Infor to enable supply chain transformation at Vida Shoes International
Cloud application provider Infor has won a contract to provide Vida Shoes International with a suite of products to enable a supply chain transformation for the footwear company.
Vida has selected a suite of Infor applications specialised for the retail industry to help simplify its supply chain network, achieve process improvement, and provide the organization with real-time data in a fully integrated business solution.
Specifically, Vida will deploy Infor CloudSuite Fashion, which offers access to industry specific analytics providing critical metrics and key performance indicators to end-users through a unique user interface that utilises Infor ION, a purpose-built middleware, and Infor Ming.le, a social collaboration engine.
Infor said that these enhancements support global value chains by allowing users to view real-time data at any time and from any location.
In addition, Infor Fashion PLM will deliver tools to bring products to market faster and finish in a few days what would otherwise take weeks or months, linking every step in the product development process, which will help reduce errors, costs, and time to market.
Better collaboration tools will help Vida automate communications to save time, communicate more effectively across the supply chain, and connect more closely to partners, while supplier self-service functionality will provide the teams with up-to-date real-time information.
“We decided to partner with Infor because of its ability to provide footwear specific business software and applications that will help our company respond quickly to changing market demands and streamline communication across divisions,” said Arthur Levine, CFO, Vida.
“We have grown rapidly over the past five years, both organically and through new licenses and brand acquisitions. We needed to be sure that we were partnering with a company that could provide us with software and solutions to support similar future growth.
“We needed a technology platform that would unify our operations and give us a single, trusted source of data from the supply chain through to the end user.”
Vida will also implement a suite of GT Nexus-powered supply chain solutions including Purchase Order Collaboration and Procure to Pay.
These applications will deliver rapid payment approval and notice of discrepancies, with a clear picture of cash flows and expected payment dates to suppliers. Vida will have a single view of order data between their suppliers, and confirm or negotiate order terms across multiple orders and items simultaneously.
Corey Tollefson, General Manager and Senior Vice President of Infor Retail, said: “We are excited to partner with Vida in the deployment of a next generation omni-channel supply chain solution.
“Infor's CloudSuite Fashion solution combined with the Infor GT Nexus Commerce Network provides Vida with a digital supply chain platform that will provide them the dependability, agility, and accuracy they need to be successful in the ultra-competitive fashion industry.
“This suite not only allows Vida to manage its business within the four walls of its organization, but also gives them the visibility and capability to manage the supply chain across one of the world's largest business networks, Infor's GT Nexus Commerce Network, which includes over 55,000 companies globally.”
5 Minutes With: Jim Bureau, CEO Jaggaer
What is data analytics, and why is it important for organisations to utilise?
Data analytics is the process of collecting, cleansing, transforming and analysing an organisation’s information to identify trends and extract meaningful insights to solve problems.
The main benefit for procurement teams that adopt analytics is that they’re equipped to make faster, more proactive and effective decisions. Spend analysis and other advanced statistical analyses eliminate the guesswork and reactivity common with spreadsheets and other manual approaches and drive greater efficiency and value.
As procurement continues to play a central role in organisational success, adopting analytics is critical for improving operations, meeting and achieving key performance indicators, reducing staff burnout, gaining valuable market intelligence and protecting the bottom line.
How can organisations use procurement analytics to benefit their operations?
Teams can leverage data analytics to tangibly improve performance across all procurement activities - identifying new savings opportunities, getting a consolidated view of spend, understanding the right time for contract re-negotiations, and which suppliers to tap when prioritising and segmenting suppliers, assessing and addressing supply chain risk and more.
Procurement can ultimately create a more comprehensive sourcing process that invites more suppliers to the table and gets even more granular about cost drivers and other criteria.
"The main benefit for procurement teams that adopt analytics is that they’re equipped to make faster, more proactive and effective decisions"
Procurement analytics can provide critical insight for spend management, category management, supplier contracts and negotiations, strategic sourcing, spend forecasting and more. Unilever, for example, used actionable insight from spend analysis to optimise spending, sourcing, and contract negotiations for an especially unpredictable industry such as transport and logistics.
Whether a team needs to figure out ways to retain cash, further diversify its supply base, or deliver value on sustainability, innovation or diversity initiatives, analytics can help procurement deliver on organisational needs.
How is data analytics used in supply chain and procurement?
Data analytics encompasses descriptive, diagnostic, predictive and prescriptive data.
Descriptive shows what’s happened in the past, while diagnostic analytics surface answers to ‘why’ those previous events happened.
This clear view into procurement operations and trends lays the groundwork for predictive analytics, which forecasts future events, and prescriptive analytics, which recommends the best actions for teams to take based on those predictions.
Teams can leverage all four types of analytics to gain visibility across the supply chain and identify optimisation and value generating opportunities.
Take on-time delivery (OTD) as an example. Predictive analytics are identifying the probability of whether an order will be delivered on time even before its placed, based on previous events. Combined with recommendation engines that suggest improvement actions, the analytics enable teams to proactively mitigate risk of late deliveries, such as through spreading an order over a second or third source of supply.
Advanced analytics is a research and development focus for JAGGAER, and we expect procurement’s ability to leverage AI to become even stronger and more impactful.