Sime Curkovic on LinkedIn: WMU student wins scholarship for excellence in supply chain | 13 comments (2024)

Please check out my article that was published inSupply Chain Management Review. I've described findings from research regarding how companies employ price indexing and economic adjustments for inflation protection, and the challenges that they have to overcome when implementingsuch measures. As you'll see, much is done today manually on massive spreadsheets. Powerful technology based solutionsthat require no-code allow process automation are available, but are very rarely implemented,by organizations small to large. Implementing such solutions can address many of the issues seen in today's SCM organizations that manage price indexing in their supplier agreements (over 70% of new contracts based on a recent study...). Some Practices that Can Make Your Commodity Related Supply Chain Job More Fun and Rewarding: https://lnkd.in/gwPfkdkK.#procurement #supplychain #riskmanagement #inflation #processautomation #priceindexing

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60% of the US workforce is employed by a family-owned business. I have a former supply chain student that works for a small company.He does everything on the slide below.He is basically their VP of SCM and he reports directly to the owner.I have other students that work for VERY large companies & they only do one of the dots on the slide.In fact, they might only do a portion of the dot or support someone who actually does the dot. My point, there is so much to be done & learned at smaller firms.Please consider opportunities at smaller firms so that you can get a lot of broader all encompassing complete enterprise cross functional work experience (i.e., a job that allows you to wear many different hats). FYI: just got this message from my former student above - "We are in the process of acquiring a company.Getting to add some M & A experience to the toolbox (another benefit of small company)."__Small-business employees are satisfied, and they feel their opinions matter at work. Almost all employees surveyed say they are satisfied working for a small business, with59% saying they are very satisfied and 36% responding they are somewhat satisfied; only 2% responded that they are very unsatisfied. https://lnkd.in/gb9H-3AK. Why small businesses have the happiest employees: https://lnkd.in/gF8iw5cT. A recent Zenefits study of more than 700 small-business employees found significantly high levels of job satisfaction among respondents. Despite the way that the pandemic disrupted their work, 71% said they felt “very excited” or “somewhat excited” about their job. https://lnkd.in/gzeUX6Cy *60% of the US workforce is employed by a family-owned business.*78% of all new jobs in the US are created by family-owned businesses. *30% of family businesses make it through the 2nd generation, 10-15% through the 3rd, & 3-5% through the 4th. https://lnkd.in/gJ5T8Tzc.___These reads are classics on the topic offamilybusiness.There are surprisingly few "great" books onfamilybusiness & succession.Many show up on Amazon, but they mostly repeat the basics that are laid out well in the following 3 books: https://lnkd.in/gax9VeFn.

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Full Global Report 2024 (U.S., Canada, Europe, India): “The annual report found that supply chain professionals continue to benefit from a solid job market, reflected in another year of significant salary increases. Building on the momentum from 2023, respondents saw their average salaries increase by 8% this year.”https://lnkd.in/eesDsXq2“The report found that the median compensation for supply chain professionals reached a major milestone, hitting a record-breaking $103,000. Additionally, supply chain professionals with degrees reported a significant salary premium of $25,000 above the national average, and individuals with at least one supply chain credential earned a median salary 10% higher than their non-credentialed colleagues.”“Additional findings from the 2024 Supply Chain Salary and Career Report include: • ASCM's APICS certifications translated to an 18% salary boost compared to those without the certification • The job search remains efficient, with 29% finding their new role within the first month • The global workweek for supply chain professionals leans towards balance, with roughly 72% averaging 35-45 hours • Salary gaps are re-emerging, particularly among professionals with less than four years of experience.”https://lnkd.in/eBc7hvk9"Of note from the survey was that 70% of respondents globally indicated their salary increases haven’t kept pace with inflation. That number was 77% in Canada, 66% in Europe and 70% in the U.S." Great summary...Supply chain salaries top $100K for first time, Annual ASCM survey finds median compensation is now $103,000: https://lnkd.in/eUnwdwcu.Here was the 2023 salary report: https://lnkd.in/eatBKyc7.More salary data: https://lnkd.in/ezRnb7TG.Some Practices that Can Make Your Commodity Related Supply Chain Job More Fun and Rewarding ($$$): https://lnkd.in/eUfxt_P9.

