Get free samples written by our Top-Notch subject experts for taking the assignment services uk from Rapid Assignment Help.
Supply Chain Management (SCM) is playing an important role to maintain the entire flow of production of products and services. This is dealing from the raw components to the delivery of the final products to the consumers. It deals with different activities that consist of designing, farming, manufacturing, packaging, transporting, and many more. The development of supply chain management is depending on the opinion of customers of the company. With the changes in demand of consumers companies are able to develop products that are effective to increase the rate of productivity of a company. The values of clients are playing an important role for business organizations to continue their distribution of products correctly. This report is trying to focus on the several aspects of this company within the competitive market. Based on the supporting examples the customers are trying to illustrate the supply chain strategies, tools and technologies, and so on through this study. The theoretical support of this management process also tries to elaborate in this part of the study.
Supply Chain Management of companies, specifically businesses require an efficient system of operation and activities so that the products and services reach the customer base on time and in the appropriate condition. In this case, the proper working of the supply chain is also responsible for improving the customer value and creating a good reputation within the market. The concept of the supply chain is based on the creation of a network that connects individuals, organisations, human and physical resources, operations, and technology that helps in the production, transport, and sale of a product (Lopes de Sousa Jabbour et al. 2018). Considering the whole process of the supply chain it covers the system that starts from the delivery of source materials from the supplying unit, development by the manufacturer till the final delivery to the customer base.
In the case of the activities within a business, the supply chain consists of two units, which are operations and logistics. The managers of both these departments are responsible for the implementation and management of the efficient deployment of personnel, “in-process inventories”, physical facilities, finished goods, and related information and services. As for the current problems of the supply chain system regardless of the type of business, the global supply chain industry has three major critical challenges facing businesses. These are the labour shortages, unavailability of proper equipment availability, along with the “ripple effect of global bottlenecks” (Gholami-Zanjani et al. 2021). Thus, it is also a difficult case for the companies to gain customer value amidst the challenging situation.
Other than that, the major problems regarding the supply chains that are common to almost all businesses are to keep the costs of transportation low and maintain the changing demands of the customers as well as the industry. Further, it is also challenging to keep the sourcing consistent, while having a reliable carrier capacity. Unable to stay up-to-date with the latest technology solutions causes the company to have a low-efficiency supply chain management strategy along with the performance of pick-up and delivery (Clauson et al. 2018). As for the need to create customer value, the companies should apply an efficient supply chain strategy, which can be acquired by meeting the key requirements and opportunities of the supply chain.
These can be done by having proper monitoring and planning along with a system of processing orders and management of inventory. Warehousing techniques and management are the most integral for supply chains as they should be sorted in a way that they can easily be sourced and supplied in a minimal time (Kumar, 2020). The management of the transportation system is also responsible for the on-time delivery and support to customers during their needs. Finally, on the part of the management and accounting, the company should consider using “supply chain analytics” along with collaboration and technical features for smart record keeping, and business and market analysis.
For the companies to gain a high customer value based on the service or product quality, there is a need to apply the correct analytical tools for the analysis of the existing supply chain and then improve or develop it accordingly. In this case, there are several types of analytics that can be used which are “Descriptive analytics”, “Predictive analytics”, “Prescriptive analytics”, and “Cognitive analytics” (Jabbar et al. 2021). These are sometimes supported with the help of appropriate performance metrics along with “Hybrid Performance Measurement” in case, the supply chain is more complex than usual. Thus, it is an integral system for the companies to have a system that caters to all the physical, technical, and analytical aspects of the supply chain so that the management covers all the activities for successful integration.
Considering the structure of the global supply chain networks, as already mentioned earlier, the main aspects they cover are the segments of storage, warehousing, and handling of materials (Saberi et al. 2019). This is because improper storage conditions and handling mostly lead to the deterioration of the product even before it leaves the manufacturing unit and if these somehow reach the customers it might reduce the reputation and goodwill of the business. Immediately after that, the products should be properly packaged and unitised for easy location and accessibility (Dolgui et al. 2020). Lastly, inventory management and an efficient transport system are essential along with the secure handling of the information and control system.
