The Buzz for November 4th

Introduction

Morning, Afternoon, and Evening Insights from the Supply Chain Now Team

Welcome to today's edition of The Buzz for November 4th, hosted by Scott Luton and Jake Bar, where we delve into the latest happenings in global supply chain and business. Despite a challenging college football weekend for some, the conversation quickly shifted to key industry updates as we discussed noteworthy stories from the supply chain sector.

Highlights of Today's Episode

3M's Push for Better Delivery Performance

We focused on how 3M has set an ambitious target for on-time delivery, aiming for a 90% performance rate in 2024, up from 84%. CEO Bill Brown acknowledged that poor delivery performance has cost the company business and led to fines. The company has invested in several initiatives to improve supply chain efficiency, including the introduction of metrics for operating equipment efficiency (OEE) and stricter standards for suppliers. These changes have already started to yield results, with on-time full rates improving to 89% in Q3 2024.

AI Use Cases in Supply Chain

Next, we explored an article by Steve Banker in Forbes detailing 25 current use cases for AI in supply chain management. From planning with machine learning to utilizing drones for inventory audits, AI is poised to enhance various operational aspects. An interesting technology mentioned was simultaneous localization and mapping (SLAM), which is expected to revolutionize autonomous truck operations in the near future.

The 6th Annual Wise Future Leaders Symposium

Our special guests today were Dr. Stephanie Thomas, Associate Professor of Supply Chain Management at the University of Arkansas, and her daughter Katherine Thomas, a senior data science and supply chain student. They shared insights about the recent Wise Future Leaders Symposium, an event aimed at promoting diversity and leadership in the supply chain field. With over 30 universities represented, attendees engaged in professional development while learning about various career paths.

Katherine highlighted the importance of personal branding and work-life integration, while Stephanie discussed initiatives planned for Wise, including the upcoming "Wise Beyond" program to support early to mid-career professionals.

Key Takeaways from Stephanie and Katherine

The panel also emphasized the significance of mentorship and support networks for women in supply chain, urging a shift towards creating collaborative environments instead of competitive ones. It was also noted that many young professionals struggle with confidence, and the symposium aimed to provide resources to help build that confidence.

Closing Thoughts

As the episode concluded, the focus turned back to the importance of nurturing talent and creating supportive environments in supply chain management to attract and retain the next generation of leaders.

Keywords

3M
Delivery Performance
AI in Supply Chain
Machine Learning
Autonomous Trucks
Wise Future Leaders Symposium
Mentorship
Personal Branding
Women in Supply Chain

FAQ

What is 3M’s delivery performance target for 2024?
3M aims for a 90% on-time delivery performance rate.

What are some use cases of AI in the supply chain mentioned?
AI uses include machine learning for planning, drones for inventory management, and SLAM technology for autonomous vehicles.

What is the Wise Future Leaders Symposium?
It's an event aimed at promoting leadership and diversity in supply chain management, providing networking opportunities and professional development for students.

How can young professionals gain confidence in their careers?
By participating in mentorship programs and engaging in events that push them out of their comfort zones, like the Wise Symposium.

What initiatives are planned for Wise in the future?
Wise plans to introduce "Wise Beyond," a program to support early to mid-career professionals in the supply chain industry.