Datta, S, Granger, C, Graham, D, Sagar, N, Doody, P, Slone, R & Hilmola, O 2008, ‘Forecasting and risk analysis in supply chain management’, Working Paper, Engineering Systems Division, Forum for Supply Chain Innovation, Massachusetts Institute of Technology, Boston, MA, pp.13 -25.
In business terminology, supply chain is the name given to a network of facilities and distribution options that performs the functions of procurement of materials, their transformation into intermediate and finished products, and then later the distribution of these finished products to customers. Although it may seem that supply chains are only important to manufacturing industries, they exist in service industries also. The actual level of its complexity may, however, vary greatly from industry to industry and firm to firm.
The ideas and theories presented in this book relate to this course because they can directly affect the way a company develops its supply chain. If large companies are going to pursue the development of disruptive technologies then they are going to have to implement a separate supply chain from their current corporate model. The supply chain will have to be tailored to meet small market demands. Doing so will allow these large organizations to avoid the costs associated the over production of a product. Also the supply chains will have to be designed to operate and be profitable in small margin product markets.
Supply chain management is connected with the flow of products and information between supply chain members and organizations. New development in technologies enables organization to get correct information easily in their premises. Technologies used are helpful in coordinating the activities which manage the supply chain. By this the cost of information is decreased because now we have increasing rate of technologies. In an integrated supply chain where product or raw material and information flow in a bi-directional we as managers needs to understand that information technology is more than just computers.
Supply Chain Management (SCM) is the management and control of the flow of goods. It includes the movement and the storage of raw materials, work-in-process inventory, and also finished goods from the origin to the consumption. SCM has been defined as “design, planning, execution, control, and also monitoring of supply chain activities with the goal of creating net value, building a competitive site, leveraging global logistics, combining supply with demand and measuring performance universally” 1. As part of my task, I will discuss the topics of logistics, communication within the supply chain, such as, information systems and Electronic Data Interchange (EDI), relationships with partners, the environment of SCM and the marketing channels and process. My objectives are to inform you how the process of SCM works, how it enables profitable growth and enhances customer satisfaction. SCM creates all positive outputs, according to the Journal of Operations and Supply Chain Management, results showed positive effects of SCM on all performance dimensions, backed-up by the resource-based and relational views of strategy 2.
Why Quant’s Don’t Know Everything 1. What are the four stages, as identified in the article, of data analytics significantly influencing the traditional business operations / decision makings in specific industry? The measurement system that is used in several experiments is no longer useful in many fields due to rigidity that comes with such measurement system especially when there is a lot of data to be measured. This has resulted in decisions taking long before they are made since the data that is required for such reason may not be easily available.
Wu, C., & O?Grady, P., (2001). Internet lab: Supply chains. Retrieved June 12, 2005, from http://www.engineering.uiowa.edu/~pjogrady/Internetlab/supply.htm
A supply chain is all the activities that produce or provide a product or a service to a customer (Reid & Sanders, 2010). Historically supply chain management has been about abating cost. Managing supply chain cost is key strategic planning to stay competitive in a global market. All organizations have a supply chain. A supply chain includes external, internal, incoming, and outgoing. External and internal supply chains are people, parts, raw material, raw foods, information, development of people and projects, engineering, labor, finished products, and components of products. Managing incoming supplies, use, storage, distribution and efficiently, to achieve maximum value of each. In order to be competitive and sustainable companies must develop and be constantly prepared to be agile with their supply chains (Milliken, 2012).
Over the past two decades there has been a rapid growth and need for individuals who specialize in Supply Chain Management (SCM). SCM is the central planning of all industrial work and is the logistical motor that keeps the manufacturing world running efficiently; keeping a company's goods and services in constant supply to their customers: “A fundamental element of any business strategy is the supply chain process or strategy to deliver goods and services to the consumer” (Thomas, 2010). SCM requires a disciplined understanding and the use of fields such as economics, computer systems information and marketing. There is a great difference between a company that has an efficient SCM system with one company that has an inefficient supply chain affecting a company's entire resources from labor productivity to consumer loyalty. According to Rhonda R. Lummus (1990) "Interest in supply chain management has steadily increased since the 1980s when firms saw the benefits of collaborative relationships within and beyond their own organization" (p.11). Supply chain management is the brain-trust of any business strategy and when an effective model is put in place the benefits are shared by consumer and producer alike.
 Supply chain lessons for the new millenium: a case of Micromax informatics Integral Review –by Salma Ahmed, A Journal of Management-ISSN: 2278-6120, p-ISSN: 0974-8032, Volume 5, No. 2, Dec.-2012, pp 53-61) .