Operations Scheduling DB
Through improved financial strategies and data management, the supply chain of a company can improve their customer experience, business efficiencies and overall financial performance. By collecting data, improving customer intimacy, establishing financial strategies, and through the use of analytics, organizations can embark on new opportunities and stronger financial futures. Complete the following:
Discuss why it is important for an organization’s supply chain to include the management of their data and financial strategies by answering the following questions:
What types of supply chain tools help a company collect data? Please describe two types of tools.
How does supply chain management help a company to improve efficiency and effectiveness?
How does contract bidding improve a company’s financial outcome?
Why is forecasting demand important?
Operations Scheduling DB
Supply chain data management can be achieved through the use of tools like Excel spreadsheet which has proved to be the most popular tool. It is used in the warehouses to evaluate and forecast demands. Analytics and Reports are also used in analyzing transportation and logistics of products. The results will be given in terms of charts, reports and dashboards and they can be configured so as to give the fastest information on Key performance indicators.
The implementation of efficient and effective supply chain management (SCM) in an organization will help them to optimize the information, financial and product flow. It enables the companies to carry out the inventory management and determine the flow of demand. It also helps in minimizing the time taken to deliver products from supplier to the end customer hence increasing business speed and quality of goods. Effective SCM also ensures that the company has the best quality of information in terms of accuracy and completeness. The companies are able to deal will financial challenges by evaluating the logistical strengths and weaknesses and looking for solutions.
Contract bidding is an important aspect when dealing with business relationships. The major benefits include risk reduction in the company. Setting up the standards and procedures reduces the supply chain risks. Contract bidding also helps in elimination of unnecessary renewals hence reducing cost.
Demand forecasting in supply chain management refers to the process of making estimates of future demand by using the current data. Demand forecasting is important to business since it will help in increasing the customer satisfaction by providing them with the products on time.it also helps in reducing the goods inventory stock hence less expenses incurred in the warehouses.it also gives an insight on upcoming cash flows therefore the suppliers are paid on time and investing in the business growth is achieved.
