INTRODUCTION Background of the Study In the past decade the combination of market, economic, and technology forces like increase in supply networks combination, globalization, and product variety proliferation has initiate the companies to examine and try to recreate the strategies of supply chain (Hakikur, 2011). The rapid increase in uncertainty in the evolution of market has made the companies aware about supply chains. Organizations that have learned about building as well as contributing into supply chains will definitely get the competitive advantage in the market. It’s indicated by Cheng and Choi (2010), the main objective of Supply Chain Management is to attain the sustainable competitive advantage (Cheng, T. C. E. & Choi, 2010).
Le May et al. (1999), identified job training needs for supply chain managers. These needs are dominated by interpersonal skills (e.g., communication and meeting facilitation), cross-functional knowledge, and office equipment skills. They also suggested supply chain managers should be able to apply project management techniques, organize and coordinate meetings, conduct training, and use decision-making skills. Stank et al.,1998, had focused on the development of personal skills, such as assertiveness, passion, grooming, and dress.
The revenues of the business rely on the supply chain that delivers the products, and incase a key component of the process does not function as per the expectations; it becomes very difficult on the part of the business (Trunick, 2010). Most executives are faced with the difficult situation where they have to cut costs and at the same time meet the customer demands. This is a justification why it is important to have a risk analysis of the supply chain in order to avoid situations where the business operations are affected by events that are related to business or environmental
Introduction to Enterprise Resource Planning (ERP) Supply chain management (SCM) is the overlook of the company’s information, materials needed in the process from supplier to manufacturer to wholesaler to retailer and lastly to the consumer. In addition, supply chain management’s function is to coordinate and integrate the flows within or among the companies. An effective supply chain management can help the company to reduce the inventory; it means that if the company applied supply chain management effectively, then the company can make sure their products are available when they needed. There are three main floes in supply chain management flows which are product flow, information flow, and finances flow. Product flow means the goods move
The purpose of Supply Chain Segmentation for a company is to use and develop different supply chain management to able fulfill different level need in more efficient and effective ways. Nowadays, more and more international business is apply Supply Chain Segmentation strategy to take competitive advantage in this competitive market and this is the unique and compulsory for them to fulfill their huge customers and distribution channels. So, the single supply chain will be often lost their competitive advantage and very hard to live long in this competitive market place. The most important is, what is the reason for a company to apply the Supply Chain Segmentation and apply the ways to Supply Chain Segmentation is the most important question and issues for a company to pay high attention. Moreover, the botto-line benefits is need to set up by a company and what actions, steps and technologies need to be apply and begin for a company?
Supply chain management is critical to the company and very important part of it to keep the company healthy is free flow of finances in the company i.e. Financial Supply Chain Management. The ongoing practices in the companies clearly depicts a brighter future in the field of completely automated system, starting from order to replenishment to payments. Also the organizations should look out for the high potential opportunities for: 1) Reducing the processing costs 2) Reconciliation of invoice and accelerating payment process 3) Reducing the Days of Sales Outstanding (DSO) 4) Centralizing procurement process in order to have greater
For example, supply chain strategy selects from where and how, how much, raw materials to be procured, mode of transport to and from the company, distribution of the products and more. Moreover, supply chain strategy comprises of design decisions regarding inventory, facilities, transportation and information flows. Supply chain strategy may also be known as logistics strategy, operations strategy, and supplier
PROBLEMS IN THE FIELD OF SUPPLY CHAIN MANAGEMENT Present supply chains are developing in complexity due to several factors. We, the consumers, are requesting products on the correct time and at a reasonable fee. This creates challenges for organizations for the reason that growing each responsive and cost-effective deliver chains is seriously complex. Let me explain today’s most important challenges in supply chain. Globalization One of the biggest challenges that businesses are going through is how you can decrease their supply chain fee.
In today’s competitive business settings, organisations cannot standalone and consequently, they are required to connect with certain other companies to build a network relationship regardless of organisational types such as business, government or non-proﬁt. According to Tang & Musa (2011), the supply chain is a conception of carefully synchronised, supportive networks, challenging with different networks. Moreover, the emphasis is on handling procedures that involve other organisations as associates in accomplished relations to execute the actions essential to fulﬁl the procedure. It can be said that global supply chain necessitates inaugurating relations with organisations working in entirely dissimilar administrative, financial, and physical
6. Supply chain Strategy The supply chain is a sequence of global networks that includes processes of materials movement to production point and moving product away from production point to the customers. This means supply chain is used to deliver products and services from raw materials extraction to end customers through an engineered flow of information, physical distribution, and cash flows. There are three entities that connect the supply chain altogether. First, suppliers that provide goods and services like machinery and raw materials.