M.COM SEMESTER - IV (CBCS)
BUSINESS STUDIES
(MANAGEMENT)
SUPPLY CHAIN MANAGEMENT LOGISTICS
Q.1 Explain the features of SCM in
detail.
ANS:
1. Ability to integrate throughout the supply
chain:
Technology is an enabler, and a digital
solution should introduce functionalities that span the entire supply chain,
integrating multiple entities like suppliers, OEMs, shippers, warehouse
centers, and customers. It should connect with all your other applications,
including enterprise software, legacy systems, third-party applications, help
desk, and email— regardless of the information source, operating system, or
platform. This can eliminate connectivity issues and enable efficient information
flow across a chain. For instance, the ability to create orders and bill
customers from a single, central location simplifies the work of operations
managers. It eliminates redundancies and the chance for miscommunication or
wrong orders. Flexible features within the order management and billing
function can be used to customize the system to suit different customer
segments or product categories, and cater to unique requirements of chain.
2. Real-time and collaboration
capabilities:
Real-time information is essential to
avoiding things like bottlenecks, missing goods—and unhappy customers. With
real-time capabilities, organizations are empowered to respond to changes in
the supply chain immediately, as they arise. Effective supply chain management
software should allow multiple stakeholders to work together on a project so
that they‘re on the same page, without the need for frequent back and forth communication
or manual updates. For example, a fleet manager, a truck driver, and a customer
located in physically different places can stay connected and have the same
visibility on an order, thus increasing collaboration and maintaining
end-to-end transparency.
3. Process optimization abilities:
If routine, repetitive tasks are automated,
it enables staff to work on more revenue-generating ones. Apart from automating
operational tasks with custom rules, businesses can leverage AI and machine
learning to optimize other tedious tasks, as well. For example, software can be
trained to approve a product only if it‘s in its best-finished state,
eliminating the need for manual intervention. This approach enables
organizations to explore more agile ways of working, better manage high levels
of complexity, and call in human intervention only in the case of exceptions. Optimization
tools in logistics and transportation help companies move goods in an efficient
manner, at the lowest cost possible. This is important in the face of rising
fuel costs, as well as constantly evolving national and regional regulations
that can introduce uncertainties or slow down the movement of shipments.
4. Analytics and forecasting:
Along with automating day-to-day tasks, good
supply chain management software should help you evaluate your business, with
built-in analytics and forecasting capabilities to help you:
·
Understand the health and
performance of your business
·
Identify bottlenecks
·
Capitalize on your current
strengths
·
Anticipate customer demand
and plan future production
·
Spot inefficiencies in your
system
·
Predict events which are likely
to occur
Some advanced software has predictive
analytics that help balance disparities between supply and demand by providing
data on both internal (demand) and external (weather, industry, regulation)
trends.
5. Customization:
Prebuilt components in the application and
customized configuration of business rules introduce flexibility that helps
businesses adapt to changes quickly and go to market faster, with customized
solutions for consumers. Some supply chain solutions let developers extend
their features with programming languages like Java and Python. Open
architecture also encourages organizations to build their own applications to
suit their unique requirements like developing multiple variations of a product
to cater to different customer segments, thus maximizing profitability.
6. Cloud-based access and mobility:
With cloud-based supply chain software,
businesses can be accessed by authorized users from anywhere, at any time, so
they can continue to manage, track and monitor the progress of transactions on
the move. An additional benefit is that businesses can set up a cloud-based
solution at a lower cost, in less time, and with less risk than investing in an
on-premise system. Organizations that have access to a mobile app for managing
their supply chain and logistics functions have a better chance of staying up
to date on various activities, like order status or shipping. Real-time alerts
can be sent directly to users ‘mobile phones, collaboration between different parties
is enhanced, and immediate action can be taken in case of any issues.
7. Security:
Data security is the heart of any business
software. While choosing a supply chain management solution, companies should
evaluate:
·
Data encryption
·
Virus-scanning
·
Network monitoring
·
Audit trail
·
Fault tolerance
They should also ensure the necessary
standards for secure communications between authorized parties, and that all
technology related compliance is maintained.
8. Scalability:
Any software must grow with a business. And
as organizations make inroads into new regions, expand their product portfolio,
and acquire new customers, a supply chain solution should be able to handle the
increasing volume that comes with it. It also needs to support multiple
applications and additional channels without affecting the system‘s
performance.
9. Supply-chain management:
It is a cross-functional approach that
includes managing the movement of raw materials into an organization, certain
aspects of the internal processing of materials into finished goods, and the
movement of finished goods out of the organization and toward the end consumer.
As organizations strive to focus on core competencies and become more flexible,
they reduce ownership of raw materials sources and distribution channels. These
functions are increasingly being outsourced to other firms that can perform the
activities better or more cost effectively.
10. Personalization of customer:
The effect is to increase the number of
organizations involved in satisfying customer demand, while reducing managerial
control of daily logistics operations. Less control and more supply-chain
partners lead to the creation of the concept of supply-chain management. The
purpose of supply-chain management is to improve trust and collaboration among supply-chain
partners thus improving inventory visibility and the velocity of inventory
movement. We have to communicate with all the vendors, suppliers and after that
we have to take some comparisons after that we have to place the order
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