Supply Chain Management Flashcards
(16 cards)
What major events/ changes have had a large impact on supply chain management?
Impact of COVID-19 and the pandemic on manufacturing- worker safety, digital transformation and adapting to a ‘new normal’.
What are smart factories?
smart factory adoption, means factories moving from sporadic implementation of smart equipment to more full-fledged systems, which use data analytics and communication between machinery and central monitoring tools.
Through advanced machine monitoring, data analytics + prescriptive actions, smart factories provide scalable solution that identifies potential condition issues before an unexpected failure occurs.
IIoT solutions connecting all the systems in your facility, reduce downtime, extended equipment lifespans and overall improvements in your operations.
Why are smart factories a growing trend in supply chain management?
- Manufacturers will be increasingly motivated to implement smart technology in order to keep pace with competitors who are seeing the benefits of the same.
- The costs of aftermarket sensors and other smart factory software and equipment continues to drop, while the benefits — more proactive and effective maintenance, greater insight into process efficiency, a reduction in overall operating costs — become more apparent.
What is sustainability and carbon neutrality?
Carbon neutrality means working to reduce carbon emissions. Sustainability means processes that don’t harm the environment and have longevity.
Why is sustainability and carbon neutrality a growing trend?
As ESG — environmental, social and governance — issues become more of a concern for manufacturers, the importance of sustainable processes and the pursuit of carbon-neutral practices will become more prominent.
In addition to sustainability requirements for government, municipal, and institutional contracts, manufacturers can expect to see more ESG requirements from commercial customers.
What is AI and virtual processes?
Technologies such as digital twins, machine learning, AI (artificial intelligence), AR and VR (augmented reality and virtual reality)
Why is AI and virtual processes a trend in supply chain management?
They are helping manufacturers become more effective and efficient by enabling remote monitoring, servicing and equipment operation — all without the need to be on-site. With communication approaching real-time, and the computing power to make it truly seem like the operator is in the room with the machine, virtual and remote operation is in keeping with other recent manufacturing trends that enable access, flexibility and safety.
What are ‘dark factories’?
factories which are entirely automated.
What is data management in supply chain management?
Sensors, remote monitoring, connected devices and the Internet of Things (IOT)
why is data management a growing trend in supply chain Management?
sensors continue to become more commonplace, communications are even faster and more reliable, and manufacturers are innovating more effective ways to use data to drive predictive maintenance. More effective, efficient maintenance is crucial given the financial hardship that many facilities faced in the last few years and may continue to face shortly. Since predictive maintenance can vastly reduce unplanned downtime, creating material cost savings is now more important than ever.
The emergence of 5G networks now gives manufacturers the bandwidth and speed necessary to deliver more information from devices to the central server. Armed with this knowledge, they can do even more to prevent costly downtime.
Data is one such means, with data-driven inventory management as an effective way to identify previously unknown supply chain efficiencies. Manufacturers can use data to more quickly adapt to the uncertainties of the supply chain landscape and work to minimize disruptions, which continue to be unpredictable.
What is supply chain reassessment?
Continuous monitoring, management, and improvement, with facilities seeking creative ways to add flexibility and reliability while also retaining value.
Why is it a growing trend for supply chain managers to change their focus from B2B to B2C?
Advancements in technology and supply chain strategies are making it possible for many manufacturers to reconsider their relationships with consumers. Rather than relying on retailers or distributors to serve as the middleman, many companies in the manufacturing space today are selling their products directly to the consumer through e-commerce and other methods. With more people than ever doing their shopping online, this ongoing shift away from B2B to B2C should only become more prevalent in the coming year.
Why is reshoring becoming an important- and permanent- trend in supply chain management?
In the recent past, reshoring was often presented as a lofty goal for the industry, illustrating a renewed focus on quality, service and fulfilment speed. In the last few years, the importance of doing business closer to home was thrown into sharp relief, with reshoring becoming a necessary way to bolster continuity — not simply a buzzword.
In 2024, reshoring is settling in as a more feasible and necessary supply chain solution, evolving beyond a response to a temporary challenge to become a more conventional way of operating.
Why has employee safety and health become a more prominent concern in supply chain management?
employee safety should be observed and fostered every day- influenced by Covid-19. This has led to the adoption of new ways of monitoring and maintaining employee health that are as important for your workforce as they are for your business. Some facilities are choosing to employ more advanced equipment to monitor employee locations, movement and even temperatures to track injury risk and illnesses.
Why is 3D printing a growing trend in supply chain management?
3D printing technology has come a long way in recent years, becoming far more accurate, flexible and cost-effective than ever before. prepared for it to become significantly important for rapid prototyping and greater customization of products, has the potential to make maintenance and repairs much faster and easier.
Technicians may be able to print a replacement part in a fraction of the time it would take to source parts from a warehouse, cutting downtime to a minimum.
Why are more supply chains meeting increased demand with a decreased labour force?
Concerns about the labour force combined with existing trends in the manufacturing landscape mean that companies must be more efficient and nimbler than ever in addressing the skills gap and labour shortages.
With demand for manufactured goods continuing to grow, manufacturers are leaving money on the table if they are not able to increase capacity and throughput to fulfil these needs. This requires a top-to-bottom evaluation of all processes, identifying ways to increase efficiency and support the workforce while bridging the skills gap and providing cutting-edge technical training to meet today’s needs.
