A well-organized supply chain management system involves optimizing operations functionality to be fast and efficient.
In some instances, local negotiations with global suppliers are required to ensure the quality of the product. For example, in some countries, the quality of the product produced by a supplier is not at the same level as other countries. Supply chains are multifaceted and can be a noteworthy source of competitive advantage. When you're running a business in a competitive marketplace (and really, aren't they all competitive?) To improve supply chain management efficiency and effectiveness, companies have to improve predictability, optimize costs, minimize working capital, mitigate risk, and analyze data.
• Information: Integration of processes through the supply chain to share valuable information, including demand signals, forecasts, inventory, transportation, potential collaboration, etc. Global supply chains offer a number of advantages to businesses that know how to make the most of them, according to this expert. An efficient supply chain is known to provide a great competitive advantage over competition and make the process of supply chain seamless..
Making those supply chains work at their best requires tight cross-functional coordination and the right decisions and trade-offs across the organization (see sidebar, “What CEOs should ask about the supply chain”).
a. complexity b. inventory deployment c. inventory carrying costs d. technology ANSWER: c, Page 25 25.
Managing a supply chain is 'supply chain management' (Mentzer et al., 2001). Author, Profit First. 4. And this is, without any doubt, one of the main supply chain management benefits. We characterize supply chains as responsive or efficient.
These trade-offs are key to developing the most efficient and effective Logistics and SCM strategy. The supply chain management system thrives on the coordinated effort of the suppliers, the manufacturers, the transporters and the distributors to make the product available to the end user. What is Supply Chain Management? Why? a. seek to balance capacity and demand, resulting in low levels of inventory b. seek to minimize cost of routing products from factory to customers c. focus on maximizing efficiencies in process flow d. focus on flexibility and responsive service. Supply chain management in not only a process served to generate a cost reduction in the budget or a mission to create greater operational efficiencies within an organization. A difference between efficient supply chains and responsive supply chains is that responsive supply chains _____. Best-in-class supply chains incorporate a key list of characteristics that define their success and set them apart with exemplary management. 5 Benefits of Using Global Supply Chains. 26. Supply chain management encompasses such a wide range of functions that it can seem daunting, even to the most experienced international businessperson. These characteristics include a proactive use of big data, highly optimized inventory management, flexibility and speed with order fulfillment, customization with process implementation, energy sustainability, and of course, compliance. Big Data Will Envelope and Empower all Other Supply Chain Technology Applications. Local food supply chains, particularly direct market (producer-to-consumer) chains are more likely than mainstream chains to provide consumers with detailed information about where and by whom products were produced, but such information generally is not enough to persuade consumers to pay a higher price for local food products. Efficient supply chains enable a firm to be more competitive in the market place. The challenge to develop and sustain an efficient and effective supply chain(s) requires organizations to address a number of issues. Which of the following is not part of the Supply Chain network? However, the process can be effectively modelled by breaking it down into several main strategic areas. When your business is able to incorporate supply chains, integrated logistics, and product innovation strategies, you’ll be in a great position to not only predict demand as well as to act accordingly. This offers considerable cost savings, but local sites may have to make operational decisions with suppliers to ensure an efficient supply chain. Supply chains are multi-layered, which can create problems when something goes wrong. A responsive supply chain is distinguished by short production lead‐times, low set‐up costs, and small batch sizes that allow the responsive firm to adapt quickly to market demand, but often at a higher unit cost. Companies who strategically improve even one area of the supply chain create a ripple effect of operational advantages. For example, Dell’s revolutionary computer supply chain approach involved making each computer based on a specific customer order, then shipping the computer directly to the customer. Mike Michalowicz. Which is not included?
The scale, scope and depth of data supply chain technology applications are generating today is accelerating, providing ample data sets to drive contextual intelligence.
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