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SupplyChain_StudyGuide- - Chapter 1 Intro to Supply Chain...

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Chapter 1 Intro to Supply Chain Management Introduction - Vertically integrated firm: a firm whose business boundaries include one-time suppliers and/or customers - Strategic partnerships: trading partner relationships - Central to supply chain management: collaborative approach to making and distributing products and services to customers in the most effective and efficient way in order for a business to stay successful - Enterprise resource planning systems (ERP): business software system that lets a company automate and integrate the majority of its business process, share common data and practices across the enterprise, and produce and access information in a real time environment a. Makes global teamwork possible b. Necessary in order to compete in most markets - Communication technology continues to change rapidly, making global partnerships and teamwork much easier than ever before - Competition is expanding rapidly in all industries Supply Chain Management Defined - Supply chain: starts with firms extracting raw materials from the ground and then selling those raw materials to suppliers - These suppliers turn the raw materials into material that are usable by these customers (component manufacturers) - The final product manufacturers (Boeing, General Motors) assemble finished products and sell them to wholesalers or distributors - The wholesalers sell to retailers who sell to the end-product consumers - Consumers buy products based on cost, quality, availability, maintainability, and reputation a. A company’s supply chain will be successful if they could provide all of these things - Reverse logistics activities: unique form of inbound logistics where returned goods are properly disposed with an attempt to recover some of their original value - Companies eventually making products and services available for customers, including all of the functions enabling the production,
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delivery, and recycling of materials, components, end products, and services, are all in the supply chain - Only one true source of income for all supply chain organizations = the end consumer - The things that we do within our supply chain are driven around customer success - Service providers: trucking, rail, airfreight, warehousing firms, consultants - Supply chain management: coordinating or integrating a number of product-related activities among supply chain participants to improve operating efficiencies, quality, and customer service in order to gain a sustainable competitive advantage for all of the collaborating organizations a. Firms must work together by sharing information that impacts the firm’s purchasing, production, and distribution plans - Independent firms in a supply chain are relatively free to enter and leave the supply chain if the relationships are no longer beneficial a. Hard to efficiently manage supply chains because they are dynamic and fluid - Important prerequisites for successful supply chain management: 1. Change in the corporate cultures of all participating members to make conducive to supply management 2.
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