Discuss About The Corporate Responsibility In Supply Chains?
A shift has been seen to Digital Supply Chains it is emerging fast around the world. Digitization is a proven technology to ease what is being done manually. Surveys are taken on this recent shift to digital supply chain and results are clearly showing how digitization is dominating the market. This step is being followed by various big companies around the world, it has taken a big jump recently. Many trends can be seen in supply chain management after this shift took place and these trends are promising companies for a greater future.
Digitization is dominating market in today’s scenario with the series of technologies which is of great importance. The approach towards digitally enhanced companies who re-invent their strategies of managing the supply chains brings few trends along with it (Transportation Management Company | Cerasis, 2017).
3d printing in healthcare and pharmaceuticals has increased in last few months has increased so far with the increase in production volume. Healthcare now is also counted in technology driven sector. It benefitted in various ways by providing bewildering precision where it is hard to print typical shapes as they used to do it in earlier days. The growth in this sector is commendable and are still exploring constantly (Emeraldinsight.com, 2017).
With the growing network of digitalization, uber rides shows a prominent growth in services by providing visibility in their networks to customers and drivers which makes the whole process easier. In recent years the surveys has been made, and the data shows how Uberization has jumped up to bigger shares.
Operations with internet of things shows an impressive graph. Big companies are tied-up with this technology and satisfy customers, clients by giving instant response, customized content and updated software.
With the time being in, digitization brings a level of maturity in cloud computing. The respondents shows flattering results. In past years, cloud computing was generally accepted but was stagnant as per the growth graph but after shifting into digitization concept it breakthrough the success rate.
After shifting to the digitization, operational technology helps in maintaining spare parts and equipment in a way so that it is less cost intensive, better utilization of resources, smooth flow of data in context of information and material. It is quite a realistic approach where managers and suppliers maintain a virtual inventory by making forecasts and customize goods based on the demand.
Digitization has moved quickly and well executed one can see the range of opportunities it comes with and delivers the best out of it.
Portraying the trends based on the current event happened in supply chain management it lead to various trends which are making the rounds in industry. The emergence of digitization will help in making strategic decisions in businesses and utilize technology at its best. How digitization affects market strategies for companies? Answer to this question would be clear. Back then it was not possible for managers and suppliers to fix the issues regarding visibility of inventory. Now after digitization flow of inventory can be easily monitored by both the managers and suppliers. The overflow and underflow of inventory can be manage wisely and lessen the inventory carrying costs, bulk purchasing and also loss incurred while holding the order made by customer. A manageable inventory turn out to be profitable and gives free cash flow which is an important aspect in management.
In customary terms, digitization changes the whole scenario as strategies can be planned on how to deliver faster than ever and create healthy competition in market. In both ways customer is attaining satisfaction who are known to be the king of the market.
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Reflectivity |
The evolution of digitization in supply chains brings visualization to the happenings in flows which include material flows, cash flows and data flows. There are few principles and standards designed in this matter and it creates the clear picture before the management and customers as well.
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Demand and supply |
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Readiness |
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Transparency |
Adequate use of assets by raising reflectivity- An effective supply chain increases utilization of assets in a significant manner. It showcase the insights of current availability of resources and its utility and enables to forecast additional needs of resources to maintain the levels of inventory.
Digitization matches the demand and supply factor- Priorities are being made as per the demand of customers and meet them by supplying at the appropriate time. It provides the perfect match between demand and supply constraints.
An instant collaboration made by companies- Collaborations made by supply chain management with the customers proves to be a wise step as it enables the customer to cooperate which ultimately leads to smooth functioning of supply chains.
Readiness on demand- Through ecommerce managers and suppliers handles material flow and capacity of additional demand in certain situations. Ecommerce is proven to be a profitable technique in today’s scenario where there is uncertainty in market. Strategic plans can be made to cover up such uncertain situations and solves the issues with suppliers in context of required resources.
Provides transparency- A digital supply chain provides an end to end reflectivity which allows businesses to get the know-how of their inventories and its utilization. A transparency is must to control the impacts and effects if there is any deviation in the forecast done by managers and suppliers.
Ecommerce has transformed tactical operation to strategic operation and shorten up the cycle of purchasing raw material and supply goods. It reduces the costs involved and total cycle time which proves to be a profitable step. Digitization is a core improvement effort made by businesses with a centralized objective to reduce additional time and costs. It is gaining importance in terms of long term objectives of organizations by focusing on economic values, their earning per share, to increase share values and last but not the least is customer satisfaction. After setting up their primary objective, supply chain costs are being measured and forecasted for the fundamental purpose of increasing overall business value. Linking to this technology where it gives the opportunity of handling transactions and various information electronically which is easy to handle such data. The emergence of B2C has gained position in market more than any other system (Graham, Manikas and Folinas, 2013).
Ecommerce promises to manage the system in electronic way which saves manual involvement saves time and energy. By saving time and costs involved in it lead to profitable revenues and marks a good position by having bigger shares in the market segment.
