Discuss about the Conducting Content Analysis Based Literature Reviews.
There is adequate evidence based on experiences, suggesting that industries and companies have the likelihoods of considerable losses from inefficient supply chain management due to the vulnerability by risks offered and the consequent incompetent mitigation and risk defensive strategies. Also, there is not much information on how vulnerability arises as risks and how they generate less income in the focus industry (Hofmann, Busse, Bode, and Henke, 2014). Without a deep knowledge the materialization procedure, conceptualizations of vulnerability risks will remain indeterminate and effectual administration models cannot be created. The gap which is important is addressed in this research and study model by means of a process flow of research question- relevant hypothesis-solution goals advance and provide a brief explanation of how vulnerability issues in supply chains consolidate as risks for focal industries. The proposed conceptual model can help industries to mitigate vulnerability- and the related sustainability matters and problems in the world and local supply chains, making them less at risk of losses. The focal industry taken as the case study to apply the research in this proposal is primarily, the Australian Steel production industry. Emphasis is given on the application of the Supply chain management can be optimized in this industry by carefully observing the risks surfacing in the current supply chain of the sector, hypothesis formation in regard to the research directives created and conclusive planning(Ghadge, Dani, Chester, and Kalawsky, 2013).
Though the traditional approach of reviewing literature is by scrutinizing the research findings comprehensively, Supply Chain Risk management needs an extra edge in research due to the fact that it is a highly dynamic field in nature. Therefore, some strategies can be obsolete for it and some may not. Hence, the case studies are taken for real time based practical application and a study of researchers prior to their research study is done. This makes the approach quite intricate in implications (Sodhi, Son, B.G., and Tang, 2012).
As per the findings, there are three loopholes in the research methodology for SCRM, that are, the definition one, process inadequacy and a methodology inadequacy. For the definition one, it is found that there are ambiguous definitions of SCRM due to different perceptions arising from different experiences in risks and uncertainties( Sodhi and Tang, 2012). The process gap is due to inadequate practical research on mitigation of these risks due to partial knowledge of all the events in a broad timeline of a particular industry. The methodology inadequacy refers to lack of comprehensive and systematic research in this area.
The research of review started with the identification of types of supply chain risks in already reviewed SCRM research findings, these helped to define risks and resulting uncertainties involved in them.
The classification of risks and their sources can be classified as per different research findings. These are presented below.
Based on origin, these can be classified as Contextual risk sources which include external environmental factors directly or indirectly affecting risk management, System network risk sources, and Industry organizational risk sources( Ross, 2013).
According to (Weiland and Wallenburg, 2012), there are six dimensions to SCRM Risks, that are, Inflow supply risks in terms of resources, Information flow risks in terms of management of data and information, Inadequacies in cash flow, The chances of Breach in industry’s internal security of information system, Partner relationships in holistic degrees, and Corporate and social responsibilities and expectations.
Classifying on the basis of network management, risk sources could be physical, monetary, informational, partnerships and innovation ill- management (Staedler, 2015).
According to (Staedler, 2015) supply chain risks are classified on basis of highly disrupting risk sources. These risks belong to systematic risks, prediction outcomes, Rules and regulations regarding intellectual property, receivable, the catalog of resources and assets, and potential risk.
(Wisner, Tan, and Leong, 2014) categorize on the basis of vulnerabilities of risks, Operational eventualities, Natural disasters, and Political instability related catastrophe.
(Seuring and Gold, 2012) categorize supply chain risks as Model inefficiencies generated and Problem specific, and Inability to make decisions effectually.
Only those classifications are covered which are relevant to our industry setting study.
The second step comes into play with the assessment part of risk mitigation. It involves evaluating the probabilities, and the degree of influence (Most researches cover the risk identification and the consequent building of an SCRM framework with the just conceptual formation of assessing the risks.
The third part is mitigation of risks in the broad SCRM process that is how to counter the effects of risks by identifying the loopholes in the chain, the sources, making connections and reducing their probabilities with zero chances as a benchmark.
(Beske, 2012) have suggested that industry’s cultural cult, workplace culture, and organizational strategies have a bigger impact on the firm’s performance in response to risk management. (Brindley, 2017) say that an important way to prevent risks in improving the clear visibility of processes in the supply chain with no hidden or shortcut processes and thereby improving pro-activity.
Management of risk, specifical management of supply chain is about making the impact of uncertainties less; it is not about improving the already optimized processes and techniques to progress. This theme is also included in the principle of Robustness, given by Quality Gurus, where the causes of uncertainties are not focused upon, but the uncontrollable settings are made to be less profound on the final changes and results by empirical changes.
