Ten Unique Characteristics of the Best Supply Chains Research Paper

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Abstract

A supply chain is essentially a network incorporating elements such as facilities, distribution alternatives and individuals working primarily towards procuring and transforming products in order to deliver and distribute them among prospective buyers. One may regard it as an artery which gives industrial life to a company or enterprise. Supply chain disruptions cause companies to falter and even, in the worst case, eventually shut down (Exforsys, 2010).

“Excellence” is a word employed to denote the trait of being tremendously good at doing a given task. The briefest scrutiny into what supply chain excellence implies will probably lead one to the following conclusion: excellence is delivery of the right goods, in the appropriate quantity, at minimal prices, to suitable clients at the time and place required. But this is undeniably and understandably easier said than done. Although the aforementioned definition is quite precise, the concept, in actual fact, goes deeper, entailing numerous other central facets (Weaver, 2016).

A large number of aspects and stakeholders play a part in supply chain decisions, complicating the achievement of ‘excellent’ supply chain management. The phrase “supply chain” may be used as a short-form to indicate the ten traits (outlined below) which should be aimed for if one aspires to attain supply chain excellence. Every trait has been examined in depth to cover what all supply chains ought to endeavor towards for their continued, system-wide sustenance.

1. An all-encompassing supply chain approach which is supplemented by strong leaders

Strategic Planning Helps Enhance Efficacy

Networks are interlinked systems reliant on each other (Exforsys, 2010). They have unique linkages and their inter-reliance means that it is vital to have strategic planning in place for supply chains. It is imperative to devise and launch detailed plans which enable the unique supply chain associations to thrive and remain in harmony constantly (Exforsys, 2010).

Strategic Planning Brings About Economic Improvements

Speedy completion of tasks forms one of the components of a supply chain’s functions. However, no matter how fast one delivers one’s products to end consumers, speed doesn’t accord strategic edge to companies if supply costs are high (Exforsys, 2010). Affordability is pivotal.

In fact, the elements of price and speed ought to work together within supply chain networks for ensuring companies enjoy a strategic edge over competition. Instead of addressing where, when and how to achieve swiftest supply, one needs to examine where, when and how to achieve the swiftest supply at the most reasonable rates. Strategic planners should effectively integrate this into their planning (Exforsys, 2010). Even if suppliers successfully achieve speedy supply, is the cost reasonable? Concurrently, if suppliers successfully acquire supplies at economical prices, is the speed justifiable? The two primary questions posed above may impact strategic planning.

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Strategic Planning Helps Improve Expectation

A second aspect which facilitates improvements in supply chains and accords strategic edge to firms is: identifying and forging a business relationship with producers or outsourcing of production to producers capable of transforming delivered products (delivered swiftly and at an economical price) into partially or completely finished goods.

Companies capable of effectively converting an economically-priced, speedily-delivered supply into finished goods ought to incorporate internal production into their strategic plans (Exforsys, 2010). But if one discovers chances of the above activity being better performed by another firm (at a potentially more economical rate), outsourcing will become the sensible way of doing business. Strategic corporate planning facilitates improvement of organizational expectation. The company will be able to determine parties who can perform the activity in a better and more economical way, and not suffer regrets in the future.

Strategic Planning Helps Improve Evolution

Strategic planners are required to envision the impact of lifestyle trends and evolutions on delivery of products. Earlier, innumerable working-class people had a five-day work-week of forty work hours (Exforsys, 2010). In the present era, the case is different. While several individuals continue to work the same number of hours, their locations and shifts differ. Round-the-clock outfits evolved, taking into account the above shifts in lifestyle trends. The early round-the-clock grocery stores gave way to high-end shops, entertainment arcades, gymnasiums, and innumerable other sectors.

Leadership

Sound leadership has a crucial role to play in ensuring excellence in an organization’s supply chain. Supply chain leadership is required to grasp and shape overall corporate objectives, communicating the significance of accomplishing those objectives to members of the product’s supply chain (Weaver, 2016). Thus, there is a need for team development capability and sound communication skills. Additionally, leaders ought to be frank, and the absence of a chairperson at C-suite supply chain meetings should spur them to readily invest in somebody else the authority to chair. Ultimately, supply chain leadership is responsible for ensuring supply chain activities aren’t perceived as mere cost management components; rather, they should be incorporated into organizations’ value creation-focused strategic planning (Weaver, 2016).

1. Attention to financial metrics

It is essential to shift from the conventional return-on-assets outlook and accept novel supply chain excellence definitions. Moreover, corporations must revert to fundamental financial metrics, renewing focus on supply chain process optimization (Mayer, 2013). For guaranteeing efficient system management, return on invested capital, inventory turns, customer service, operating margin, income, prediction precision and other such measures must be concurrently managed in the form of a nonlinear cross-disciplinary system (Cecere, 2014).….....

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