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Samsung Electronics and Best Buy were awarded the Collaborative Commerce Achievement award by the Voluntary Inter-Industry Commerce Standard Association (VICS) in Chicago, IL, U.S. on May 24.
Established in 1998, the award is presented by VICS to companies that conduct collaborative forecasting to drive their product flow based on true customer demand. Samsung improved their forecast accuracy by 20 percent, reduced delivery time by 5 percent rates, and decreased their supply stock by 15 percent through an effective CPFR (Collaborative Planning Forecasting and Replenishment) program.
In addition, Samsung and Best Buy developed weekly and monthly scorecards, which look at trends in forecast accuracy, sales, in stock, fulfillment rates, and days of supply. By analyzing this data on a regular basis, they were able to develop better plans for each product category on the CPFR program and drive improvements through the supply chain collaboratively.
"This is a great achievement for Samsung and Best Buy. We are proud to be the first in the electronics industry to receive the 2005 VICS Collaborative Commerce Management Award," said Dong-Jin Oh, president and CEO of Samsung Electronics. "Samsung will continue to make efforts to maintain our lead in U.S. market through innovative approaches to supply management and by expanding our distribution partners.”
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