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Reflections on Creating Value in the Supply Chain
Supply chain management can be defined as the handling of goods and services right from the production stage until they flow down to the final end user. Therefore, supply chain management entails how organizations tend to manage their inventories to ensure that there is a smooth flow of the products or services at the convenience of the consumer.
My observation is that different businesses are likely to employ different supply chain management approaches as they seek to maintain their inventories. Depending on the type of business, different kinds of supply chain management approaches can be used. For instance, the supply management for businesses of perishable goods may not be the same supply management approach for nonperishable product business entities(Shefali & Matt, 2021). Furthermore, different businesses will employ different supply chain management approaches as they seek to fully meet the needs of the clients. For instance, product return policies are almost a necessity for businesses operating online.
The 9 charts explain how the supply of products can change drastically from being high to drastically low. It also indicates te subsequent change in prices which can as well change from one extreme to another extreme (Craig, 2019). The business that I know defines value by looking at the volume of sales made and the subsequent revenues generated. This business creates value by investing in customer support and ensuring that products delivered to the market reflect the expected consumer demands.
It is important to focus on value creation rather than simply solutions and service since it is value creation that defines how sustainable the business will be. Through value creation, a business is able to stand the test of time by maintaining its competitiveness in the industry of operation. It is this competitive advantage that will ensure that the business derives the expected level of profitability.
