To Achieve Success Such as Reducing Operating Costs,improving Asset Productivity

question 34

Essay

To achieve success such as reducing operating costs,improving asset productivity and compressing order cycle time,an organisation should follow the seven principles of SCM.These seven principles run counter to previous built-in functional thinking of how companies organise,operate and serve customers.Old concepts of supply chains are typified by discrete manufacturing,linear structure and a focus on buy-sell transactions ('I buy from my suppliers;I sell to my customers').Because the traditional supply chain is spread out linearly,some suppliers are removed from the end customer.Collaboration adds the value of visibility for these companies.What are the seven new principles of SCM that organisations should follow?

---

Definitions:

Rewards

Benefits or positive outcomes that are given in response to an individual's actions or behaviors.

Childrearing Years

The period in an adult's life dedicated to raising children, typically ranging from birth to the teenage years.

Newlywed

A person who has recently entered into marriage and is in the early stage of marital life.

Late Adulthood

A phase of life typically defined as beginning at the age of 65, characterized by significant changes in physical health, social roles, and cognitive function.