Digitization rapidly growing in industry in all manners to ease the processes of supply chain management and working as a helping hand in making strategic plans for such processes. With all its advantages making constant changes in the whole process also contains some of issues regarding diversity. The need for skills and expertise in management of this complex process is on the rise. To support such development in initiatives made by industry puts managers and suppliers in a jinx to cooperate with the ever changing requirements in the market. Managers need to engage themselves in more and more activities of supply chain management and here the involvement requires intensive knowledge regarding technology adopted for the shift in digitization (Sciencedirect.com, 2017).
In order to respond to the drastic changes and diversities happening in the process creates complexities for managers to handle such issues at a time. It is said that not all evolution brings positive impacts in environment. There are many set rules for every segment and if they are not followed as per the guidelines given it can lead to critical situations. For the survival of organization after adopting digitization can only be possible if there are skilled and experienced managers available in organization who follow up the guidelines.
(John Wiley & Sons, 2016).
Companies need to balance their ethical concern to fulfil the social responsibility in society to mark their success in market for long term plan. By practicing ethics companies gain trust in the eyes of customers. Today number of customers are after ethical companies as consumers are aware of the fact related to ethical business. An ethical business ensures that any particular product they are supplying involves lesser costs and pricing would be accurate and adaptable by consumers.
Ethics involve in digitization of supply chain management comes with greater benefits to the company as well as society. Ethical practices ensures on the part of raw material that proper utilization of resources is must and wastage can be avoided as much as possible. The material flow is controlled if ethics is properly applied. Adding to the fact, it has an impact over environmental factors too as all the work has been converted into electronic way. It reduces the costs by reducing the use of carbon footprint and handling the data flow. By using such efficient technology driven methods in supply chain results in lower costs and manual work which can be utilize in other places and increase productivity would help in having higher margins in market.
The impact of ethical practices depend on company’s type and which segment is followed by them in terms of costs, marketing techniques. It is concluded that ethics has control over social as well as environmental factor. But for an organization to be ethically proven it is necessary to follow the aspects as per the company type to maintain standards which carry norms depending from country to country and adopt code of conducts. The code of conducts include the provisions responsible for security and safety, management of labor, health and ethics issues.
The digitalization in supply chain management interests me because of the reputational change it brings in the whole industry consisting of many advantages. The applications of digitalization in supply chain are:
These are the advantages that digitization brings in management and many intangible gains attached to it. If comparison is being made between traditional supply chain management and integrated supply chain, the flaws can be seen clearly. As customers are much aware of the facts regarding ethics of a business and its pricing. An on-time delivery also affects in this case by fulfilling their expectations so basically digitization helps overcoming all the issues of a management and satisfies customers. The customer satisfaction is the core of the business which enables an enterprise to earn profits with set standards of pricing by maintaining a quality of its own, lead to bigger share in the market (Forbes.com, 2017).
Ecommerce gives transparency and a complete view of supply chain which was not experienced in traditional supply chain management. Visibility tends to give a clear view and help in detecting faults in the process if any and resolve them at the time of the occurrence which is beneficial in terms of time saving, errors which can lead to losses. It also creates a chain for a proper communication between members engage in supply chain and flow of information available for all. Unlike the traditional approach of supply chain management which was a line of management and information goes in a straight line only. The cycle in ecommerce supply chain is simpler as compare to the complex traditional supply chain, modern approach is quite responsive in nature because of simpler cycle of planning and execution. The synchronization in cycle helps management in smooth functioning and planning strategies, executing the plan, flow of information (Stefan Schrauf, 2016)
The economic benefits that digitization brings into are unlimited, investments made in this field proves to be beneficial instead of old approach of supply chains operations. It is proven how digitization is working out as it brings efficiency gains higher than expected and boosts revenue for a longer term. That is why companies are pulling digitization in the race to develop themselves in terms of technology and mark their sustainable position in market by achieving bigger shares.
The digitized supply chain management has increased efficiency in each and every sector by improving the overall experience by customers, managers, suppliers and operations altogether. It has become a significant approach who drives not only the management but customers also. The agility it contains, responsiveness and customization it provides lead to increase in efficiency of business in market (Scm.ncsu.edu, 2017).
Various surveys has been done and one of them shows a report of 490 global chain officials. The results showed the insights of their organizations that how digitization takes a toll on supply chain management and how their companies have earn revenues as compare to the past. It was a strategic research done by Forbes on North American, Asian and Europe companies. Interviewed various executives from different companies. The executives shares all the customer experiences and how managements embrace the digitalization in their business models (Forbes.com, 2017).
It is also seen in these surveys taken that the technology analytics required in supply chain management cannot be suddenly positioned into action and expect quick results from it, officials shared their experiences by explaining how these analytics take time to learn and grow at its own time. Skills and expertise is required to adopt such measures and innovations otherwise it may not give proper results or gains. A complete knowledge is must in this case but overall this measure of digitalizing strategic supply chains proved to be a beneficial step (Anon, 2017).
References
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