Supply Chain Networks: Benefits of Flexibility, Big Data, and Inventory Optimization - Paper Example

Introduction

Week one lessons defined supply chains as networks that exist between the business entities and their suppliers in a bid of producing and distributing particular products to the final buyer. The networks include different people, activities, information, entities, and resources (Poirier et al., 2010). Some of the key issues I learned from the topics were about the best supply chains having traits that focus on flexibility, proactive utilization of big data, and inventory optimization.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Other traits that the best supply chain must also possess to get based on sustainability and customization. The topic was impactful, I was able to learn how to avoid being a victim of inexcusable rigidity, problems of inefficiencies, and failure to realize the growing demands that come with the customers’ preferences (Poirier et al., 2010).

The topic was equally essential considering the understanding of how to attain a balance of metrics and the subsequent improvement of results. The understanding of the metrics and the improvement of results is also significant in winning companies with good reputations at the stage of supply chain planning. The understanding of the traits of the best supply chain is, therefore, not just an ordinary topic within the business discourse but one that enables functional leaders to align their visions through joint objectives in the delivery of the framework of supply chains’ associated metrics.

Process Management

Process management, a topic discussed under week two, refers to the organizational discipline that offers resources and tools needed in the definition, optimization, analyzation, and monitoring for control on business processes (Daniel, 2015). It is also essential in driving and measuring the performance of interdependent business activities and processes (Daniel, 2015). As such, the topic is not only impactful to me but also other people within the business domain in their vital undertakings (Daniel, 2015). It also gave an insight into how businesses can combine new behaviors and technology in developing solutions (Daniel, 2015).

Other than the combination, the understanding of an entire framework of a business falls within the domain of project management. It aids in the identification of genuine stakeholders and the definition of project objectives. It also brings to use the resources, scope, and major tasks within a business. Most significantly, it aids in preparation for trade-offs.

Strategic Sourcing

Strategic sourcing gets regarded as an approach within supply chain management that ensures the formalization of how information is acquired and used. The acquisition and use of information are to aid the business or organization utilize the consolidated purchasing ability in finding the possible market price. It also allows the business to align its purchasing strategy with the business objectives (Poirier et al., 2010). As such, it was insightful that it allows one to make an informed decision in business. It will also aid in the combination of adaptable systems in business that can realize the overall aestheticism in business functions.

Logistics Execution

Logistics execution gets noted as a primary component within the spectra of supply chain management. It gives a business administrator the authority of management. The topic was equally impactful based on how it elucidated on how business information and processes are managed and dissociated from raw materials from finished items (University of Michigan Transportation Services, 2015). It equally aids in the planning, implementation, and exercise of control in the efficacy of storage and flow of information, goods, and services.

References

Daniel, F. (2015). Supply Chain Innovation. https://www.industryweek.com/leadership/companies-executives/article/21956832/supply-chain-innovation

Poirier, Charles C. & Quinn, Francis J. & Swink, Morgan L. (2010). Diagnosing Greatness. Ten Traits of the Best Supply Chains. https://www.processexcellencenetwork.com/business-process-management-bpm/books/diagnosing-greatness-ten-traits-of-the-best-supply

University of Michigan Transportation Services. (2015). What Is Strategic Sourcing? http://procurement.umich.edu/buying/process-policies/strategic-sourcing