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Stochastic Optimization of Supply Chain Decisions - Ep 156
Stochastic Optimization of Supply Chain Decisions - Ep 156

Stochastic Optimization of Supply Chain Decisions - Ep 156

In a discussion between Lokad's CEO, Joannes Vermorel, and Head of Communication, Conor Doherty, the importance of stochastic optimization and probabilistic forecasting in supply chain management is emphasized. Vermorel explains the concept of stochasticity, where the loss function is uncertain, a common occurrence in supply chain scenarios. He outlines the three ingredients of mathematical optimization':' variables, constraints, and the loss function, and explains that in stochastic optimization, the loss function is not deterministic but randomized. Vermorel also discusses the scalability issues of mathematical optimization techniques for supply chain, which have been a roadblock for four decades. He concludes by emphasizing that stochastic optimization is a crucial aspect often overlooked in supply chain textbooks.

Supply Chain Lectures(More episodes)

On Knowledge, Time and Work for Supply Chains - Lecture 1.7 Jul 5, 2023

On Knowledge, Time and Work for Supply Chains - Lecture 1.7

Supply chains abide by the general economic principles. Yet, these principles are too little known and too frequently misrepresented. Popular supply chain practices and their theories often contradict what is generally agreed upon in economics.

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Pricing Optimization for the Automotive Aftermarket - Lecture 6.2 May 10, 2023

Pricing Optimization for the Automotive Aftermarket - Lecture 6.2

The balance of supply and demand very much depends on prices. Thus, pricing optimization belongs to the realm of supply chain, at least to a sizeable extent. We will present a series of techniques to optimize the prices of a fictitious automotive aftermarket company. Through this example, we will see the danger associated with abstract lines of reasoning that fail to see the proper context. Knowing what ought to be optimized is more important than the fine print of the optimization itself.

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The Supply Chain Scientist - Lecture 7.3 Mar 8, 2023

The Supply Chain Scientist - Lecture 7.3

At the core of a Quantitative Supply Chain initiative, there is the Supply Chain Scientist (SCS) who executes the data preparation, the economic modeling and the KPI reporting. The smart automation of the supply chain decisions is the end-product of the work done by the SCS. The SCS takes ownership of the generated decisions. The SCS delivers human intelligence magnified through machine processing power.

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Guest speakers(More episodes)

Resilience, Risk, and Effective Leadership (with Knut Alicke) - Ep 153 Jan 24, 2024

Resilience, Risk, and Effective Leadership (with Knut Alicke) - Ep 153

Knut Alicke of McKinsey joins Lokad to discuss the need for systematic planning and digital tool utilization, as well as his recent (co-authored) book, From Source to Sold. Alicke emphasizes the importance of visibility and pre-warning systems to detect potential disruptions, and elucidates some of the key ingredients for successful supply chain leadership.

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Large Language Models in Supply Chain (with Rinat Abdullin) Dec 13, 2023

Large Language Models in Supply Chain (with Rinat Abdullin)

In a recent dialogue, Conor Doherty of Lokad conversed with Joannes Vermorel and Rinat Abdullin about generative AI's impact on supply chains. Vermorel, Lokad's CEO, and Abdullin, a technical consultant,discussed the evolution from time series forecasting to leveraging Large Language Models (LLMs) like ChatGPT. They explored LLMs' potential to automate tasks, enhance productivity, and assist in data analysis without displacing jobs. While Vermorel remained cautious about LLMs in planning, both acknowledged their utility in composing solutions. The interview underscored the transformative role of AI in supply chain management and the importance of integrating LLMs with specialized tools.

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The Evolution of Supply Chain Education (with Paul Jan) Nov 22, 2023

The Evolution of Supply Chain Education (with Paul Jan)

Conor Doherty, host of Lokad TV, recently engaged in a discussion with Joannes Vermorel, founder of Lokad, and Paul Jan, a supply chain professor at the University of Toronto. The conversation centered on the evolving field of supply chain management, the role of data, and the importance of education. Vermorel introduced the concept of "wicked problems" in supply chain, highlighting the limitations of Excel and the need for tools like SQL Server. Jan shared his experience transitioning from Excel to more programmatic options, praising Lokad's tool, Envision. Both emphasized the need for industry disruption and the importance of education in supply chain management.

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Supply Chain In 3 Minutes(More episodes)

Forecast Value Added - Supply Chain in 3 minutes Oct 25, 2023

Forecast Value Added - Supply Chain in 3 minutes

Conor Doherty, Lokad's technical writer, discusses Forecast Value Added (FVA), a diagnostic tool for evaluating the value of each step in the forecasting process. FVA integrates insights from various departments to enhance forecasting precision. Doherty notes that FVA presumes that greater forecasting accuracy is always beneficial, which is not always the case. He suggests that the focus should be on reducing monetary error rather than pursuing greater accuracy. He concludes that FVA could be used as a competence test, but does not validate the routine use of non-specialists for forecasting input.

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Backorders - Supply Chain in 3 minutes Aug 30, 2023

Backorders - Supply Chain in 3 minutes

Backorders are purchase orders made to the supplier for products that are already out of stock from a given location being served. Backordering is the process of selling inventory that the company doesn’t currently have on hand, and can therefore only take place when the demand is captured in a formal manner.

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Inventory Control - Supply Chain in 3 minutes Aug 23, 2023

Inventory Control - Supply Chain in 3 minutes

Inventory control encompasses all the processes that support the supply, the storage, and the accessibility of items in order to ensure their availability while minimizing inventory costs. It can be split into two major areas. The management of inventory and the optimization of inventory. When managing the inventory, the goal is to sustain a high productivity for all inventory operations.

