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Supply chain management refers or supervising the finances and the information involved in the multi-stakeholder process. The product that is distributed to the ultimate user has a particular route that it follows to reach them, which is what is concerned with supply chain management. Creating the product and making it reach the end-user is not as easy as it looks. There are many phases that the product must go through for reaching the ultimate buyer. Supply chain management concentrates on the tasks like decreasing the overall costs, enhancing the overall coordination, and decreasing the time involved in the completion of the overall process. There are many theoretical and practical concepts that the students must be aware of for becoming high tech supply chain professionals.
The students are taught many supply chain management concepts, including prices, from gathering the raw material to manufacturing the product to ultimately delivering it to reach the end customer. The supply chain studies the process of product formation and development at all stages. Usually, there are two major types of companies that are considered while studying supply chain management, and these include the FMCG companies and the ones that require spaces to store their prepared product. The process of supply chain management is different for both types of companies as the fast-moving consumer goods companies can keep distributing their products at equal intervals, but the companies that need to store their products and distribute them according to the public demand have a different process of supply chain management. Assignment helper has an idea of topics where the students often get stuck while assignment writing hence we have the best supply chain management assignment help available for the students at extreme ease.
Supply chain management is directly proportional to market demands and needs. The customers may require different types of products at different times. There can be a high demand for umbrellas in the rainy season, but there will be a high demand for summer coats in the summer season. This means that the demand for a product is not always the same, and the company must produce products according to the market demands. The company needs to have enough stock of umbrellas around the rainy season and enough stock of the summer coats during the summer season. This is what the supply chain focuses on. The right amount of delivery of the product in the market along with the required stock shall be available at the warehouse to meet the market requirements.
Supply chain optimisation assignment: The supply chain optimisation technologies make use of sophisticated analytics and algorithms for balancing supply and demand in a manner that enough raw materials are procured for distribution and manufacturing along with meeting the expectations of the customers with the highest efficiency of costs.
Reverse supply chain management: Reverse supply chain management is concerned with the reversing of supply chain management. When a product moves back to the vendor, supplier and retailer, the reverse supply chain consists of the processing of the pickups, disposing of, cleaning, sorting, restoring, repackaging, restoring and then reshipping.
RBV: Resource-based view concerns itself with the concept of the performance of a firm. All the resources that a firm has at its disposal are counted under the resource-based view. In this manner, all the resources are configured and enabled to gather a competitive advantage.
Information workflow assignment: The information workflow is the factor that keeps the supply chain management functions on the right track. In case of the information workflow not working as planned could lead to a break apart in the entire workflow chain. Several disruptions may arise in the supply chain but can be easily prevented with communications and increased visibility. It is a crucial task for all the departments of the organisation to have an active information workflow for maintaining all the actions of the firm.
Strategic choice theory: The strategic choice theory of SCT is concerned with the strategic issues and all types of political forces that are related to the supply chains in contrast with the functional approach concerning the individual supply chain firms. Strategic choice refers to the decisions that the organisations make to determine future strategies.
Network perspective: One of the biggest theories for purchasing is the network theory. It is concerned with the relationships that the companies, suppliers, customers and buyers are engaged. There are several perspectives of networks that are supposed to be considered by all the individuals that are a part of the supply chain process.
The company must have enough stocks to manage the demands of the public at every point of the year. Supply chain management complements the process by creating routes to make the product reach the ultimate customer. Some important terms in supply chain management are as follows:
Purchasing: The prime function of supply chain management is purchasing. While in the process of manufacturing the products, raw materials are required for producing the products and goods. For the production to begin and do well, the materials must be procured and delivered on time.
Operations: Operations are usually required before the materials are supposed to be procured. Only the demand market decides how many units are supposed to be procured and what is the exact time required for the production of the materials. This is one of the most critical functions in organisations as they need to accurately forecast the demand to avoid having little inventory or maybe too much of it.
Resource management: Resource management focuses on technology, time, labour, and raw materials. The critical function of resource management is to make sure that all the resources are allocated in the right optimised manner to the appropriate activities. To maximise the efficiency of production, it is essential to consider all the resources’ capabilities for determining their performance.
Storage manager: There are added processes for the organisations that have to store their products as they also need to have storage space for a warehouse for storing their prepared products. This is the case where actually a supply chain manager has to play his part. For storing, the companies have to pay huge sums, which increases the overall costs of the company. The supply chain manager is accountable for finding alternative ideas and techniques for reducing the cost and making the overall process effective and efficient so that the company gets its inventory managed as well and also has to pay fewer amounts for the same.
Source: The suppliers of the product or the goods are considered to be the essential part of the process of supply chain management. All the products and services sold to end customers are created with some of the other raw materials which the producers supply. Therefore, the organisations must have a quality feeding raw material supplier for creating a quality added product for the end customer.
Inventory: The market supply and demand keep fluctuating from time to time; hence the organisation must keep studying the market demands and needs and have enough inventory at all times to meet the market conditions of the product. To manage the demands of the market when the demand is high or low is considered inventory control.
Other factors that are essential components of the supply chain management include the production of the goods on time, location of both selling the product and storing the product, transportation of the products from the warehouse to the ultimate end customer etc.
1. What is the role of logistics in supply chain management?
Logistics is a part of the supply chain management that coordinates with all the aspects of production, planning, warehousing, purchasing and production etc. For making the product reach the end customer with full potential and without any kind of hindrance, logistics are essential. Another essential factor in logistics is the communication that must happen amongst the organisation’s departments to make the final product reach the customer with extreme ease and lower costs.
2. How does the planning component contribute in supply chain management?
Planning is the initial stage of supply chain management. All the organisations need to effectively plan up their supply chain management and create information workflow and processing to complete the goods’ supply to the end customers effectively. It is essential to analyse the market and the market conditions and study the demands of the product or the service. The most important part of the same is creating strategies and developing a plan for gaining long-term benefits.
3. What is the importance of Information flow in supply chain management?
Information is the key to success in supply chain management. The market trends of a particular business can only be understood well when the information is disseminated through the various levels of business effectively. It is essential for businesses to have a set of information before bringing in the supply chain management process.
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