Module 6 Presentation

Module 03 Written Assignment

- Supply Chain Management

Keri King

1/26/2020

Introduction

The supply chain forms a key element of logistics in every company and also enables the smooth operation of a company’s business. Therefore, a company has to execute supply chain management effectively to guarantee the satisfaction of the clients and the success of the company. Supply Chain Management makes things streamlined right from placing an order to delivery and finally stocking (Agarwal, 2020). In fact, an efficient stock taking and Supply Chain Management will be able to analyze the interruptions and issues sufficiently before an organization run out of crucial equipment which can paralyze its operations. Therefore, a company that needs to succeed manageability over a huge task must remain insightful to use enough resources towards store network administration executive.

Importance of sufficient stock control in business

Stock taking and control is critical to a company that cares about its capital or its clients (Bozarth & Handfield, 2019). The main suppose of proper stock control is to ensure the organization is having enough stock to run all its operations and meet the needs and expectations of its clients. Moreover, effective stock control also ensures there is no too much that the company’s capital is held. Therefore, stock control is the first process that ensures a company keeps precise and accurate stock records at a certain period (Bozarth & Handfield, 2019). Nonetheless, a company must ensure the stock records are regularly updated any time new purchases are made and when stock control goes on. A company will not be able to place an order for new inventories unless these steps are undertaken properly. Failure to that will make the company perform poorly in meeting the needs and expectations of its customers as well as wasting lots of resources on a bulky inventory.

Furthermore, a good number of businesses nowadays like capitalizing on the benefits of automated inventory optimization technologies that enable them to record accurate information about the company’s orders and stockings (Bozarth & Handfield, 2019). The importance of automated inventory optimization technologies is that they ensure the client’s expectations and demands are met without having lots of stockings. The companies that use automated inventory optimization technologies often have working capital of between 20% and 40% while they cut stock-outs almost in half.

Placing timely orders

Well, look at it as a chain of supplies in a business whether a healthcare business or any other business. The supply chain ensures that the right product/service is delivered in the right quantity and quality at the right place at the right time. Even if it is not the case then the Supply chain ensures that the relevant information is available for the right stakeholders. Timely placement of an order may have a big impact on your business (Wang, Rodrigues & Demir, 2019). To have a competitive advantage, there is need to save time and money as a result, the entity requires software, which automates operational processes, provide transparency and accuracy, control inventory, track parcels, etc.

A step by step method of stock control

The order fulfillment process and stock control entail all the processes, procedures and stages from the time of receiving the order and the point where the order is received by the customer. The following is a step by step method of stock control process looks like this-

· Order is received

· Order is entered into the order management system

· Customer is notified that the order has been received

· Order is sent to the warehouse

· A warehouse operator finds the item, picks it

· The order is packed and ready for shipping

· Order is received and stocked by the client

References

Agarwal, R. (2020). Application of Utility Mining in Supply Chain Management. In Business Management and Communication Perspectives in Industry 4.0 (pp. 209-225). IGI Global.

Bozarth, C. C., & Handfield, R. B. (2019). Operations and Supply Chain Management.

Wang, X., Rodrigues, V. S., & Demir, E. (2019). Managing your supply chain pantry: Food waste mitigation through inventory control. IEEE Engineering Management Review, 47(2), 97-102.