M.com semester 4 subjects of supply chain management logistics | supply chain management mcq questions and answers pdf downloa

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 M.COM SEMESTER - IV (CBCS)

BUSINESS STUDIES (MANAGEMENT)

SUPPLY CHAIN MANAGEMENT LOGISTICS

M.com semester 4 subjects of supply chain management logistic

Q.3 Explain in detail the process of SCM in contemporary business scenario.

ANS:

The supply chain management process is composed of four main parts: demand management, supply management, S&OP, and product portfolio management.

1. Demand management:

Demand management consists of three parts: demand planning, merchandise planning, and trade promotion planning.

  • ·        Demand planning is the process of forecasting demand to make sure products can be reliably delivered. Effective demand planning can improve the accuracy of revenue forecasts, align inventory levels with peaks and troughs in demand, and enhance profitability for a particular channel or product.
  • ·        Merchandise planning is a systematic approach to planning, buying, and selling merchandise to maximize the return on investment (ROI) while simultaneously making merchandise available at the places, times, prices, and quantities that the market demands.
  • ·        Trade promotion planning is a marketing technique to increase demand for products in retail stores based on special pricing, display fixtures, demonstrations, value-added bonuses, no-obligation gifts, and other promotions. Trade promotions help drive short-term consumer demand for products normally sold in retail environments.

2. Supply management:

Supply management is made up of five areas: supply planning, production planning, inventory planning, capacity planning, and distribution planning.

  • ·        Supply planning determines how best to fulfil the requirements created from the demand plan. The objective is to balance supply and demand in a manner that achieves the financial and service objectives of the enterprise.
  • ·        Production planning addresses the production and manufacturing modules within a company. It considers the resource allocation of employees, materials, and production capacity.
  • ·        Production/supply planning consists of:
  • ·        Supplier management and collaboration
  • ·        Production scheduling
  • ·        Inventory planning determines the optimal quantity and timing of inventory to align it with sales and production needs.
  • ·        Capacity planning determines the production staff and equipment needed to meet the demand for products.
  • ·        Distribution planning and network planning oversees the movement of goods from a supplier or manufacturer to the point of sale. Distribution management is an overarching term that refers to processes such as packaging, inventory, warehousing, Supply chain, and logistics.

3. Sales and operations planning (S&OP):

  • ·        Sales and operations planning (S&OP) is a monthly integrated business management process that empowers leadership to focus on key supply chain drivers, including sales, marketing, demand management, production, inventory management, and new product introduction.
  • ·        With an eye on financial and business impact, the goal of S&OP is to enable executives to make better-informed decisions through a dynamic connection of plans and strategies across the business. Often repeated on a monthly basis, S&OP enables effective supply chain management and focuses the resources of an organization on delivering what their customers need while staying profitable.

4. Product portfolio management:

Product portfolio management is the process from creating a product idea creation to market introduction. A company must have an exit strategy for its product when it reaches the end of its profitable life or in case the product doesn‘t sell well.

Product portfolio management includes:

  • ·        New product introduction
  • ·        End-of-life planning
  • ·        Cannibalization planning
  • ·        Commercialization and ramp planning
  • ·        Contribution margin analysis
  • ·        Portfolio management
  • ·        Brand, portfolio, and platform planning

5. Supply chain management best practices:

To succeed in a growing global market, you need a supply chain that‘s connected from start to finish, across your enterprise and beyond. Here are five steps we recommend to achieve connected supply chain planning.

1. Make the move to real-time supply chain planning:

When using ERP systems and spreadsheets for planning, companies typically rely only on historical data, resulting in little wiggle room for changes should any disruptions occur in demand or supply. For example, based on the previous year‘s numbers, a company can estimate the number of products it will sell in the next quarter. But what if a massive hurricane destroys a key distribution center, leading to too little supply on the shelves? With Anaplan‘s real-time connected supply chain planning solution, you can create ―what-if‖ scenarios and plan more effectively so you‘re ready when disruptions occur.