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“The annual report found that supply chain professionals continue to benefit from a solid job market, reflected in another year of significant salary increases. Building on the momentum from 2023, respondents saw their average salaries increase by 8% this year.”https://lnkd.in/eesDsXq2“The report found that the median compensation for supply chain professionals reached a major milestone, hitting a record-breaking $103,000. Additionally, supply chain professionals with degrees reported a significant salary premium of $25,000 above the national average, and individuals with at least one supply chain credential earned a median salary 10% higher than their non-credentialed colleagues.”“Additional findings from the 2024 Supply Chain Salary and Career Report include: • ASCM's APICS certifications translated to an 18% salary boost compared to those without the certification • The job search remains efficient, with 29% finding their new role within the first month • The global workweek for supply chain professionals leans towards balance, with roughly 72% averaging 35-45 hours • Salary gaps are re-emerging, particularly among professionals with less than four years of experience.”https://lnkd.in/eBc7hvk9"Of note from the survey was that 70% of respondents globally indicated their salary increases haven’t kept pace with inflation. That number was 77% in Canada, 66% in Europe and 70% in the U.S." Great summary...Supply chain salaries top $100K for first time, Annual ASCM survey finds median compensation is now $103,000: https://lnkd.in/eUnwdwcu.Here was the 2023 salary report: https://lnkd.in/eatBKyc7.More salary data: https://lnkd.in/ezRnb7TG.Some Practices that Can Make Your Commodity Related Supply Chain Job More Fun and Rewarding ($$$): https://lnkd.in/eUfxt_P9.

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Prepping for Fall classes already…Should we be teaching Linear Programming to SCM students? Great read: Supply Chains Can’t Find Talent With The Right Skill Sets…https://lnkd.in/gMe5MPBP. Notice the reference to "optimization"… “When it came time to identify what the issues to hiring are, 64% said finding the right skill set as the top challenge, followed by 58% citing a talent shortage in data analytics, optimization, automation, etc.” The context mentions challenges in "optimization." Linear programming is a fundamental tool for optimization. In various industries, including supply chain, LP can be employed to make the most efficient use of resources. For instance, how to allocate limited resources to meet demand or how to schedule production to minimize costs. It is making me rethink how much time I dedicate to mathematical optimization techniques as it has done nothing but fade in my teaching content.Note, my students major in SCM and tend to go into very different cross functional career paths (largely procurement of late) that typically do not require these types of skill sets.I do have some former students on the planning side that find value in this. From chatGPT (note, chat did not make my slides below - I wish though, it is from the 1990s - so many hours): Here are reasons why LP should be taught to SCM students: Optimization Skills: LP helps students develop optimization skills, enabling them to make better decisions in complex supply chain scenarios. They learn how to formulate mathematical models, identify objectives, & incorporate constraints to find optimal solutions. These skills are crucial for effective supply chain planning, resource allocation, and decision-making. Cost and Resource Mgmt: LP techniques allow students to optimize costs and resource allocation within the supply chain. They learn how to minimize costs, maximize profits, or achieve other objectives by considering constraints such as capacity limitations, demand variations, and inventory levels. This knowledge helps them make efficient use of resources, reduce wastage, and improve overall supply chain performance. Demand and Supply Matching: LP can assist in matching demand w/ supply efficiently. By understanding how to balance production capacity, inventory levels, transportation constraints, and customer demand, students can optimize production schedules, inventory mgmt, and transportation planning. Decision Support: LP provides students with a powerful decision support tool. By incorporating real-world constraints and objectives into mathematical models, they can analyze different scenarios, conduct sensitivity analysis, and evaluate trade-offs. Overall, teaching LP to students majoring in SCM enhances their analytical capabilities, decision-making skills, & ability to optimize supply chain operations. It equips them with a valuable toolset to tackle real-world challenges and contribute effectively to the field of SCM.

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Here is my slide deck on Negotiation from the 1990s. I used to pack this into one class. Now, every WMU Supply Chain major has to take an entire course on Global Negotiation. Why? Industry asked us to. It is our fastest growing class.Thank you Dr.James Eckert! See his 1 page cheat sheet at the end of the slide deck. Note:my students go into “buyer” roles VERY early on in their careers (it often gets built into their job rotations).However, the supplier sales rep on the other side of the table is not early in their career (they often have > 10-20 years, if not more, work experience).So, LEARN to negotiate! Hint, use data.Today, over 70% of current suppliercontracts have price increase provisions. Here are some Practices that Can Make Your Commodity Related Supply Chain Job More Rewarding: https://lnkd.in/eUfxt_P9.I have asked a lot of SCM managers how they “prepare” to negotiate price increase requests from their suppliers. In particular, I was curious about how and where they get their data from (i.e., CME, COMEX, etc.). Many said their suppliers provide that information. I am not convinced that using data from your suppliers is a form of “Preparation” for negotiation.Almost 1/2 of U.S. employees do not feel confident in their negotiation skills… > 40% don't feel confident in their negotiation skills, while a 1/4 admit to never having negotiated at all in the workplace, per a LinkedIn survey.The results revealed that men feel more confident about negotiating than women, with 37% of males feeling self-assured in their abilities, compared with just 26% of females.Of the 8 countries examined, workers in the U.S. are the most anxious negotiators. My theory: lack of formal training & we throw them into these roles too soon.The Institute of Supply Management identifies negotiation as the most important skill of SCM professionals & yet the weakest in terms of delivery. However, not at WMU. In fact, our supply chain majors take the class with Sales majors! Do you see the synergy?Our case-based negotiation course is taught in conjunction with students from our partner universities in Germany (w/ students from all over the world). You will gain strong knowledge about the negotiation process through lectures & associated quizzes & then will apply the knowledge with LIVE student-to-student negotiation experiences.Global NegotiationThis course is designed to be a "learning laboratory" for developing negotiation skills. The course will focus on the negotiation process & how individuals can understand & thus shape that process to achieve more desired outcomes. Negotiation will be explored with a global orientation so that students can understand the impact of culture & business climate on the negotiation process. The course will use multiple cases w/ students negotiating these cases to reinforce the concepts they learn.

