Supply chain management is a study of management of the flow of goods, services, and transformation of raw materials into final products. Every student is required to write a supply chain management assignment to show how much they understand from it.
Many years ago, the 7 principles of supply chain management were drawn with widely used supply chain strategies and initiatives by the various manufacturers, distributors, and retailers. Students studying management should know these principles as these can be helpful in assignment writing.
These principles are more than a decade old based on the need for supply chain leaders to focus on the customer. These timeless principles also stress the importance of coordinating activities (demand planning, sourcing, assembly, delivery, and information sharing) within and across organizations.
Here are the 7 principles of SCM that you should not forget to add to your assignment. According to the experts, these principles are an essential part of supply chain management.
7 Principals of SCM to Mention in the Assignment These are the principles of supply chain management widely read by SCM professionals that you add to your assignment.
Principle 1: Based on the need for service, divide the customers into the specific group, and adjust the supply so that these groups will be served profitably.
Principle 2: Modify the various network logistics to fulfill the requirements and profit of various customer groups.
Principle 3: Listen to the market signals and adjust the planning of demands accordingly across the supply chain, ensuring consistent forecasts and optimal resource allocation.
Principle 4: Differentiate the products closer to the customer and speed conversation across the supply chain.
Principle 5: Manage sources of supply strategically to reduce the total cost of owning materials and services.
Principle 6: Develop a supply chain-wide technology strategy that supports multiple decision-making levels and gives a clear view of the flow of products, services, and information.
Principle 7: Adopt channel-spanning performance measures to gauge collective success in reaching the end-user effectively and efficiently.
Various logistics coordinate with these principles to make a continuous supply chain, like- the plans or strategies, the source of raw materials or services, manufacturing that is more focused on productivity and efficiency, delivery and logistics, and the return system for defective or unwanted products.
Hope adding these points to your assignment may help to increase the value of writing. These principles of supply chain management will make your assignment impressive and powerful.
Summary This article introduces the principles of supply chain management that you can add to your assignment. To know more about the principles, you should read the whole article.