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Supply Chain Management
Supply Chain Management is increasingly been positioned as a key strategic enabler helping organisations to add value and push the boundaries of performance
The modern day buyers are more and more pretentious; the organisational staff members are more and more demanding; the competitive environment is more dynamic; the legislations change and the technology evolves. Virtually, the internal and external environments of the firms are in a continuous process of change and the organisational leaders have to devise a wide array of mechanisms by which to cope with the new challenges, to take advantage of their opportunities and to limit their threats.
One important tool used in this direction is represented by Supply Chain Management. The current project as such sets out to assess the Supply Chain Management (SCM) through the lenses of its ability to create value. In other words, more and more recently, Supply Chain Management is being perceived as a strategic key enabler that helps economic agents to create more value and to also push their own boundaries.
Supply Chain Management is a complex concept, with numerous definitions. At a generic level however, it derives from logistics theories and operations and it includes the totality of mechanisms and operations completed in order to ensure that a product is created and delivered to the end consumer. The scope of the Supply Chain Management is for it to be efficient, effective and create competitive advantages for the firm.
In order to better assess the value creation ability of the Supply Chain Management, the SCM of Tesco is being assessed. Before this practical analysis however, the project would also present some theoretical pointers as to how Supply Chain Management creates value for the firm and supports it in overcoming its limitations. Some of these include decrease costs, decreased response times, superior management of the inventory or generally increased performance, efficiencies and collaborations between the members of the supply chain.
At the level of Tesco, it is believed that an important role in its success is played by the company's Supply Chain Management. This is developed and operated by the firm itself, and it is active on multiple fields and channels. Through it for instance, the company strives to improve inventory, customer satisfaction and freshness of products. The SCM at Tesco is continually changing to ensure that the firm is able to quickly identify and respond to the changing features of the environment. This element allows the company to create more value and to push the boundaries of its performance.
Table of contents
Executive summary
51. Introduction
62. Understanding Supply Chain Management
73. Supply Chain Management as creator of added value
73.1. The theoretical stance
93.2. The practical stance -- the case of Tesco
114. Conclusions
References:
1. Introduction
The organisations of the contemporaneous business society have to develop and implement strategies that help them seize the opportunities and reduce the threats of the multitude of changes impacting the economic community. These changes are numerous and varied, and virtually include increasing pressures and demands from the various stakeholder categories, such as organisational staff members, business partners, customers, the public, governmental and non-governmental institutions and so on.
At the level of the employees for instance, these come to play a growingly important role within the modern organisations, as they add value through their intellectual capital. But on the other hand, the employees are also more demanding and require more resources to be invested in their hiring, retention, preparation and rewarding.
The customers of today also grow more demanding, especially since they are presented with a wide selection of products and services from which to choose those that best serve their needs. In other words, competition grants more power to the buyers. But competition also forces the economic agents to develop and improve, or else risk demise.
Other challenges posed by the external environment include the changes brought to the legislations regulating the business community, the advance of technology or the increasing pressures of the general public on issues such as social and environmental responsibility and sustainability.
In this growingly complex setting, the economic agents are forced to develop and implement strategic courses of action which help them maximise the new opportunities and minimise the emergent threats. In this sense, they derive a wide array of mechanisms, of a growing importance nowadays being the Supply Chain Management. The first step in addressing the importance of the Supply Chain Management would be represented by the definition of the concept, followed then by the assessment of...
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