Supply & Demand Chain Executive 2020

 

Vancouver, BC (June 18, 2020) – NorthFind Management, a Vancouver-based management consultancy with a focus on value chain optimization, is honoured to be a recipient of an SDCE 100 Award from Supply & Demand Chain Executive, a leading business technology publication for supply chain executives. NorthFind joins global industry leaders including UPS and Novartis as one of 2020’s honourees.

SDCE recognized NorthFind for its recent study that demonstrated the impacts of unconscious biases and heuristics on demand planners, and identified that with proper understanding, intervention and screening, every aspect of the demand planning process can be improved. NorthFind combined behavioural economics and demand planning best practices to better understand how planning and forecasting processes are human-centric and concluded that it is crucially important that biases and heuristics be identified and mitigated to improve forecast accuracy.

“Decision-making and behavioural economics research has proven that while humans can make rational decisions, we are consistently influenced by unconscious biases and heuristics,” says NorthFind Management CEO Jonathon Karelse. “Left unidentified and unmitigated, these biases will undermine demand planning and forecasting performance.”

NorthFind studied 500 planners and non-planners from across the globe and concluded the prevalence of biases and heuristics were high, and their impact on performance significant. In fact, over 90 per cent of planners exhibited persistent and substantial biases. To mitigate against these tendencies, the study outlined four key recommendations to demand planners and supply chain organizations:

  • Test for individual biases. Making unconscious biases conscious allows for corrective action to be taken.
  • Employ standardized demand planning and forecasting processes – including Forecast Value-Add, measuring human overrides and decisions.
  • Train consistently on best practices, including behavioural economics, biases and heuristics.
  • Create a diverse team with robust technical skills and differing personalities.

The SDCE 100 spotlights successful and innovative projects that deliver bottom-line value to small, medium and large enterprises across the range of supply chain functions.

“Innovation is essential in driving the supply chain industry forward, and thanks to these valuable partnerships, companies of all sizes are able to achieve success in projects that matter,” says Marina Mayer, editor for Supply & Demand Chain Executive. “From business intelligence systems and supply and demand planning to inventory reduction and procurement solutions, the SDCE 100 offers proof-of-concept that with the right planning and execution, anything is possible.”

“We are honoured to receive this award alongside our peers. It is gratifying to see that our approach is proving valuable to the industry,” says Karelse.

The full list of SDCE 100 recipients for 2020 can be found on the Supply and Demand Chain Executive website.

About NorthFind Management

NorthFind is a global management consultancy with a focus on value chain optimization, Sales and Operations Planning, and forecasting and predictive analytics. We provide leading-edge insights driven by actionable analysis and real-world solutions.

About Supply & Demand Chain Executive

Supply & Demand Chain Executive is the executive’s user manual for successful supply and demand chain transformation, utilizing hard-hitting analysis, viewpoints and unbiased case studies to steer executives and supply management professionals through the complicated, yet critical, world of supply and demand chain enablement to gain competitive advantage. www.SDCExec.com.

 

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Monica McMahen
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