The final element is of responding to these risks, that is, how strategies are generated to counter the actual risk and in this phase, the industry actually knows about the drawbacks in the management of the supply chain of it. Therefore, it reduces the potential impact and recovery time. The gap this paper targets to fill is the loophole in the practical application of the risk identification and mitigation strategies in form of intricate observation in the real-time-based exploration of industrial settings and the relevant application, and a generation of a general and universally applicable framework.
This section presents a start to building models and frameworks for SCRM by the observations in the reviews done and by practical insights into the industry. The corporate or industrial supply chain decision- managers must decide on the level of investment required in the SCRM activities, the strategies required and regular reflections on these to maximize gains and minimize risks.
One can start to build the foundation by putting forward appropriate research questions and making them an anchor for the whole proposal by contemporary hypothesis formation with the inclusion of constraints. This should be followed by temporary sub- goals which may be iterated in further progress.
The research questions presented in this section are followed.
The questions are presented with the attached hypothesis in form of assumptions and constraints taken. These are mostly on basis of real-time situations.
Are supply chains of the Australian steel producing firms exposed to risks in the existing global business networks?
Supply chains are susceptible to risks anyhow.
This helps in pro-active management in chances of risks.
What are the best SCRM practices utilized in the current scenario in a steel producer industry?
Efficient management of SCRM can influence the feasibility of business and promote competitiveness.
This helps in systematic cause-effect methodology by incorporating risk management.
What is the significance of SCRM in controlling the risk factors?
The targeted performance value of the SCRM depends on the instruments used for prevention of them in the particular system.
This helps in deciding the investment of resources and time required in SCRM for a particular industry.
Describe the important integrated methods of SCRM to mitigate and administration of the risk associated with minimum cost?
Integration of risk management is positively associated with the innovation performance of the system.
This helps SCRM to be a part of the whole management system rather than as an extra-venous strategy to be incorporated which consumes time and resources.
This section has helped highlight and prioritizes the study factors to take into account and work on. These questions correspond to the issues in risks generated in Supply chains of industries and deciding the strategies to be developed in form of Subgoals.
In the current scenario, for the managers, company’ s reputation, monetary gains, financial consistency and their ability to provide better investment returns to the investors has become affected by the organization’s SCRM in cases of disruptions of all kinds. This has extrapolated in recent developing organizations due to global reaches of industries, obtaining sources from different traders or organization, exchange on a single basis, and optimizing these processes. Counter-intuitively, it has led to more disruptions due to theoretical standalone perspectives and not the practical generation of these. Therefore, a different management approach is needed.
With inculcating strategies to improve gain gathering by an industry, it is highly important to reduce supply chain risks. To improve feasibility, three types of collaborations, could be done, that are, sourcing collaboration, customer or user collaboration, and internal human resource collaboration. Addressing both, the supply and demand risk helps to proactively compete and saving of resources and predicting the behavior of industrial statistics over a period of time.
The effectiveness depends on types of suppliers, their diverse nature, the disruption relations, capacities, coasts and availability of different sources, response timings, procurement of goods, their production, workloads and timelines, distribution networking, collaborations, missions, both long term and short term, etc.
To directly relate innovation with risk management, cost-effectiveness is a big factor. One of the strategies to reduce costs, and create a focus on core practices, distributed outsourcing is done. Outsourcing is captured through different sources with different aspects of phases of product development, manufacturing, accounts, and logistics, inventory management, etc. In order to manage the resulting complexities, it is mandatory to integrate SCRM practices in the whole systemic process with product planning from scratch. Since everything is on a global scale, rehabilitation of the losses occurred is highly dangerous for the industry.
Manufacturing industries are one of the industries where dynamic change is highly prevalent. Exposure to risks in the supply chain is usual for the industry. The causes could be natural catastrophes, workers’ union disappointments and resulting strikes, discrepancies in inventory supplies and the resulting time lag in processes, stock-outs, machinery inefficiencies, dysfunction in transportation and logistics.
Most tactics had an element of Pro-activity, applied in maintaining enough buffers in inventory and resources to counter the effects of uncertainties. Another is optimizing replenishment strategies in case the risks situations occur. One should rely more on local and regional suppliers for delivery of components, parts, products, services, and requirements since from outside supplies, both monetary and nonmonetary factors arise.
This set up was aimed at assessing the Supply chain and risk management in manufacturing industries in Australia on an empirical and experimental basis. The assessments, results and relevant research question and hypothesis were formed by information gathered through data collected by execution and implementation of SCRM benchmarking questionnaires (Drucker and Freser, 2012) to specific industrialists and managers and field experts in the recent period. These sect studies allowed to see small but considerable issues in Supply chain management and resulted in the enumeration of tactics and strategies in form of solutions.
