dawn Tiura, CEO of the Sourcing Interest Group (SIG), Deborah Wilson of Gartner, Christina Ruggiero, CPO of Coca-Cola Refreshment, and Jennifer Moceri, senior vice president/chief procurement officer at Tate & Lyle.
In March McKeefry interviewed Fluke Electronics’ Amy Georgi, the first woman to be named the Megawatt winner in the 30 Under 30 Rising Supply Chain Stars recognition program, a jointly sponsored initiative of ThomasNet and Institute for Supply Management (ISM).
McKeefry believes that the changes within the supply chain industry are largely being driven by a “high-level awareness of the importance of closing the gender gap and, more importantly, efforts by many organizations to create opportunities to attract and retain female talent.” Another driving force McKeefry points to is research which shows that organizations with female leadership, or at least a board that has a good gender balance, do better financially.
“Forward-thinking organizations,” points out McKeefry, “are creating opportunities for women by providing mentors and role models, opportunities for advancement, and a chance to think creatively about how jobs are structured.”
“What’s important to note,” McKeefry continues, “is that all of this is also on the wishlist for millennial workers, as well, making it a solid business strategy.”
Despite these positive changes, McKeefry shares that young women still have a hard time finding a female role model and mentor in the supply chain industry. She notes that “it becomes a chicken-and-egg situation of women needing role models before they can become role models themselves.”
What advice does McKeefry have for women considering entering the industry?
“Don’t be afraid to pursue leadership positions and to embrace your own gifts, strengths, and experience to the industry. Make sure that the organization knows (in bottom-line dollars and cents) how supply chain professionals are contributing in strategic ways to the bottom line of the organization, and about how your leadership is part of that. It’s been well documented that quietly contributing doesn’t move a supply chain career forward.”
As a broad generalization, women contribute in unique ways to building the critical relationships within the organization, and that can’t be underestimated. In short, I don’t think women in the supply chain industry should emulate men, but instead should leverage the unique qualities that they bring to the good of the organization.
Relevant articles by McKeefry:
