Short Term Courses In Supply Chain Management – A supply chain is a network of individuals and companies involved in creating a product and delivering it to the customer. Chain links start from the raw material producers and end when the final product is delivered to the end user.
Supply chain management is an important process as an optimized supply chain leads to lower costs and a more efficient production cycle. Companies are looking to improve their supply chain so they can reduce costs and remain competitive.
Short Term Courses In Supply Chain Management
The supply chain includes all the steps involved in getting a finished product or service to the customer. These steps may include gathering raw materials, moving them into production, and transporting finished products to a distribution center or retail store where they can be delivered to the customer.
Objectives Of Supply Chain Management Explained
The supply chain starts working when the business receives an order from a customer. Therefore, its core functions include product development, marketing, operations, supply chains, finance and customer service.
When supply chain management is effective, a company can reduce its overall costs and increase its profitability. If one link breaks, it affects the rest of the chain and can be costly.
There are many types of supply chain models available. The model a company chooses will depend on the structure of the company and what its specific needs are. Here are a few examples:
The terms supply chain management (SCM) and business logistics management – or simply logistics – are often used interchangeably. However, logistics is actually a link in the supply chain.
Coronavirus’s Impact On Supply Chain
Logistics deals with the planning and control of the movement and storage of goods and services from their point of origin to their final destination.
Successful logistics management ensures that there are no delivery delays at any point in the chain and that products and services are delivered in good condition. This, in turn, helps reduce costs for the company.
Effective supply chain systems get every part of the product where it is needed, when it is needed. This means controlling the flow of production costs.
The manufacturing cost stream is best suited for businesses that manufacture products that require different parts from several suppliers. For example, a garment manufacturer may need supplies of fabric, zippers, trims, and thread to arrive at the same time. If certain items arrive too early, they must be stored at the business’s expense. If some arrive late, the machines sit idle while they wait.
Are The Risks Of Global Supply Chains Starting To Outweigh The Rewards?
An effective supply chain management process requires reliable suppliers. This means that they produce a product that meets the manufacturer’s specifications and deliver it on time.
For example, suppose XYZ Furniture manufactures high-end furniture and the supplier supplies metal handles and other furniture. Metal components should last for years. They must conform to the design and quality specifications specified by the manufacturer and perform as intended.
Increased efficiency of supply chains has played an important role in curbing inflation. As the efficiency of moving products from point A to B increases, the cost of doing so decreases and the final cost to the consumer is reduced. While inflation is often considered a negative, supply chain efficiency is one of the few examples of a positive thing.
One of the most serious economic problems caused by the COVID-19 pandemic is the disruption of supply chains. Its effects hit almost every sector of the economy.
Digital Supply Chain Management Course
Ever-changing national border controls and lengthy port backups have delayed product shipments of all kinds.
At the same time, the demand for products has changed significantly. The shortage worsened as consumers stocked up on essentials like toilet paper and baby formula. Masks, cleaning wipes and hand sanitizers were in immediate demand. Shortages of computer chips have slowed the supply of a wide range of products, from electronics to toys and cars.
A 2020 Ernst & Young survey of 200 senior supply chain executives points to three key findings:
72% of supply chain executives cited the pandemic as having a profound negative impact. Automotive and industrial supply companies were the most affected.
Global Supply Chain Management: Effects From A Pandemic
“Visibility” is the most important priority, and the word is taken literally. Executives want to focus on adding technologies like sensors that provide better insight into their orders throughout the process.
Pandemic accelerates transition to digitalization A majority of respondents say digital transformation will accelerate over the next few years, coupled with increased automation.
Supply chain management (SCM) is the supervision and control of all activities necessary for a company to transform raw materials into finished products that are sold to end users.
SCM provides centralized control over the planning, design, manufacturing, inventory, and distribution phases necessary to manufacture and sell a company’s products.
Testbank Ch6 Supply Chain Management: Strategy, Planning, And Operation
The objective of supply chain management is to improve efficiency by coordinating the efforts of various organizations in the supply chain. This can lead to a company gaining a competitive advantage over its competitors and improving the quality of the products it produces, both of which can lead to increased sales and revenue.
The supply chain begins at the source of the raw material, be it mining diamonds, processing leather or manufacturing sheet metal.
This is the first step in the process. From there, the raw materials are transported to a wholesaler, who sells them in batches to manufacturers. Once delivered, the manufacturer uses the materials to create a product, which is shipped to a retailer. Finally it is sold to a customer.
That’s the big picture, but each step in the process is complex, requiring the product to be prepared, packed, shipped, and unpacked to each of its successive destinations.
Short‐term Vs. Long‐term Contracting: Empirical Assessment Of The Ratchet Effect In Supply Chain Interaction
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As a major logistics hub, Hong Kong is poised for steady growth and development, driven by the development of the Greater Bay Area and the Belt and Road Initiative. Developing professional logistics skills is the key to future success. Our programs range from certificates and professional diplomas to additional degrees and postgraduate diplomas. They provide a comprehensive understanding of current management issues and business environments in supply chain, logistics, international operations and shipping, and the management skills required to explore new business opportunities. The courses are aimed at people who are currently working or interested in working in the local or global supply chain or logistics industry.
The program is offered in partnership with the Hong Kong Freight Forwarders Council. It provides comprehensive training in various aspects of shipping and logistics, catering to the training needs of industry practitioners and trainees who need to acquire a wide range of knowledge in a short span of time.
Pdf] Agency Theory And Supply Chain Management: Goals And Incentives In Supply Chain Organisations
The program is accredited by the Chartered Institute of Logistics and Transport, Hong Kong and consists of six modules. It aims to provide students with a comprehensive understanding of the business environment in the logistics industry and equip graduates with the management skills necessary to explore new business opportunities. It is practically designed for those interested in, working in, and seeking academic and/or career development in logistics, supply chain, procurement and related fields. This program is linked to a number of undergraduate degrees offered by Plymouth University.
The program aims to provide participants with practical knowledge of decision making through a data-driven approach. This will help them improve their understanding of data and emerging technology concepts, communicate more effectively with technical staff, and interpret data sources for better business decisions.
The program aims to equip students with knowledge and skills on the latest trends in digitization and new technologies with an emphasis on the impact on the logistics industry. Students will acquire fundamental knowledge and practical skills to explore alternative digital solutions to increase operational efficiency in logistics organizations.
The program aims to provide students with the professional knowledge and practical skills needed to lead and manage change in business organizations in the era of digital transformation. It aims to prepare students to become professionals in the field of management consulting in their future career development.
Chapter 6 Test
This program aims to meet the continuing education and professional development needs of those who have significant work experience in the logistics and supply chain industries or are interested in developing a career in these industries. It also aims to enhance students’ professional competence with knowledge and technical skills to solve current problems in international trade, supply chain, logistics, e-commerce and procurement.
Upon completion, students may apply for admission to the complementary Master’s program in International Logistics and Supply Chain Management.
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