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FYI:more of my old school teaching material. My overhead transparencies from the 90s are NOT available upon request (they are lost).Yes, most of this is still VERY relevant today. Even “AI” agrees. See last 3 pages for list of chat prompts that could facilitate research on supplier selection.Feel free to use as you wish…teaching material on the complex, yet essential topic of "Supplier Selection". Why? Comprehensive research on supplier selection in procurement is critical. It helps make informed decisions that align with organizational strategies, ensures high-quality and cost-effective sourcing, and minimizes supply chain RISKS. Note, post-covid, we learned that a VERY large amount of industrial material procurement was being single-sourced, often unknowingly (seriously), posing significant disruptions and underlining the importance of SCM risk mitigation strategies (i.e., SUPPLIER SELECTION).Great reads for supply chain students (and managers)…This is a great read if you need an auto industry SCM 101 tutorial: Modeling Total Delivered Cost in the Automotive Industry…https://lnkd.in/gWi3rKnPIn our program we try to teach SCRM in the context of faculty research streams such as ISO 31000, COSO’s Enterprise Risk Mgmt Framework, FMEA (as a SCRM tool), etc.: https://lnkd.in/gX3BhnjQToday, over 70% of current suppliercontracts have price increase provisions. Here are some Practices that Can Make Your Commodity Related Supply Chain Job More Rewarding: https://lnkd.in/eUfxt_P9.Vertical Integration, are we coming full circle? My thoughts:https://lnkd.in/egYTXmaXBreak-even calculation: https://lnkd.in/gDr7DhJx.Supplier Cost Breakdowns and How to Negotiate Price Increases:https://lnkd.in/eNwEi9BfThe Make or Buy Decision:https://lnkd.in/g5wMsSVeSCM Contracts 101:https://lnkd.in/gYnuNqQX

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FYI:here is some of my old school teaching material. Yes, I have copies on overhead transparencies from the 90s.Warning, most of it is still VERY relevant today. Feel free to use as you wish…teaching material on the complex, yet essential topic of "Factors Influencing the Make/Buy Decision". This often overlooked concept is a vital aspect of strategic management and business operations. This provides a comprehensive understanding of the many factors at play, including cost considerations, core competencies, capacity, quality control, and more. Make more informed decisions on whether to produce goods or services in-house or to procure them from external sources. Whether you're a student, a young entrepreneur, or an experienced professional seeking to deepen your understanding, this material MIGHT be helpful. Note, this was designed for consumption by 20 year olds.Great Reads…Vertical Integration, are we coming full circle? My thoughts:https://lnkd.in/egYTXmaXBreak-even calculation: https://lnkd.in/gDr7DhJx.Supplier Cost Breakdowns and How to Negotiate Price Increases:https://lnkd.in/eNwEi9BfToday, over 70% of current suppliercontracts have price increase provisions. Here are some Practices that Can Make Your Commodity Related Supply Chain Job More Rewarding: https://lnkd.in/eUfxt_P9.

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I used to pack Contract Management into one class during the 1990s. Now, our supply chain students can take a customized legal & adv contract mgmt course. They take LAW 4860 so that they can learn the terms & conditions associated w/ buyer-supplier contracts.The instructors are actual lawyers & they customize the class for SCM students. Today, over 70% of current suppliercontracts have price increase provisions. Here are some Practices that Can Make Your Commodity Related Supply Chain Job More Rewarding: https://lnkd.in/eUfxt_P9.LAW 4860 - Marketing and Sales Law: The course examines the law as it applies to the sale of goods, warranties affecting such sales and the methods of financing those sales. Legal obligations imposed upon & risks assumed by the seller are emphasized.FYI: a great discussion on ChatGPT browser extensions that reads Terms and Conditions and identifies non-standard items: https://lnkd.in/gKJ6gXgK & https://lnkd.in/gt_9q-WM. POs & Advanced Contract Management (now they expect you to be lawyers?!) Does a law degree make sense in Supply Chain https://lnkd.in/eE25asKhttps://lnkd.in/gn5wpJpwhttps://lnkd.in/gWhwkb-ihttps://lnkd.in/g9W9sjUc The Bad Actors of OEM Procurement…When sending out a request for quote (RFQ), original equipment manufacturers have the option of soliciting bids either on individual parts or parts packages as a whole. This latter practice is often referred to asbundling: https://lnkd.in/gy7DBU6U.

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