Supply Chain Management as an Inventory Control Method

Supply Chain Management as an Inventory Control Method: Supply chain management can be described as a means with which companies across the globe are identifying powerful new sources of competitive advantage. This process incorporates all integrated activities that bring products to the market and generate customer satisfaction. Some of the major aspects in supply chain management include purchasing, manufacturing operations, transportation, and distribution in a unified process. Therefore, successful supply chain management processes involves coordinating and integrating all these operations and functions in a flawless process. As part of ensuring effective supply chain management, companies usually incorporate and link various partners in the chain or process. The major partners in the chain include third-party firms, vendors, information system providers, and carriers. Supply chain management is defined as all activities and processes associated with the movement of goods from raw-materials to the end-user product (Zigiaris, 2000). Description of Supply Chain Management: As previously stated, supply chain includes every activity linked to the movement of goods from the raw-materials phase to the end-user stage. The proponents of this business process recognized that vital productivity improves from management of material flow, relationships, and information. Actually, the success and productivity of a business is dependent on the delivery of improved customer andShow MoreRelatedWeek 6 Bus 6501680 Words   |  7 PagesManagerial Finance I will attempt to show how the supply chain inventory management method can be affected depending on the situation of the retailer. Studying the control method for problems in inventory, which would include both, excesses in inventory as well as shortages, and hoping to minimize loss. 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Such difficulties, as extended order lead times, high inventory costs, and struggle in answering proactive to real time variations, having lowerRead MoreNike s Global Supply Chain Problem1072 Words   |  5 PagesNike’s global supply chain problem. Nike had encountered problems with the management of their global supply chain in the past. Nike is an iconic footwear and apparel manufacturer that operates in over 180 countries with reported revenues of $25.3 billion in 2013. Nike currently has 719 factories, employing 990,325 workers in 44 countries around the world. It is the world’s leading manufacturer and seller of athletic apparel and sports equipment. It takes its name from the Greek goddess of victoryRead MoreEssay about Khalideoq823 Words   |  4 Pagesto minimize both ordering and inventory costs. You need to provide a recommendation of the optimal order quantity of raw materials to your plant manager. Your objective is to determine the economic order quantity (EOQ). 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Therefore, it is essential for an organization to have an inventory management system and an inventory control processRead MoreInventory Management : Forecasting And Replenishment1154 Words   |  5 PagesInventory Management: Forecasting and Replenishment Efficiently managing the supply chain flow between the vendor and the client plays a critical role in effective supply chain management. Systematic and methodical inventory management and forecasting are pivotal in the supply chain operation. Demand and timing coincide for optimal forecasting. One needs to understand the customer needs and determining the forecasted quantities. Guesswork and hope is not the answer. â€Å"As the term suggests, forecastingRead MoreIHC distribution Center Operations Review on Supply Chain Management, Logistics, and Inventory.955 Words   |  4 Pagesways that Supply Chain Management, Inventory, and Logistics have been successfully implemented in the Intermountain Healthcare Supply Chain Center. Peggy Lee, Card Program Manager at IHC led the tour in the Supply Chain Center. The goal of IHC distribution center is reduce waste, cost and centralized the high volume supplies in one location and distribute across all their facilities. This gives Intermount ain better control of their inventories and negotiation advantages. Using these methods has had