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Week-56_-Supply-Chain-Management

The document outlines key aspects of Supply Chain Management, emphasizing the importance of coordination from raw material processing to customer delivery. It highlights five essential strategies for effective supply chain management, including forecasting, automation, sustainable sourcing, and building partnerships. Additionally, it discusses vendor selection, inventory management, and logistics management as critical components that enhance efficiency, reduce costs, and improve customer satisfaction.

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john.emerson1118
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0% found this document useful (0 votes)
8 views

Week-56_-Supply-Chain-Management

The document outlines key aspects of Supply Chain Management, emphasizing the importance of coordination from raw material processing to customer delivery. It highlights five essential strategies for effective supply chain management, including forecasting, automation, sustainable sourcing, and building partnerships. Additionally, it discusses vendor selection, inventory management, and logistics management as critical components that enhance efficiency, reduce costs, and improve customer satisfaction.

Uploaded by

john.emerson1118
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Week 5&6: Supply Chain Management up processes, leading to increased

efficiency and cost savings.


Introduction
Supply Chain Management is the 3. Technology-driven visibility
coordination of the flow of goods and ●​ AI and machine learning can be
services starting from processing raw used to analyze large amounts of
materials until it reaches the distribution of data quickly and accurately,
final products to customers. It simplifies providing insights that can improve
supply-side processes to increase forecasting, inventory
customer value and achieve a competitive management, and customer
standing in the market. Furthermore, the service.
technology that we have today gives an ●​ Real-time tracking systems help
advantage to businesses for a fast and companies monitor their supply
efficient supply chain. chain efficiently, providing visibility
on the status and location of
Supply Chain Strategies goods. This helps companies to
​ There are five key strategies to monitor supplier performance,
implement for an effective supply chain identify bottlenecks and respond
management. quickly to disruptions.

1. Forecasting and Demand Planning 4. Sustainable and ethical sourcing


●​ Forecasting is a decision making ●​ Implementing ethical sourcing in
tool that helps businesses cope the company’s supply chain
with the impact of future’s ensures that the products and
uncertainty by examining historical services are produced under fair,
data and trends. safe and environmentally friendly
●​ Companies using demand conditions. This not only helps
forecasting partnered by advanced satisfy customer desire for
software tools take advantage of sustainability and ethical products
its accurate analysis, allowing but also helps mitigate risks, such
them to respond more effectively to as regulatory penalties or
changes in customer needs and reputational damage.
trends.
5. Building strong partnerships
2. Automation ●​ Strong relationships hold a key role
●​ It refers to the use of technologies for success of any business
through different forms such as strategy. Strong connections must
artificial intelligence (AI), machine foster with suppliers, distributors
learning, and digital process and other key stakeholders in the
automation to do supply chain supply chain as it provides access
tasks with limited human to new markets, technologies, and
intervention. expertise, offering a competitive
●​ The use of this technology can advantage driving success.
streamline the management of
goods and services and help Vendor selection and management
businesses scale up their -​ is the process of carefully choosing
organization as it reduces manual a supplier or vendor to fulfill a
labor, minimizes errors and speeds company's needs, and then
actively overseeing that ●​ Operational efficiency:
relationship to ensure consistent Streamlining procurement
quality, timely delivery, and processes and reducing
compliance with agreed-upon administrative overhead.
terms, including regular
performance reviews and Inventory management
communication to maintain a
mutually beneficial partnership. Inventory management is the process of
efficiently overseeing the ordering,
Key aspects of vendor selection and storage, and use of a company's
management: inventory. It ensures the right amount of
●​ Identifying needs: products are available at the right time
Clearly defining the specific goods while minimizing costs.
or services required by the
company to guide the vendor Key Practices and Systems of
selection process. Inventory Management
●​ Vendor research:
Exploring potential vendors ●​ Tracking Inventory: Keeping a
through market research, industry record of stock levels to avoid
recommendations, and online overstocking or running out of
directories. products.
●​ Vendor evaluation:
Conducting in-depth assessments ●​ Ordering Products: Determining
of shortlisted vendors, which may when and how much inventory to
include product demos, site visits, order based on sales patterns and
reference checks, and detailed demand.
price analysis.
●​ Relationship management: ●​ Storage: Organizing inventory
Fostering open communication efficiently to save space and
with the vendor to maintain a reduce retrieval times.
collaborative partnership and
resolve any concerns quickly. ●​ Reordering System: Setting up
automatic alerts for when inventory
Benefits of effective vendor selection reaches reorder levels.
and management:
●​ Cost optimization: Negotiating ●​ Inventory Audits: Regular checks
favorable prices and terms with to ensure physical stock matches
reliable vendors. recorded inventory.

●​ Quality improvement: Ensuring Logistics management


consistent delivery of high-quality Is the process of planning,
products or services. implementing and controlling the efficient
movement flow of storage of goods,
●​ Risk mitigation: Identifying and services and related all relation between
managing potential risks the origin to the point of consumption.
associated with vendor
relationships.
Essential Functions of Logistics References:
Management
1. Chopra, S., & Meindl, P. (2022). Supply
●​ Planning - setting goals and Chain Management: Strategy, Planning,
strategies for moving and storing and Operation (8th ed.). Pearson.
goods efficiently.
●​ Procurement - buying raw 2. Heizer, J., Render, B., & Munson, C.
material or finished products from (2020). Operations Management (13th
suppliers. ed.). Pearson.
●​ Inbound Logistics - managing the
delivery of goods to warehouses or 3. Narayana, V., & Mathew, A. (2022).
facilities. Inventory Management: Principles and
●​ Warehouse and Storage - storing Practice. Wiley.
goods safely and organizing them
for easy access. 4. APICS (now part of ASCM). (2023). The
●​ Inventory Management - keeping APICS Dictionary (17th ed.).
a track of stock levels to meet
customer demand. 5. The Complete Guide to Vendor
●​ Order Processing - handling Selection Process. By Barbara Cook
customer orders, preparing, and (2025)
packing goods.
●​ Transportation - moving goods to 6. McGrath, A. (2024, February 19).
customers using different methods. Streamlining supply chain management:
●​ Distribution - delivering goods to Strategies for the future. IBM. Retrieved
the final destination or customer. February 1, 2025, from
●​ Reverse Logistics - managing https://www.ibm.com/think/insights/supply-
returned goods or recycling chain-strategy
products.
●​ Performance Monitoring - 7. | Logistics Management: Definition,
checking and improving the Functions, and Benefits. (2024, December
efficiency of the logistics process. 1).

Benefits of Effective Logistics


Management

●​ Improved customer satisfaction


with timely deliveries.
●​ Better resource utilization and
reduced waste.
●​ Enhanced supply chain visibility
and decision-making.
●​ Higher efficiency in operation as a
result of enhanced processes.

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