The concept of supply chain has evolved over the years. It is no more a separate entity in an organization taking care of one specific function but has turned into an integrated system. It basically consists of 3 functions – Administrating the operations in the company, coordination of business activities and inter organizational coordination between stakeholders. For this, conventional methods of cost accounting and budgeting will not help in the inclusion of the above three dimensions of integrated supply chain

You might have noticed that the air is a little bit cleaner since the COVID-19 shutdown. It’s true; measures put in place to slow the spread of the virus caused an overall slowdown in economic activity and there are fewer vehicles on the road. Some Earth orbiting satellites have observed this decrease in pollutants such as nitrogen dioxide, a gas emitted by motor vehicles, power plants, and industrial facilities. In the second week of March, when California started adopting COVID-19 measures,

The total number of internal migrants in India, as per the 2011 census, is 45.36crore or 37% of the country’s population. This includes inter-state migrants as well as migrants within each state, while the recent exodus is largely due to the movement of inter-state migrants. While there is no official data for the inter-state migrants in the country, estimates for 2020 have been made by Professor Amitabh Kundu of Research and information System for Developing countries. His estimates, which are based

India is home to one-sixth of the world’s people and it has the densest population. It also has the second-largest population after China, which it will surpass in less than a decade if current trends continue. While per-capita emissions are amongst the lowest in the world, it is also the third biggest generator of emissions. Despite being the third largest economy in the world, India also has the largest number of people living below the international poverty line. Because of this

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