Latest trends and knowledge in Operations Management
We wrote a detailed blog on Lean Supply chain management here. Please visit the link. We believe it will be value adding to you This post specifically focuses on the various tools used in Lean Supply chain management. Tools for Lean SCM employs the usage of various tool. In this blog post, we have discussed …
The term CPFR (Collaborative planning, forecasting, and replenishment) refers to the business process where two or more trade partners pool their resources to develop strategies for meeting client demand, to boosting availability while lowering inventory, transportation, and logistics costs. CPFR combines knowledge of SCM, Inventory Management, and Demand Forecasting among others for fruitful results for …
CPFR-Collaborative Planning Forecasting and Replenishment – A Comprehensive Overview Read More »
Definition Lean supply chain management focuses on the elimination of waste from the waste. In a nutshell, lean supply chain management is all about streamlining your company’s supply chain in order to eliminate waste and improve efficiency. By reducing or eliminating non-value-added activities throughout the supply chain, lean supply chain management can help your company …
Supplier selection criteria form the very basic procurement strategy. The criteria for supplier selection is a mission-critical task that falls under the purview of the purchasing function. This is especially important to keep in mind when we are discussing strategic components as well as bottleneck components. In neither of these groups is there any evidence …
Supplier Selection Criteria – An Absolute Guide with Checklist Read More »
What is knowledge based sourcing supply chain? Both the theory and practice of purchasing are continuously evolving. This had led to the emergence of knowledge based sourcing. It is, in fact, an ever-changing and developing field in terms of both theory and practice. When one considers the growth of purchasing over the past three decades, …
4 Stages of Knowledge Based Sourcing – All you Need to Know Read More »
What is Kraljic Matrix or Krajlic Purchasing Portfolio Matrix? “What is the most effective method for buying management?” “What is the most effective tactic for buying and getting supplies?” These are questions that have been asked in the past by a large number of practitioners as well as academics, and they continue to be asked …
Kraljic Matrix – A Comprehensive Guide for your Procurement Strategy Read More »
Definition and Introduction Lifo Stands for last in first out (LIFO) approach of inventory pricing makes the assumption that the costs of the first item sold are the same as the costs of the most recent purchases. In general manufacturing parlance and Inventory management, LIFO also relates to letting go of your most recently produced …
LIFO-Last In First Out Inventory Management – 7 things to know Read More »
Introduction The 4 Phases of Product Life Cycle consist of the following Introduction Growth Maturity Decline Many experts believe there is another phase of the Product life cycle called Development. We will look into the same during the course of the blog Strong comprehension of a Product Life Cycle is necessary for businesses, particularly those …
4 Phases of Product Life Cycle – A Comprehensive Guide Read More »
Introduction Standardization is the process of developing and implementing technical standards. Standards are documents that describe the characteristics of a product, service, or system. They can be developed by government agencies, industry associations, or companies. There are several types of standards: Technical standards: These describe the physical or functional characteristics of a product, service, or …
Introduction Emerging trends in SCM refer to the new and upcoming areas of supply chain management which is allowing organizations to pivot and create a more resilient and agile supply chain. In a post-COVID world, it has generated tremendous academic and political interest as well, as organizations and countries alike are rushing to defend their …
Emerging Trends in SCM [2024]: A Comprehensive Overview Read More »