Your friend wants to know about managing supply in a supply chain. Briefly expla

Question

Your friend wants to know about managing supply in a supply chain. Briefly explain it to him or her and give three specific examples of different strategies (be sure to mention the type of firm you think a specific strategy should be used in and why). 2)Your friend wants to know about managing demand in a supply chain. Briefly explain it to him or her and give three specific examples of different strategies (be sure to mention the type of firm you think a specific strategy should be used in and why)

Explanation / Answer

Managing supply in a supply chain is crucial, as it is what helps any organization in ensuring OTIF - On Time In Full.

What this means is, you ensure that the end customer gets the product ordered for right on time (as per the expected delivery date), and gets 100% of what he ordered for. This can only be ensured if one does not have an constrained supply.

When we talk about managing supply, there are multiple aspects to it. For a manufacturing set up, you would have raw materials which are used as primary inputs for manufacturing. Now, here it is essential that your raw material suppliers deliver the material on time - otherwise your production is going to get delayed because the raw material inflow has not come as per time for you to run the production plan on schedule, right?

Some ways of ensuring a good supply flow through the supply chain would be:

These are the key strategies that one can use for managing supply in a supply chain

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