We all have lost the count of day of our lock down till now, though it has been very rough and annoying for all of us to stay indoors locked but outside our planet earth has been beautifully healing. It is sad that it took an entire pandemic to make us realize that earth needs no human. With fewer planes flying in the sky and cars on the road, lock down made us connect indirectly to the nature by viewing
The broad view of sustainability incorporates the concepts of economic, social, and environmental performance. The focus should be on the environmental performance component of sustainability. The focus of environmental management in the organization level to the supply chain level describes “environmental supply chain management” as the managerial integration of material and information flows throughout the supply chain to satisfy the demand of customers for green products and services produced by green processes. Supply chains strive to maintain internal health and environmental
Vendors are always offering better prices or discounts when you buy inventory in larger quantities. However, does pocketing 5% savings to pick up 20% additional inventory make business sense? Manufacturers offer discounts on larger purchases as an incentive to encourage you to sell more and also because they are able to pass on savings with increase in production. However, as a trader you need to weigh the cost of additional inventory. After all, the inventory also has a carrying cost. This
Analytics represent the ability to make data-driven decisions, based on a summary of relevant, trusted data, often using visualization in the form of graphs, charts and other means. Supply chains typically generate massive amounts of data. Supply chain analytics helps to make sense of all this data — uncovering patterns and generating insights. Different types of supply chain analytics include: Descriptive analytics. Provides visibility and a single source of truth across the supply chain, for both internal and external systems and data. Predictive
One of the most common issues supply chain managers face is known as the bullwhip effect in which small fluctuations in demand at the downstream end of the supply chain may cause out sized variations at upstream suppliers. The effect is a bloated and ineffective supply chain with too much inventory. An effective supply chain manager will want to use strategies to reduce the bullwhip effect to improve the overall efficiency of the supply chain. Some methods to overcome the
Forecasting is an imperfect science, but it is also a necessity for most businesses. That’s particularly true when it comes to supply chain management. Proper forecasting helps ensure you have enough supply on hand to satisfy demand. Business analysts use supply chain management systems and other tools to forecast demand weeks and months in advance. Forecasting demand, and coordinating activities to meet demand, are full-time jobs. Companies with global operations use sophisticated software and systems to forecast demand, but your small
A collaboration tool helps people to collaborate. The purpose of a collaboration tool is to support a group of two or more individuals to accomplish a common goal or objective. Collaboration tools can be either of a non-technological nature such as paper, flipcharts, post-it notes or whiteboards. They can also include software tools and applications such as collaborative software.Collaboration tools are broadly classified into three types – communication, coordination and cooperation. How does ERP workflow help in the supply chain management? ERP
How much do we know about sustainable supply chain? Let’s have a look on how supply chain lifecycle could be incomplete without any integration of environmentally and financially viable practices. If the selection/agricultural production of raw material to manufacturing, packaging, distribution, final consumption of a product is done in an environmentally sustainable manner, it can help the organization to not only reduce the carbon footprint as a whole but also helps in reducing operation costs thereby increasing profitability. With increasing demand
5 of the most important lean tools used in industry are Kaizen, Kanban, 5S, Value stream mapping, Foucs PDCA. With COVID-19 affecting most of the industries, it is estimated that certain sectors like pharmaceuticals and semi-conductor sectors will have have an inventory which lasts from 150-300 days . Utilizing the lean methodology and the concept of lean production has become by far one of the most popular methodologies among production facilities. The idea behind lean manufacturing includes creating what is needed
COVID-19 has been called “The Great Pause,” a time for reflection and introspection. While the pandemic continues to turn the world upside down, new realisations are beginning to dawn on us. The COVID-19 pandemic has brought massive changes to our lives and ways of thinking. People’s movement has been severely restricted and many sectors of our economies have been shut down. Whereas immediate environmental impacts of the pandemic are evident in a drop in carbon emissions and decreased air pollution, it
