An important attribute of an MBA graduate, is to ascertain the changing market trends. This skillset can be learnt by exploring the topic – forecasting. We were introduced to forecasting by Dave Food, former Business Development Director, Supply Chain of Oracle and currently the Strategic Director of Prophetic technology. Technology is disrupting the way businesses are functioning and one of the key processes which has demanded the processes to be dealt real-time is supply chain.
Adam Smith, the father of economics, proposed the theory of invisible hand which stated how supply and demand are conversely related, after attaining an equilibrium point. Well if my readers are thinking that’s how the session encapsulated us, well read on !
Mr Dave began the session by sharing his resume as the first slide of the presentation and captured our attention with his indefatigable persona. This resume was a ‘Wordle’, which is an image of key words capturing the entire space. Next, he got the class involved by asking our views about the below excerpt from the CEO of FedEx.
Not only was this an excellent way of stimulating our thoughts, but also an essential element for us to understand that knowledge is an integral element in Strategic value chain. By predicting the market requirements, only can one innovate and align its operations to the business goals. A typical business situation is when revenue plummets while business costs are kept minimal, whereas an innovative business situation can be attained when both revenues and costs are relatively higher. To conclude the session, we got our forecasting right, by completing group real-time forecasting scenario to solve for Mr Dave’s company supply chain.
We are extremely grateful to Dr. Adrian Coronado for arranging this session which helped us in developing a new skillset. 🙂
-Sakeynay (Sammy), Batch of 2017-18