Rethinking Supply Chain

In this episode, Venzee CEO, John Abrams, speaks with the company’s Marketing Intern, Matt Blattman, about how newcomers to the supply chain world perceive business operations and how work will be conducted in the future.

Matt is a rising senior at the University of Michigan studying Cognitive Science with a focus on the thinking behind decision making. In his Decision and Cognition track of study, he studies psychology, decision making, game theory, and rationality. His background allows him to assist supply chain managers with providing the pertinent product information to consumers with a decision-making process in mind.

John and Matt compare the decision making process when it comes to online versus in-person shopping and communicating product information in the online marketplace. John’s recent experience in quarantine has had him doing all of his shopping online, and he noticed how much bad information is available to consumers in online marketplaces, which begs the question, why do manufacturers allow such oversight?

This episode ends with some additional questions surrounding both manufacturer and consumer behavior. Look forward to the continuation of this conversation in a future episode.

In this episode of Rethinking Supply Chain, Venzee CEO, John Abrams, and Diana Chen are talking about standards in Electronic Data Interchange (EDI).

John begins by explaining how organizations such as Global Standards 1, known as GS1, set the guidelines for product information communication across the world. Given the varied systems of measurement in different countries, GS1, together with other bodies like the International Organization for Standardization (ISO), provide common measurements for the effective communication of product data. However, while standardization is necessary for communication, John argues that so far, it hasn’t been able to cope with the flexibility that distributors and consumers require today.

John then talks about informal standards. A large retailer may want to report a certain product aspect and may note that their suppliers aren’t reporting the data through the Global Data Synchronization Network (GDSN). This can result in retailers requiring suppliers to manipulate their data sets with false information, thus destabilizing the entire GDSN dataset system. This practice is more and more frequent as consumers demand more information that suppliers and retailers may not have anticipated.

So how can standardization organizations keep up with consumers’ growing needs for information? Digitalization of data will be key as standardization evolves and develops.

What to do next:

Learn more at www.venzee.com