Globalization increases access to more suppliers but also increases the chance of supply chain disruption. Domestic suppliers aren't immune, either: risk can range from government regulation to political unrest to a supplier's financial instability. All of these events can sideline your business.
Part of preparation is having a game plan for various scenarios and testing that game plan. Think through what can happen and have several solutions for each possibility. "A good company recognizes that early stages of disruption are different than later stages of disruption, almost like a decathlon. You do different things in different stages," Azadegan said.
With so much of the election talk focusing on Wall Street, it's easy to overlook issues that are important to the small-business community. Small businesses are responsible for two-thirds of new job growth, meaning what affects them has big consequences for our whole economy. And there's more at stake than just economics. "It's not just about job creation," Professor Jeffrey Robinson told Marketplace reporter Mark Garrison. "It's about what small business owners do in the local community."
As evidence that big things may be coming to audit, the World Economic Forum undertook a "Technological Tipping Points" survey in 2015 to try to understand when several major technology-driven business and social changes might actually take place. Over 800 executives were asked, in one of the questions, when they thought that "30 percent of corporate audits would be performed by AI (artificial intelligence)."
Seventy-five percent of the respondents thought that this particular tipping point would be reached by 2025.
Of course, this prediction leaves a lot up in the air. Why 30 percent? And is the supposition that no humans will be involved at all?
I strongly doubt the latter point, but I do believe that audits are moving to become much more continuous, analytical, and at least semi-automated. But I'm quite confident that human auditors will be involved in 100 percent of audits by 2025 and for a long time thereafter.
The world of manufacturing is at the start of its Internet of Things (IoT) ascent. Though author, David Turbide, reports in "Manufacturing Embraces the Industrial Internet of Things," that the IoT, also known in manufacturing as the Industrial Internet of Things (IIoT), is a "logical extension of automation and connectivity that has been part of the plant environment for decades, primarily in the area known as machine-to-machine (M2M) communication" there is still much to learn.
With IoT in the mix, companies can engage in on-demand manufacturing at a higher level than ever before, states Kevin Lyons, associate professor in the Department of Supply Chain Management / Supply Chain Archeology Lab at Rutgers Business School. "In the past, manufacturers just produced as much product as they possibly could, and if they didn't sell everything, then they had a piled up inventory. Obviously that's a big expense. With IoT's predictive analytics capabilities, you can pinpoint what production is needed, where and how much, in real time."
He adds that with the right amount of IoT in place, and a streamlined supply chain, companies can trim costs from the manufacturing process, reinvest that money into additional technological advances, which in turn will save money on the labor side.
The earthquake that could shake Europe if the United Kingdom votes to exit the European Union could be felt in New York. But not all of the repercussions would necessarily be bad.
The price of New York real estate could rise as investors look for safe havens against the threat of a global recession.
"If Britain leaves the European Union, the future of the EU is in doubt," said Morris Davis, a professor of finance and economics at Rutgers Business School. "A heightened sense of risk and volatility drives up the price of any asset that's viewed as safe." In addition, he added that a possible global recession stemming from the Brexit could pose a countervailing force to rising real estate prices.
In a first-ever study of the economic impact of clinical pharmaceutical trials in New Jersey, BioNJ and its partners found that these drug trials create 3,750 jobs and $779 million in economic output, the trade association announced Thursday.
BioNJ, in collaboration with the Rutgers Business School and the university’s Edward J. Bloustein School of Planning and Public Policy, conducted the "Economic Impact Study of Clinical Trials Activity in New Jersey" to measure the value delivered to the health care system through the conducting of these tests.
“There’s debt by design. And debt by design, largely for women of color. Race and gender matter, in terms of the kind of debt that people are trapped in,” said Trina Scordo.
Scordo calls that “pinklining” and New Jersey Communities United produced a report about it with two other agencies. It says African-American women are 256 percent more likely to get subprime loans than their white male counterparts. Sixty percent of payday loans are made to women with average interest rates of 400 percent. And Scordo says education lenders often target minority women to take on unpayable debts, promising a better life.
“It doesn’t happen. It’s designed to keep somebody trapped, constantly paying it off, right? And it goes toward a very specific demographic. They’re not giving those loans to middle class men,” Scordo said.
The report highlights cases in Newark, Minneapolis and Los Angeles, and comes as no surprise to Rutgers University Provost Jerome Williams who will soon publish a study that found lenders do discriminate against minorities. He says banks make more money on struggling heads of household, especially single women.
Gone are the days of spending a college career sitting in lecture halls taking notes on supply chain theory. Today's supply management students are getting firsthand, real-life experiences -- inside and outside the classroom -- through collaborations between their universities and companies that have a supply management focus. They are engaged in experiential learning by touring supply chain facilities, attending discussion and lecture forums by guest speakers from such companies as DuPont and Johnson & Johnson, participating in case studies, and securing internships and, after graduation, jobs.
One such center is the Center for Supply Chain Management at Rutgers Business School. The center is codirected by John Impellizzeri, a former C-suite executive at Schindler Elevator Corp. who previously was a member of the center's advisory board. "Advisory board members (who generally number between 15 and 20) are the highest-level strategic partnerships we have," says Impellizzeri, now a professor in Rutgers' supply chain management department. "There are many companies we partner with at different levels, but this group of companies is most strategic. We share a commitment to continuously innovating our curriculum and thoroughly preparing our students."
