With 'Navigating Dynamic Dairy Markets’ as the headline, DecisionNext recently hosted a webinar in partnership with HighGround Dairy, an independent, introducing brokerage firm with customized advisory services and industry-leading market intelligence. The webinar brought together a wide variety of industry leaders in procurement, sourcing, supply chain, and sales from global dairy enterprises.
Over the duration of the webinar, listeners had the chance to hear about six dairy trends to watch, the differences between status quo forecasting versus market simulation, and three practical use cases for dairy decision-makers . Listen in to the entire webinar recording here.
Three big takeaways from the webinar include:
1. No Shortage of News in Dairy Markets
With a keen eye on 2020, Lucas Fuess is aware of the extreme volatility seen through the entire dairy value chain. As the Director of Dairy Market Intelligence for HighGround Dairy, Fuess shared with the audience a list of hot topics that will likely play a role in dairy prices in the near future. From a recent sharp decline in cow herd numbers to the unpredictable trade environment, Lucas noted the dynamic nature of the industry. His additional comments on increasing cheese demand at the foodservice level and potential implications of any upcoming recession added to the mix of factors to shake things up.
Listen in here to all of Lucas’s insights on dairy trends to watch.
2. A New Way to Navigate Dairy Markets is Here.
When markets change in real time and decisions are high frequency, there is no room for static, single-point forecasting. Arden Arnold, President of DecisionNext, made that point and more in his remarks around the future of forecasting. Noting that data is the foundation of all strong forecasting efforts, Arden then proceeded to talk through the challenges of the current state in forecasting.
Finally, Arden hit on the value of market simulation. From collaborative insights between machine and human to the ability to have risk awareness and specific actions recommended, early adopters of market simulation will experience exponential advantages. Furthermore, with a DecisionNext founding team that has worked with global dairy companies, Arden emphasized the unique experience DecisionNext can bring to the dairy value chain.
Listen here as Arden lays the foundation of market simulation and discusses the major challenges of status quo forecasting.
3. Dairy Market Simulation in Practice
Like most ideas, market simulation sounds great in theory. However, Tom Long, Customer Success Director at DecisionNext, dove into the topic head first by giving practical examples of market simulation for dairy companies. Tom laid out real scenarios often faced by dairy decision-makers - LCF, product mix optimization, and risk management - and gave context to the value-add capability that market simulation brings.
Whether it’s the benefits of risk aware forecasting to the transparency of the platform, Tom noted his own experience in pricing, supply chain, and commercial operations at both JBS and Kerry that could have benefitted from this sort of tool set.
Jump in here to listen to Tom speak to three specific use cases that can be realized by dairy enterprises through market simulation in action.
Click on image below to listen to the full webinar