Due to the rising internationalisation and globalisation of almost all businesses, the supply chain logistics are also required to match the market trends. Globalisation of supply chains produces a new revenue stream, specifically for the logistics companies, which, however, also increases the system of communication among the vendors, customers, as well as business owners (Free and Hecimovic, 2021). This allows them to reach new audiences and connect with customers, regardless of location. On the other hand, it is also challenging for the logistics managers considering the increase in the size of the business locale. In the case of the logistics managers, it is firstly not a career path for them and they have the responsibility of employee retention.
They are also required to operate a “streamlined communications management” and also comply with the service hours. Logistics managers also need to cater to employee benefits along with fuel costs, while providing all-time better customer service (Kandil et al. 2020). They also have governmental and environmental regulations imposed on their roles and the managers also cater to information processing and maintain relationships with business partners all at once. Thus, it becomes a difficult task for the managers to also think about the strategies that help in creating good customer value on behalf of the manufacturing companies.
Resource-based View Theory
This theory is playing an important role to understand the behavior of organisations to perform their business-related activities. The supply chain management of companies is relevant for continuing their market performances within the competitive market. As per this theory, the firms are playing dominating role within the competitive marketplace (icmab.org, 2022). The aggressive behaviors of business organisations are able to mitigate their marketing issues as problems within the marketplace. The management of supply chain resources is helpful for companies to manage their services related to products and services. Acquisition and improvement of resources are also being improved through this theory in a proper manner.
The performance of stakeholders is also relevant for the development of a supply chain management system. The stakeholder group can be dealing with the suppliers of products, employees, consumers, competitors, and so on. This theory focuses on the basic contracts between companies and their suppliers to continue their services (Tangestani et al. 2020). This is effective to identify the expectations of each member within the business contracts. It can help companies to identify the basic requirements related to their products and services. The casual agreement between customers and suppliers within the marketplace are also present within this management system. All this information is playing an important role for business firms to maintain their position within the competitive market.
Transaction cost theory
This theory is dealing with the cost amount of products as well as the amount that gets by the supplies by delivering the products within the marketplace. The overall expenses are related to the collection of raw materials, product development, product delivery processes, and many more (Cuypers et al. 2021). This theory is also helpful to develop the relationship between companies as well as suppliers to maintain their products within the marketplace. The concept of partnership is also being developed based on this theory that is effective to improve company performance within the market.
In order to maintain a successful supply chain organisation, any company can apply leadership skills, team collaboration skills, and many more. All these are effective for companies to modify their services within the competitive market (Antoni and Akbar, 2019). The analytic capabilities of managers are also helpful for companies to manage their products and services in a proper manner. In order to measure the success of the supply chain system, the firms can apply transaction costs analysis; network perspective, material logistic analysis, and many more (Jermsittiparsert et al. 2019). All these techniques are being applied in different forms to manage their position within the marketplace. Plan, source, make, delivery, return, and many more are the main components of this process that are also used by business organisations.
Problems related to Supply Chain Management
The supply chain management system is facing different challenges that are dealing with cash flow, time limitations, data management, and delays in product delivery, quality control of products, and many more. All these issues are creating problems for companies to continue their development within the marketplace (Ageron et al. 2020). In case of delay in product delivery creating an impact on the customer satisfaction rate. This can reduce their performance within the marketplace effectively.
Samsung is one of the biggest companies in the electronics products market which is creating brand value based on supply chain management. The operations of the Samsung corporation regarding the supply chain make it clear that the firm has focused on supply chain management for maintaining their customer value during the business. All these supply chain operations focus on the cost of the products, delivery of the products, quality assurance of the products, and human resource stability within the corporation.
