In today’s world, Supply chain is the backbone of any activity or event happening on this planet earth. Thus, it makes utter sense that a career in supply chain management would be one of the most rewarding careers of all times as well. No doubt you are passionate about your degree in supply chain management. But that doesn’t mean that you will have to spend most of your time writing copious and unnecessary assignments during the program? What can be worse than assignments eating all your weekend? Well, now you can chillax with our assignment help for supply chain management. Our experts provide stellar Supply chain management assignment help that covers all the aspects of your marking rubrics and comes with academically formatted citations and references list.
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Let’s Discuss the Most Important Concepts of Supply Chain Management Assignment
What Is Supply Chain Management (SCM)?
In layman’s terms, the supply chain can be understood as managing the flow or supply of different goods, products, services and other functional processes that add value to raw materials. Supply chain management solicits rigorous streamlining of business logic and it’s vendor side activities to maximize the supply flow and mitigate production risks. Streamlining supply-side activities also enables the business to minimise production costs and price their goods very competitively. At the heart of supply chain management, the managers aim for making automated processes to synchronize the tasks of production, suppliers and different vendors to make it as efficient and economical as possible.
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Experts that provide Supply chain management help have explained the aspects of Supply Chain Management in easy to understand language, further in the article. It is hard to cover all the concepts of Supply Chain Management.
Working Mechanism of Supply Chain Management
Supply Chain Managers devise strategies and plan to handle multiple facets of production like managing vendors, optimizing supply patterns and much more. To get it into perspective, understand the supply chain with this example. As soon as your alarm clock wakes you up, you get off and make coffee for yourself. The coffee beans that you used for making coffee came from the local supermarket. These were packed at a facility before arriving at the supermarket almost 100-200 miles away. The beans were transported to the packaging facility via a dealer near the facility. The dealer could have imported the beans from a foreign land where cultivators could have sold their produce to a local investor. Did you get the number of stakeholders that were involved only to get your coffee to you? All of this is managed by meticulous efforts of supply chain managers.
Ideally, SCM makes brief attempts to centralize every process from gathering different components to managing different supplies from vendors to make the final product. This involves managing production, shipments, vendors and distributions. Thus the manager uses tight controls and smart inventories for sales, distributions, production and company vendors.
SCM propels the theory that every product that numerous organisations and producers synchronize with each other to make a particular product available in the market. It is a very rare phenomenon that a single stakeholder produces and consumes all of the different components required to make the end product.
Highest In, First Out Inventory Management Technique
Highest In and First Out is a commonly adapted inventory management technique that deals with the distribution and accounting in a fixed order. The inventory that carries the highest value is sought to be exhausted or taken out of stock first. This eventually generates cash flow for the company for a significant period. The highest expense should be the cost of the products that are sold and the inventory, in the end, should maintain the products with the lowest value possible.
- This method advocates that the goods with the highest value should be prioritized first and should be sold as early as possible.
- Methods like HIFO helps organisations to reduce their taxable income as it realises the maximum costs of products.
- HIFO is very sparsely or rarely used without other accounting techniques like GAAP or IFRS.
One of the most important decisions for the firm is to keep track of accounting inventories and incorporate the knowledge derived from it in all the company decisions. Organisations chose the highest in first out method more willingly if their aim is to reduce their taxable income over a period of time. The inventory of the highest value would always be recorded as exhausted in all the accounting statements irrespective of the date of purchase of the stocks. Thus, this would help the company save on taxes over a period of time.
Distribution management is the process that oversees the movements of all the goods in the system from a manufacturer’s point of view. This term overarches to include all the activities like inventory management, warehouse management, packaging and logistics. This is a very integral part of the cycle of business for different distributors and vendors. The rate at which products are sold and consumed influence profits and sometimes, the frequency of selling goods also determines how competitively a product can be priced in the market. If the product sells more frequently, one can reduce the profit margin to generate the same or higher amount of profit while also conquering the market with a supply of higher volume. Thus, maintaining a distribution management system help organisations to beat the competition and emerge out as the
All the aspects of Distribution Managements directly influence an organisation’s financial longevity and success. Thus, there is a dire need to vet all the operations of distributions and establish a robust self-synchronizing system. This becomes more crucial as the size of the corporation increases and the number of alternative suppliers grow exponentially.
The modern-day techniques of managing distribution apply more than just moving products from one point to the other. It also involves rigorous data analysis and deriving of knowledge that could open opportunities for growth or beating competition in the market. In progressive environments, organisations leverage all the forces of distribution to capture all the business intelligence to assess and predict the growing competition in the industry.
Points Worth Noting
- Distribution Management deals with managing the transportation of goods from the supplier and vetting their movements until they reach the manufacturing unit.
- Distribution management covers the full spectrum of processes such as packaging, warehousing, supply chain as well as logistics.
- Having rigorous distribution management plans are important for an organisation’s financial growth and longevity.
- A rigorous framework also helps to manage things and keeps all the customers satisfied.
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