The future scope in this experiment belongs to the improvement in empirical studies to include more comprehensiveness and diversification. Also, the further literature review must be made efficient in these studies done to renew the basis for further research.
Everything is connected via an induction process in these global exchange chains. Therefore, it is important to consider the risks involved and their effectual management. An event resulting from a small risk can generate whole losses and is capable to create an economic imbalance induction state.
There are many questions to ponder upon. Should industries in developed economies collaborate with more or fewer suppliers than industries in developing economies? How is the nature of collaboration different? In these what strategies could be employed? What is the degree of influence of SCRM IN company’s financial issues (Mehrotra and Ray, 2012)? To answer these questions there are many factors: risks associated with supply and demands and the fluctuation, fixed and variable costs of collaboration with suppliers, and access to finance.
This study justifies the process of the three sequential steps of identification, assessment, and mitigation and puts efforts in validating the SCRM methods and practices, especially of continually and iteratively improving. Limitations arise from limiting experiments in the context of a number of surveys, resources, regional and country differences, and many other factors. However, efforts have been done to generalize the process in a simplistic framework.
The effective execution of a responsive supply chain requires a critical definition of a responsive and proactive supply chain strategy in terms of the product diversification, and the frequency and uniqueness of the abilities provided and the features. Industries also must provide key implementation strategies to achieve market pull production and calibrate responsiveness to the consumers. The literature in this research concludes the important elements that influence the success of working of the strategies related to the supply chain management are the industrial size, characteristics, and customer base, dealer networks.
SCRM is an area that has attracted much attention in recent developing industries, especially where change is in routine. Information has been gathered in context to the highly visible and non-visible Supply chain management disruptive issues and surveys pertaining to the efficiency of it in predicting future progress and success. Management of risk helps different chains of supply to deal with vulnerabilities to risks in both the agility by the strength and reactively by adding agility and effective time based lean management. The above-mentioned dimensions add influence the longevity of the supply chain.
References
Beske, P., 2012. Dynamic capabilities and sustainable supply chain management. International Journal of Physical Distribution & Logistics Management, 42(4), pp.372-387.
Brindley, C. ed., 2017. Supply chain risk. Taylor & Francis.
Ghadge, A., Dani, S., Chester, M. and Kalawsky, R., 2013. A systems approach for modeling supply chain risks. Supply Chain Management: An International Journal, 18(5), pp.523-538.<https://dspace.lboro.ac.uk/dspace-jspui/bitstream/2134/13180/3/A_systems_approach_for_modelling_supply_chain_risks.pdf>
Gurnani, H., Mehrotra, A., and Ray, S., 2012. Supply chain disruptions: Theory and practice of managing risk. London: Springer.
Hofmann, H., Busse, C., Bode, C., and Henke, M., 2014. Sustainability?related supply chain risks: conceptualization and management. Business Strategy and the Environment, 23(3), pp.160-172.
Ross, D.F., 2013. Competing through supply chain management: creating market-winning strategies through supply chain partnerships. Springer Science & Business Media.
Seuring, S. and Gold, S., 2012. Conducting content-analysis based literature reviews in supply chain management. Supply Chain Management: An International Journal, 17(5), pp.544-555.<https://www.researchgate.net/profile/Stefan_Seuring/publication/232806067_Conducting_content-analysis_based_literature_reviews_in_supply_chain_management/links/5995caf9a6fdcc35c6bfe932/Conducting-content-analysis-based-literature-reviews-in-supply-chain-ma>
Sodhi, M.S., and Tang, C.S., 2012. Strategic approaches for mitigating supply chain risks. Managing supply chain risk(pp. 95-108). Springer, Boston, MA.
Sodhi, M.S., Son, B.G. and Tang, C.S., 2012. Researchers’ perspectives on supply chain risk management. Production and operations management, 21(1), pp.1-13.<https://www.researchgate.net/profile/Manmohan_Sodhi/publication/279384116_Researchers%27_Perspectives_on_Supply-Chain_Risk_Research/links/56890e8c08ae1e63f1f8be04.pdf>
Stadtler, H., 2015. Supply chain management: An overview. Supply chain management and advanced planning (pp. 3-28). Springer, Berlin, Heidelberg.<https://dspace.elib.ntt.edu.vn/dspace/bitstream/123456789/7628/1/SUPPLY%20CHAIN%20MANAGEMENT%202015.pdf>
Wieland, A. and Marcus Wallenberg, C., 2012. Dealing with supply chain risks: Linking risk management practices and strategies for performance. International Journal of Physical Distribution & Logistics Management, 42(10), pp.887-905.
Wisner, J.D., Tan, K.C. and Leong, G.K., 2014. Principles of supply chain management: A balanced approach. Cengage Learning.
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