Samsung has a huge base of customers who are looking for the products of smartphones and foods related to smartphone technologies. Therefore, it is a huge responsibility of the firm Samsung to provide all the m products in regular gap intervals to make the business sustainable in the market. Production of modern products including modern smartphones needs a lot of raw materials which are supplied by large trusted supply chains (Andrijasevic. and Novitz, 2020). Therefore, the market competition of products of smartphones always becomes easy for the firm Samsung. The increases in the customer loyalty of the firm in the recent two years (15.5% in 2019) are showing the real world valuation of the supply chain management (91mobiles.com, 2019).
For making better products in the technology sector the importance of Research and Development is huge, for meeting all the parameters of research and development the firm needs to have access to a huge amount of resources. The demand for the resources can be met easily with the help of a trusted supply chain. From the point of view of the customers, it is important to get access to a large number of products which can be used, and Samsung uses the strategy to attract the consumer base (Ishida, 2020). The motivation behind implementing this strategy should be developing a huge number of products according to the demand of the consumers.
Developing smartphones and related products need a huge amount of skills which can be met easily by having a good relationship with the stakeholders (Song and Choi, 2018). The best-talented people in academics who are pursuing the degree related to product development can be easily availed if the supply chain is managed in the best sort of way.
The supply chain management strategy of the technological good production firm is far better than most of the forms in this particular sector which is bringing the firm into the first position in the sector of Smartphone and semiconductor production. Customer valuation increase with the development in the position in the market, which is deeply impacting the customer valuation of Samsung technologies. Samsung engages its supply chain stakeholder in the partnership of their business which makes the business persons act in a reliable way (Ardito et al. 2018). This helps the firm to gain a good face value in front of its customer base.
Amazon is another biggest retail delivery firm in the globe which is creating a good supply chain value that is making the customers bound to choose the firm over any other firm for delivering and purchasing the products. The importance of the supply chain is huge behind the development of the business and customer bases of the firm Amazon. Therefore, it is essential for business firms to find the real stakeholders related to this technological environment. The firm follows multiple strategies for satisfying the different needs of the customers which help them to gain a competitive advantage in the market in the UK. The strategies that are practiced by the firm for managing the supply chain are:
Applying a push and pull strategy can be one of the biggest success strategies for avoiding the risks of losses through the help of the supply chain. With the help of this strategy, Amazon makes divisions with the customers and buys products according to their demands. The stores and the warehouses contain the products and deliver these products according to the demand. . The strategy helps the firm to arrange the suppliers of the product according to the needs of the customers which helps to develop a customer base of the online service platform (Dias Galuchi et al. 2019). The estimated secured customer is around 81% found in a survey where 30% percent are loyal customers, and 51% buys products frequently (statista.com, 2020).
In some cases, the firm faces losses because of the push-pull strategy and avoiding the situation can be easier for the firm if they implement the strategy of all pull strategy. This strategy helps to avoid all kinds of losses during business development because of the push-pull strategy. The firm faces losses because of the less demand for products that meet the expiry dates. In the pull strategy, the supply chains directly involve the sellers which help the firm to buy the products according to the needs of the products (Bharadwaj, 2019). The needs of the customers are easily met with this strategy of supply chain management, and customer satisfaction is met in the best possible way.
This report is focusing on the effectiveness of supply chain management processes that are being affected due to changes in customer values. The overall changes in the supply chain system are developing issues for companies to continue their business activities within the marketplaces. Based on different theories business companies are facing issues that can create an impact on business development. The transactional costs, product development, and so on are very important parts of the company to modify their services. The development of supply chain management is also facing issues related to time management, cash flow, data protection, and many more. Based on the transactional cost analysis and logistic analysis the success rate of this process is being measured easily. In this report, the practical examples of firms that use supply chain management for increasing customer values of the firms are listed. The operations of Amazon and Samsung electronics are described as focusing on business strategies and customer satisfaction points.
Get Better Grades In Every Subject
Submit Your Assignments On Time
Trust Academic Experts Based in UK
Your Privacy is Our Topmost Concern
Copyright 2023 @ Rapid Assignment Help Services
offer valid for limited time only*