2. Unify supply chain planning with enterprise planning:

A vital second step is connecting traditionally siloed supply chain planning to sales and operations planning and financial planning. Companies can benefit from synchronizing their short-term operational planning with their wider business planning processes to make real-time updates to inventory forecasts and supply. Deploying real-time S&OP solutions that enable enterprise-wide collaboration means that key stakeholders across the business can create new scenarios and quickly assess how to use their resources to optimize profitability when an unforeseen event happens.

3. Anticipate the demand of the end customer:

For consumer packaged-goods companies, anticipating what customers want and when they want it is an ongoing challenge. A solution like Anaplan allows end-to-end visibility across the supply chain and beyond an existing network of wholesalers and retailers to sense demand signals from customers. When changing consumer sentiments can be rapidly identified and changes to demand for the product assessed, the company, partners, and customers benefit from improved profitability, margins, and lead time.

4. Leverage real-time data across all points of the supply chain:

Because supply chain planning typically involves a myriad of suppliers, channels, customers, and pricing schemes, models can become large and potentially unwieldy—especially when spreadsheets are the primary planning tools. Incorporating a solution that uses real-time data allows planning with great accuracy and reduces the risk of stock-outs or surplus inventory.

5. Ensure the flexibility to cope with change:

When technology facilitates efficient planning and quick reactions, disruptions aren‘t disruptive because re-planning and re-forecasting is easy—resulting in time and money saved and increased profitability. One could suggest other critical supply business processes that combine these processes stated by Lambert, such as:

6. Customer service management process:

Customer relationship management concerns the relationship between an organization and its customers. Customer service is the source of customer information. It also provides the customer with real-time information on scheduling and product availability through interfaces with the company's production and distribution operations. Successful organizations use the following steps to build customer relationships:

● determine mutually satisfying goals for organization and customers

● establish and maintain customer rapport

● induce positive feelings in the organization and the customers

7. Inventory management:

Inventory management is concerned with ensuring the right stock at the right levels, in the right place, at the right time and the right cost. Inventory management entails inventory planning and forecasting: forecasting helps planning inventory.

8. Procurement process:

Strategic plans are drawn up with suppliers to support the manufacturing flow management process and the development of new products.[56] In firms whose operations extend globally, sourcing may be managed on a global basis. The desired outcome is a relationship where both parties benefit and a reduction in the time required for the product's design and development.

The purchasing function may also develop rapid communication systems, such as electronic data interchange (EDI) and internet linkage, to convey possible requirements more rapidly. Activities related to obtaining products and materials from outside suppliers involve resource planning, supply sourcing, negotiation, order placement, inbound transportation, storage, handling, and quality assurance, many of which include the responsibility to coordinate with suppliers on matters of scheduling, supply continuity (inventory), hedging, and research into new sources or programs. Procurement has recently been recognized as a core source of value, driven largely by the increasing trends to outsource products and services, and the changes in the global ecosystem requiring stronger relationships between buyers and sellers.

9. Product development and commercialization:

Here, customers and suppliers must be integrated into the product development process in order to reduce the time to market. As product life cycles shorten, the appropriate products must be developed and successfully launched with ever-shorter time schedules in order for firms to remain competitive. According to Lambert and Cooper (2000), managers of the product development and commercialization process must:

1. Coordinate with customer relationship management to identify customer-articulated needs;

2. Select materials and suppliers in conjunction with procurement; and

3. Develop production technology in manufacturing flow to manufacture and integrate into the best supply chain flow for the given combination of product and markets.

Integration of suppliers into the new product development process was shown to have a major impact on product target cost, quality, delivery, and market share. Tapping into suppliers as a source of innovation requires an extensive process characterized by development of technology sharing, but also involves managing intellectual property issues.

10. Manufacturing flow management process:

The manufacturing process produces and supplies products to the distribution channels based on past forecasts. Manufacturing processes must be flexible in order to respond to market changes and must accommodate mass customization. Orders are processes operating on a just-in-time (JIT) basis in minimum lot sizes. Changes in the manufacturing flow process led to shorter cycle times, meaning improved responsiveness and efficiency in meeting customer demand. This process manages activities related to planning, scheduling, and supporting manufacturing operations, such as work-in-process storage, handling, transportation, and time phasing of components, inventory at manufacturing sites, and maximum flexibility in the coordination of geographical and final assemblies‘ postponement of physical distribution operations.

 

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