BA4101 Temple University Five Tips for Better Demand Planning and Forecasting Discussion Review

The first one:

Exceptional global CEOs have two qualities: international adaptability and universal leadership. International adaptability refers to the ability of the CEO to adapt to the needs of different markets. The best global CEO are adept at tailoring their leadership styles and operations to different countries and regions. Universal leadership qualities allow those CEOs to focus on really critical issues and partnerships. They can bring together many stakeholders: boards of directors, strategic partners, institutional investors, employees, customers, and local governments. Exceptional global CEOs are driven by a strong need for achievement, and they want to continually improve and challenge standards of excellence.

As the first administrative leader of the enterprise, the CEO not only needs to lead the whole team to achieve the short-term and medium goals of the enterprise; It also needs to set the direction for the business strategically.

One of the risks brought by the crisis to enterprises is when faced with a crisis, the executive power of enterprise decisions is insufficient. Perhaps CEOs have thought through how to deal with risk and develop strategies to prevent it.

As a CEO, you should always understand the competition in the industry, carefully and carefully make every choice, and make judgments and analysis in advance for the future industry situation. As a leader in a business, every decision is very important, so it is very important to judge the future.

The second one:

The popularity of globalization has significantly increased over the years for the many benefits that it brings to both a company and the country in which it is entering. However; when entering a new region, a company must understand and respect that specific country’s cultural, political, and economic structure, which comes with a level of nationalism. Depending on a particular country’s stance on globalization, a company may find it very difficult to integrate its own company culture into that of a country that does not necessarily accept globalization.

When a country has a strong sense of nationalism, a company interested in entering that market must respect that about the country and its people. Given that rules and regulations may change in a country in order to fend off company’s trying to enter its economy, a strong consideration of whether a company will be welcomed and able to be successful in that country must be analyzed. If the initial strategy to enter a market does not align with a countries ever-changing policies, then a company must re-adapt new business models in order to comply. To reform a broken strategy, there are quite a few useful tactics that can help including analyzing competitor’s strategy’s, openly- communicating problems within your strategy, and including team members in forming new ideas around an improved strategic plan (Giang, 2012). A strategy is a necessary tool for organizing a company’s future plans, but it is important to remember that these plans are not set in stone and must be able to change at any given time. If not, the strategy probably wasn’t very good from the start, considering it did not account for the unknown.

Adapting to changes in a business environment can seem overwhelming at first, but a few important tips to remember can help to improve the situation and keep it simplistic. For example, Forbes recommends that in order to adapt to changes, you must welcome failure rather than just accept that it can and will happen (Boss, 2015). Another important component of adapting to changes in strategy is to stay focused on the process to reach the goal, rather than just the goal itself (Boss, 2015). The goal can change over time depending on external influences, which is why it is important to closely manage the processes that feed this goal in order to adapt new ones to better support the overall outcome.

In conjunction to continuous changes in a business environment, forecasting is another useful, yet dynamic, component of forming a strategy. While it is important to make a reasonable projection of the company’s outlook, reliability of a forecast is not precisely accurate. Forecasting should be used as a guide to help determine the direction of a company’s future, but the numbers involved should not dictate that is exactly where the company will be. Allowing some variability in the forecast will allow the company to implement strategies along the way that can help to adapt to changes. Some important tips to consider in order to formulate a more useful forecast are as follows: “one size does not fit all, understand the drivers of uncertainty, keep it simple, prepare for change, and expect the unexpected” (Blanchard, 2012). Of all of these tips mentioned, the second one “understand the drivers of uncertainty” is extremely useful internally because it forces you to assess supply chain, manufacturing, demand, and many other variables BEFORE making a forecast (Blanchard, 2012). A lot of times company’s base their forecast on solely on financial data involving sales and revenue, which isn’t a bad thing, but taking into consideration the many other variables that factor into a forecast will help to develop a more reasonable prediction. Perhaps even make multiple forecasts that are based on different data and account for different levels of potential changes in the market and economy that the company might face. Being prepared and accepting all potential changes is key to making a more realistic forecast.

Sources:

Blanchard, D. (2012, May 22). Five Tips for Better Demand Planning and Forecasting. Retrieved from https://www.industryweek.com/companies-amp-executi…

Boss, J. (2015, December 04). 6 Secrets of Organizations That Successfully Adapt To Change. Retrieved from https://www.forbes.com/sites/jeffboss/2015/11/14/6…

Giang, V. (2012, December 13). How To Figure Out If Your Strategy Isn’t Working. Retrieved from https://www.businessinsider.com/what-to-do-when-yo…

 

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