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Supply Chain science and tech(More episodes)

Stochastic Optimization of Supply Chain Decisions - Ep 156 Feb 21, 2024

Stochastic Optimization of Supply Chain Decisions - Ep 156

In a discussion between Lokad's CEO, Joannes Vermorel, and Head of Communication, Conor Doherty, the importance of stochastic optimization and probabilistic forecasting in supply chain management is emphasized. Vermorel explains the concept of stochasticity, where the loss function is uncertain, a common occurrence in supply chain scenarios. He outlines the three ingredients of mathematical optimization':' variables, constraints, and the loss function, and explains that in stochastic optimization, the loss function is not deterministic but randomized. Vermorel also discusses the scalability issues of mathematical optimization techniques for supply chain, which have been a roadblock for four decades. He concludes by emphasizing that stochastic optimization is a crucial aspect often overlooked in supply chain textbooks.

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Traditional Jobs vs AI in Supply Chain - Ep 155 Feb 8, 2024

Traditional Jobs vs AI in Supply Chain - Ep 155

Join us for a special live episode of LokadTV (with audience Q&A) where Joannes Vermorel (Lokad CEO) will discuss the honest impact of AI on supply chain jobs. You can submit your questions at any point during the discussion! Just like sabermetrics signaled the demise of traditional baseball management, AI will automate an enormous amount of the tasks currently performed by humans in inventory management. As an early adopter of AI in supply chain, Lokad is in a unique position to comment on this important transition (and how to prepare for it).

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RFP Madness - Ep 154 Jan 31, 2024

RFP Madness - Ep 154

Joannes Vermorel challenges the conventional wisdom of procurement processes, questioning the necessity of RFIs, RFPs, and RFQs. He argues these documents are more habitual than essential, suggesting that procurement involves both indispensable and arbitrary steps.

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Industry deep dive(More episodes)

A day to day exhibition of Lokad usage in a MRO company (with Rodrigo Pineda) Feb 14, 2024

A day to day exhibition of Lokad usage in a MRO company (with Rodrigo Pineda)

In a conversation revealing the intricacies of aviation MRO supply chain management, Baptiste Miceli of Lokad and Rodrigo Pineda of MRO Holdings discussed the challenges of standardizing inventory planning across diverse operations. Pineda detailed efforts to harmonize procurement strategies and risk management for MRO Holdings, emphasizing the need for profitability in their standalone operations. Lokad's tailored software solutions aided in creating a unified material planning process, despite the volatility of demand in the MRO industry. Their event-based forecasting provided a clearer prediction model, leading to satisfaction and a commitment to ongoing improvement in managing the ever-changing supply chain landscape.

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MRO Holdings' Quantitative Supply Chain Revolution (with Ricardo Alvarez Henao) Nov 29, 2023

MRO Holdings’ Quantitative Supply Chain Revolution (with Ricardo Alvarez Henao)

In a recent dialogue, Ricardo Alvarez Henao, Supply Chain Director at MRO Holdings, shared insights on the aviation MRO sector with Luciano Lisiotti of Lokad. Alvarez Henao emphasized the importance of anticipation and visibility in supply chain risk management, noting that inaccurate forecasts could lead to operational delays or surplus inventory. He also highlighted emerging trends in the MRO industry, including a post-pandemic bounce back, a trend towards partnerships, and the increasing complexity of demand. Alvarez Henao stressed the importance of embracing volatility and complexity, and the usefulness of probabilistic demand planning and forecasting. He concluded that while the MRO sector is more complex than the fast-moving consumer goods sector, the principles of leading a supply chain are similar.

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Quantitative Supply Chain: What our clients think Nov 28, 2023

Quantitative Supply Chain: What our clients think

Lokad is fortunate to collaborate with many significant clients across a diverse range of verticals. The challenges each client faces are unique and thus require tailored, programmatic, and automated solutions. Hear what some of our clients have to say about their quantitative supply chain solutions!

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French tech(More episodes)

The future of supply chain practice - Discussion with Joannes Vermorel at the Ecole des Mines de Paris (French) Jan 10, 2024

The future of supply chain practice - Discussion with Joannes Vermorel at the Ecole des Mines de Paris (French)

Recorded at Paris' Ecole des Mines in summer 2023, Lokad CEO and founder, Joannes Vermorel, explains the quantitative supply chain perspective in detail and how it will shape the future of supply chain practice.

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Innovating Inventory management at Celio with Julie Schaf Sep 13, 2023

Innovating Inventory management at Celio with Julie Schaf

In this interview recorded in spring 2023 at a Celio store in Rosny-sous-Bois, Joannes Vermorel (founder of Lokad) and Julie Schaf (Supply Chain Director at Celio), discuss their ongoing supply chain optimization partnership. Schaf praises Lokad's approach, which differs from traditional tools by focusing on product value, optimizing shortage management, and offering high responsiveness to evolving needs. She points out that Lokad anticipates shortages and prioritizes the dispatch of high-performing products to the most profitable stores for each given item. Their close collaboration facilitates rapid adaptation to required changes, generating beneficial economic and operational impacts for Celio.

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Stock Optimization at Air France Industries with Stephan Lise Jul 26, 2023

Stock Optimization at Air France Industries with Stephan Lise

Recorded in the autumn of 2022 at Air France's aircraft engine repair facilities, the interview features Stéphan Lise and Joannes Vermorel discussing "Prognos for Inventory", a collaborative tool between Lokad and Air France for optimized stock management in the aerospace industry. They emphasize the complexity of the sector, especially the prediction of needs for expensive parts. The tool proved crucial during the COVID-19 crisis, quickly adapting operations. Mr. Lise highlights the agility of Prognos for Inventory compared to other enterprise solutions, emphasizing its ability to adapt to user processes while allowing effective inter-process communication.

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