In previous editions, we have spoken of the theoretical value chain and the opportunities it provides to generate value for organizations. However, without a robust, efficient and tangible supply chain to enable the movement of value, the potential opportunities would remain theoretical.
Supply Chain Management is a set of approaches utilized to efficiently integrate suppliers, manufacturers, warehouses and stores so that products or services can be distributed in the right amounts, to the right destinations and in the time that is needed, so as to minimize overall costs.
Key elements of Supply Chain Management
1. Planning & Strategizing
In Planning and Strategizing, key business objectives are aligned to supply chain operations and sets the path for the formation of a set of policies and procedures that will govern. Planning establishes the parameters within which the supply chain will operate.
2. Control & Monitoring
During the execution phase, information and progress must be continuously provided to managers for making decisions and adjustments. These systems may include:
– Transport Management System
– Warehouse Management System
– Enterprise Resource Planning System
The ability to review supply chain activities in real-time, is key to the successful execution of any supply chain plans.
3. Feedback & Improvement
Measuring actual activity against targets helps to improve the performance of a supply chain. Deviation from norms can be investigated and action taken so that improvements can be made.
These three elements would better enable trainees to visualize, create and improve on supply chains in their organization.
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