My teaching method includes a blend of theory and practice. It also includes a healthy dose of current events to glue it all together. You remember current events from junior high school social studies. Your teacher told you to bring in a recent newspaper or magazine article about the subject du jour in class and prepare a one minute overview to be presented in front of the class. For some, just the thought of that process brings flashbacks and chills. The process may have been uncomfortable but the intent well intentioned. In my view, the materials management profession is not spending enough time on current events. And that is hurting your performance and shortchanging your employer.
What is happening on the front page is directly related to the job you are doing every day. We all tend to get caught up with the fires and emergencies on our desk. But, look at the macro view of the world. In our global economy, chances are that a political assassination across the globe may have as much of an impact on your chemical prices as a snowstorm in Colorado has on your domestic shipments. And unfortunately, there are those in our profession who may not be aware of either.
Collectively, I think we are doing better paying attention to the nuts and bolts of supply chain management. We are staying current in the profession by reading the trade publications, attending association meetings, getting certification, and even joining degree programs at local, or online, colleges. That is a good step in keeping current but it is not enough. It is a daily struggle, and challenge. One that we seem to be losing.
But you can stem the tide. Read the front pages of a large newspaper every day. In this age of instant news and Internet flashes, there is nothing more important, or easier, than checking in with the New York Times, Boston Globe, Washington Post, Los Angeles Times, International Herald Tribune or other big city papers. All are free and Internet friendly. There is also a sizable portion of the Wall Street Journal that is free. Even if your company has Internet restrictions, I don’t think they would apply to newspapers. Or, if they do, check from home.
Next, visit the business pages of those same newspapers for a micro level view of the world. There are things on these pages that have an impact on your, your company and your suppliers. Knowledge is power and it is there for you to use. Use it. I know…you are too busy to read the paper on a daily basis. Well, if that is the case, set up an RSS feed to help you sort through what you need to know. Quick, convenient, and efficient.
Don’t stop there. Publications like Business Week, Industry Week, The Economist, Fortune, and weekly news magazines like Time and Newsweek have a roll to play. Also, all industries seem to have a trade publication or newsletters dedicated to that specific vertical. All provide some level of depth of information that will allow you to make better business decisions. We are business professionals and have a responsibility to remain current. You can be sure that your executive management is reading those same periodicals. You can also be sure that your suppliers are reading those same periodicals. Uncanny how those suppliers know so much.
Certainly the amount of information available can be overwhelming and it is unreasonable to expect to read it all. Determine the best sources of information that will keep you informed and stay on it. You owe it to yourself and to your companies. It is also the responsible thing to do. You’ve come along way since 8th grade. Time to show it.