When Rutgers established its supply management program in 2007, one of the founding principles was incorporating both academic rigor and industry relevance, says Impellizzeri. "Our strategic partners help us achieve that objective. We're not short on academics, but we need to make sure we are staying very relevant to the industry trends," he says. "This can be done by creating curriculum that keeps up with those trends, by offering experiential education and by developing courses based on real-life industry projects."
Impellizzeri says that while he was on the advisory board, Rutgers' supply management students in an industry-client project course built Schindler Elevator a tool for forecasting raw metal commodities that the company is still using. "This consulting arrangement would cost hundreds of thousands of dollars if you contracted this with one of the top consulting firms," he says. "It's a win-win for the companies and the students, who gain valuable real-world experience. It's this type of rigorous-relevant education and training that makes our students highly sought after when they graduate."
The strides being made by millennial women point to a future in which women, not men, are the target demographic for pricey goods and services. Since 2000, one-third more women than men have graduated from college, and more women are earning graduate degrees, too. Even once-male bastions such as law school are seeing the change. Millennial women are so outpacing men in higher education that it's inevitable they will become their generation's top earners.
The bottom line is that there's now a huge population of young women with the means to buy luxury goods once marketed almost exclusively to men. The smart marketers are realizing this. Take Acura. A commercial for the brand's RDX model opens with a young woman driving solo down a winding highway, singing along to Blondie's "Rapture" even after accepting a speakerphone call from three male underlings in a conference room.
The Jersey Paddler, a store in Brick that sold kayaks and canoes for the past 50 years, has closed.
The closing, noted quietly on a chalkboard next to its entrance, was a blow to consumers who said they had come to rely on the store not only for its high-end boats and boards, but also its role in fostering a deep love for the sport.
The London Business School (LBS) recently felicitated Rana Kapoor, managing director and chief executive officer, Yes Bank for his "exemplary contribution to entrepreneurship and innovation" at the India Business Forum (IBF) 2016, the annual flagship conference of the London Business School India Club.
LBS is one of the most prestigious business schools and has been consistently ranked among the top business schools in the world.
June 1, the day he was felicitated, incidentally, marks 36 years in the banking industry for Kapoor.
By employing the Internet of Things (IoT) in our homes, the lights turn on and the temperature adjusts automatically when we walk through the door, our refrigerators inform us when we need milk, and high-tech washers and dryers notify us via smartphone when our clothes are done.
But the IoT is transforming more than just how we live; it's also revolutionizing the global supply chain. Shippers are deploying active tracking devices on cargo containers to monitor shipments in real time.
Bergen Botanicals, a company that specializes in indoor landscaping, is opening a retail location and will hold a grand opening celebration on Saturday from 10 a.m. to 6 p.m.
The company is owned by Brian Bergen, who is a West Point graduate, former Army officer and Apache Helicopter Pilot turned entrepreneur. In 2014, while attending Rutgers Business School, Bergen won first place in a business plan competition hosted by the university and got $20,000 in seed money to help bring his business idea to life.
Bergen used the money to start the company that provides corporate interior landscape services in New York and New Jersey, including holiday decorating, living walls and plant rentals.
Structural reform on the supply front requires industries to change focus from blind expansion to the actual demands of customers through offering innovative products, analysts say.
"Supply-side reform is mainly two things, one is to improve the Chinese companies' productivity and the other is to win the competition in a global market," said Zhao at a Chinese executive training program held at Rutgers Business School on Tuesday.
Shiteng Chen and Periklis Papakonstantinou have just written an interesting paper on modular computation. Its title, "Depth Reduction for Composites," means converting a depth-d, size-s ACC0 circuit into a depth-2 circuit that is not too much larger in terms of d as well as s.
One of the great mysteries in computation, among many others, is: what is the power of modular computation over composite numbers?
Chen and Papakonstantinou increase our understanding of modular gates by proving a general theorem about the power of low depth circuits with modular gates. This theorem is an exponential improvement over previous results when the depth is regarded as a parameter rather than constant.
"Deals on new cars tend to get better in October as the new models are delivered to the lots. So, there may be an incentive to wait. But several factors suggest that it may be an opportune time to make a purchase. First, we are approaching the end of the month. Many dealers have quotas that need to be met. They are likely to give a better deal to consumers as the month end approaches," said John Longo, Department of Finance & Economics, Rutgers Business School.
SpeakEasy is a running feature in NJBIZ in which we recap a presentation given by key business leaders around the state at one of New Jersey's many conferences and events. This report is based on a panel between Rutgers University students in supply chain management and industry leaders at the Women in Supply Chain Symposium held at the Rutgers Business School in New Brunswick in April.
The advancement of women to leadership roles is not simply a matter of diversity — it is also a competitive advantage to business organizations across the board.
That was the driving issue behind the Women in Supply Chain Symposium at Rutgers Business School in New Brunswick last month for both students applying to, and businesses recruiting for leadership positions within the supply chain industry.
Here is what Rebecca King, firstyear MBA student; Sarika Menon, secondyear undergraduate; Joseph Slota, partner at Deloitte Consulting LLP; and Aisha Khan, global change and communications manager at Johnson & Johnson, had to say about women leadership in supply chain management: