Supply chain management logistics m.com sem 4 question with answer | M.Com. Semester Pattern Study Material

 M.COM SEMESTER - IV (CBCS)

BUSINESS STUDIES (MANAGEMENT)

SUPPLY CHAIN MANAGEMENT LOGISTICS

Q.2 Explain the principles of SCM in detail.

ANS:

The concept of the chain is important because each link is connected in a specific direction and order, and the next link cannot be reached without going through the previous one. Each link adds time and costs, and may involve labour, parts, and transportation. Every product a business carries may have its own supply chain, though they may use certain suppliers for multiple products.

1. Adapt Supply Chain to Customer’s Needs:

The businesses and supply chain professionals understand customer‘s needs. Customers are divided into different groups called ‗segments‘ in order to understand them better. On the basis of sales volume or profitability, the primitive way to segment customer is ABC analysis. It can also be done by product, trade channel and industry. Anticipating the customer‘s needs is also very important. Once the needs of the customers are anticipated, the supply chain should be aligned to cater to the needs.

2. Customize Logistics Network:

After the segmentation of the customers based on different requirements, SCM managers have to tailor logistics networks to serve different segments. The SCM manager has to prioritize the deliveries and make suitable provisions to quickly distribute those goods that are marked as urgent.

3. Align Demand Planning Across Supply Chain:

Supply chain professionals are trained to share data with trading partners in order to avoid the unnecessary stock. The demand data must be used wisely by the SCM managers.

4. Differentiate Products Close to Customers:

Standardization and differentiation are two completely opposite things. Some cosmetic companies manufacture only 1 SKU that can be sold throughout Asia instead of 1 SKU per country. Due to the economy of the sales, standardization can drastically bring down the cost.

5. Outsources Strategically:

Though outsourcing is all the rage, the managers must outsource strategically. The core expertise should not be outsourced ever. This principle stands the test of time.

6. Develop IT that Support Multi-Level Decision Making:

The IT projects should not be done in isolation and before IT projects, the business process reengineering should be done. This provides a proper understanding of process insufficiencies and helps to determine the kind of innovation needed.

7. Adapt Both Services and Financial Metrics:

The activity-based costing (ABC) is applied to determine the customer‘s profitability. It is even better to exploit Time Driven Activity Based Costing in order to understand changes in activities, process, product and customers.

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