VCF Launches Perfect Order Index Community of Practice to Address the Financial Value of the Perfect Order
Clarity regarding the value of the Perfect Order Index remains insufficient. While the immediate benefits of achieving the Perfect Order are evident (e.g., ensure compliance, on-time, quality delivery; avoid deductions; improve supplier scorecards, etc.), these benefits have yet to be quantified. VCF has launched a Community of Practice, underwritten by Compliance Networks, that will first focus on establishing the financial value of a Perfect Order.
South Plainfield, NJ (PRWEB) May 5, 2009 -- The Perfect Order Index Community of Practice (CoP), underwritten by Compliance Networks, held its inaugural meeting at the VCF VISION 2009 Conference on March 23, in Tampa, FL. VCF Communities of Practice are comprised of professionals from retail and manufacturing, and organized around a specific industry topic or issue within the forecasting-to-sales continuum. The communities offer collaborative best practices, new strategies, thought leadership, and networking opportunities to its members. The Perfect Order Index CoP will further explore the importance and value of consistently delivering shipments across the four Perfect Order Index measurements - on-time, complete, damage-free, with correct documentation.
Discussions during the inaugural POI CoP meeting yielded a consensus among community participants that clarity regarding the value of the Perfect Order remains insufficient. While the immediate benefits of achieving the Perfect Order are clear (e.g., ensure compliance, on-time, quality delivery; avoid deductions; improve supplier scorecards, etc.), these benefits have yet to be quantified. Therefore, the Perfect Order Index CoP will focus first on establishing the financial value of a Perfect Order.
"In today's retail environment, documenting the achievement of business objectives using a holistic metric like the Perfect Order Index is critical to both mutual success and to protecting margins for both retailers and their suppliers," says Anthony Miano, managing director of VCF. "As this community works towards helping organizations adopt the Perfect Order as a company philosophy, greater collaboration will result in greater profitability."
A collaborative approach is the key. "We have found that retailers who measure supplier performance and use a fact-based approach to supplier management have greater success in collaborating with their trading partners than those that take a traditional view to vendor relations," says Compliance Networks CEO Greg Holder. "Participating in the Perfect Order Index Community of Practice will provide first-hand insight to the challenges facing retailers and suppliers, and puts us in a position to remedy those pain points for the benefit of the overall trading partner relationship."
The support provided by Compliance Networks as the underwriting sponsor will help establish a survey of manufacturers and retailers. Compliance Networks enables retailers and vendors to continually improve extended supply chain execution of the merchandising plan with accessible, comprehensive and accurate strategic supplier management solutions. The company's core competencies are vendor compliance, integrated and related supply chain data, real-time identification and communication of supply chain events, and decision-making tools for leveraging supply chain performance history.
The findings from the Perfect Order survey will be consolidated and published in a white paper. A webinar to present these results is also planned.
Those interested in joining the Perfect Order Index Community of Practice or participating in the survey can contact Anthony Miano at 646-442-3701.
Additional Communities of Practice focused around topics covering the forecasting-to-cash continuum are planned for 2009. Each community designs compelling research, gathers new ideas and develops innovative strategies to foster knowledge, drive costs out of the supply chain, speed goods to market and increase sales. Community members interact through TPNexus™ -- the retail industry's first, dedicated, online peer network, open only to VCF and TPMA members. Each Community of Practice has its own Peer Network within TPNexus™, where members can share information, ideas, and learn more about the one another and the community topic. Additional communities may include Import Best Practices, Deduction Policy, Scorecards & Metrics, and the Financial Supply Chain.
About Vendor Compliance Federation (VCF):
VCF advocates retailer-supplier trading synchronization, champions collaborative initiatives and offers solutions to drive productivity, profitability and growth. It is the leading organization focused on solutions, services and best practices for retailer-supplier collaboration. Our membership includes top manufacturing brands and national retailers, ranging from fashion and cosmetics to electronics and home furnishings. It is where the retail industry comes together to reduce deductions and chargebacks, increase supply chain efficiencies, minimize order fulfillment risk, integrate processes and eliminate disconnects across the entire forecasting-to-settlement continuum. VCF draws participation from industry leaders such as Sears, JCPenney, Nordstrom, Lowe's, Liz Claiborne, LVMH, adidas, Estée Lauder, Tom Tom, Jarden Consumer Solutions, and BIC Consumer Products among others. Visit us at www.vcfww.com.
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