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Supply Chain New Stuff Flashcards

(53 cards)

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1
Q

5 goals of firms regarding their supply chain management

A 
Ensure timely availability of resources
Reduce total costs
Enhance quality
Access technology and innovation
Foster sustainability
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2
Q

Steps of the strategic sourcing process

A 
Analyze spend & markets
Develop sourcing strategy
Identify potential suppliers
Assess & select suppliers
Manage relationship
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3
Q

Spend analysis

A

process to understand what purchases are being made and at what price from which suppliers

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4
Q

4 types of sourcing strategies or relationships

A

Strategic
Leverage
Bottleneck
Noncritical

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5
Q

Strategic

A

build collaborative partnerships

High level or risk and high value of spend

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6
Q

Leverage

A

Standardize purchases and use competition to select suppliers
Low level of risk and high value of spend

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7
Q

Bottleneck

A

Use multiple sources and find substitute materials

High level and risk and low value of spend

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8
Q

Noncritical

A 
Increase inefficiencies (VMI)
Low level or risk and low value of spend
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9
Q

Sourcing strategy must consider (3 things)

A

Number of suppliers to use, capabilities and location of suppliers, and type of relationship and contract length

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10
Q

4 Types of relationships and their definitions

A

Adversarial- lots of distrust, limited communications and short-term transactions (buyers minimize dependency on suppliers)
Arms-length- more purchasing transactions, but less distrust and antagonism between the two parties
Relationships with mutual goals- major step towards collaboration, but lacks the commitment of a full partnership
Full partnership- close working relationships with trust, mutual respect and highly integrated operations

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11
Q

Competitive bidding

A

suppliers submit bids to win the buyers business (RFP and then buyer rates the potential suppliers)

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12
Q

Online reverse auctions

A

Allow suppliers to competitively bid for buyer’s business in real time (drive prices lower rather than higher)

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13
Q

Negotiation

A

supplier is qualified, but they negotiate terms of contract. This is the preferred method of supplier selection (requires early supplier involvement)

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14
Q

Strategic suppliers and strategies

A

market leaders, specific know-how, buyer or supplier can have more power
create mutual commitment and long-term relationship

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15
Q

Leverage suppliers and strategies

A

many competitors, commodity products, buyer dominated

Obtain best deal for short-term

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16
Q

Bottleneck suppliers and strategies

A

technology leaders, few or only one supplier alternative, supplier dominated
Secure short and long term supply and reduce risk

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17
Q

Noncritical suppliers and strategies

A

larger supply, many suppliers with dependent position, reduce number of suppliers
Reduce logistics complexity and improve operation efficiency

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18
Q

Reasons why B2B relationships fail

A 
Lack of clear goal
Cultural distance
Lack of trust
Lack of coordination between management
Difference in operation procedure
Relational risks
Operational risks
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19
Q

How to partner effectively?

A

should be driven by overall corporate strategy

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20
Q

Types of partnerships

A

Arm’s length
Type 1- coordinated activities, planning and short term focus (one division)
Type 2- coordination, planning and integration of activities, long term focus but limited period (multiple divisions)
Type 3- sharing significant levels of operational integration, partners view each other as an extension of own firm, no end date
Joint ventures
Vertical integration

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21
Q

Benefits of partnering

A

Improve assets/cost efficiencies
Improve customer service
Enhanced marketing advantage
Profit and stability

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22
Q

Levels of strategic planning

Study These Flashcards
A

Corporate- overall mission of the firm and the types of businesses the firm wants to be in
Business unit- part of the overall firm, but act as a semi-independent organization (use SWOT analysis)
Functional strategic planning- determines how the function will support the overall business unit strategy

23
Q

Critical customer

Study These Flashcards
A

customer receiving priority because it is critical to the firm’s current or future success

24
Q

Value proposition

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A

all of the intangible and tangible benefits that customers can expect to receive by using the products offered by the firm

25
Order-winners, qualifiers and losers
Order-winners- traits that cause customers to choose a product over a competitor Order-qualifiers- trait that must be met at a certain level for the product to even be considered Order-losers- traits that, if not satisfied, cause loss of current or future orders
26
4 characteristics of a good value proposition
Offers a combination of features that a customer is willing to pay for Differentiates the firm from its competition Satisfied the financial and strategic objectives Reliably delivered given the capabilities of the firm and its supporting supply chain
27
Capabilities
operation activities that the firm can perform well
28
Core capabilities
skills, processes and systems that are unique to the firm and enable it to deliver products that are difficult to imitate for competitors
29
Fit
exists when operation capabilities support the value proposition and the outcomes desired by critical customers
30
Lean system
improve efficiency by eliminating waste (aka just-in-time manufacturing)
31
Benefits of a lean system
lower breakeven amount by increasing the contribution amount and reducing fixed costs Lower variable production costs (labor, materials and energy) Make smaller quantities and allow niche marketing
32
Objectives and principles of a lean system
only produce what customers want only as quickly as customers want with only feature that customers want with perfect quality with minimum lead times with no waste of labor materials or equipment using methods that reinforce development of workers
33
Steps to achieve lean system principles
Precisely specify value for each specific product Identify the value stream for each product Make value flow without interruptions Let the customer pull value from the producer Pursue perfection
34
Reasons for employees being critical in a lean system
Acceptance- lean requires acceptance from the top down Source of flexibility- flexible to meet customer demand Working in teams Power in their hands- responsibility of improving product quality (frontline workers)
35
Beliefs of lean
Data solves problems Waste is a symptom- result of a problem elsewhere Goals are to be met- realistic, achievable goals Standardization is fundamental to performance improvement Process orientation- if you don't like the outcomes, then change the process
36
Triple bottom line
measures and attempts to reduce potentially negative impacts of a firm's process on people, planet and profits
37
Life Cycle Assessment
a tool that helps assess the full impact of waste in everything that goes into a product
38
5 stages of life cycle assessment
Extraction- getting inputs Production- costs incurred to produce finished good Packaging/transport- includes wasted material and energy for packaging Usage- waste related costs in use including maintenance repair and operation Disposal or recycling costs- costs incurred at the end of the product life cycle
39
5 Categories of waste
``` material choice energy usage solid residuals liquid residuals gaseous residuals ```
40
4 key stakeholders
customers workers suppliers investors
41
Typical supply chain strategies
Continuous replenishment- close relationship, high predictability of demand Lean- not close relationship, high predictability of demand Fully Flexible- close relationship, low predictability of demand Agile- not close relationship, low predictability of demand
42
Agility
a firm's responsiveness to external stimuli
43
Reacting quickly requires
Spare capacity Accurately forecasting capacity Switch into high priority production when necessary
44
Being able to deliver in a short time requires
spare capacity power over suppliers close relationships with suppliers good scenario planning
45
Solving Lead time gap
Source- same country suppliers and near shoring Make- re-design and new technology Deliver- closer to customer and faster transportation
46
Lead time gap
The gap between the source of discovering customer demand and the customer's order cycle. We want to shrink the lead time gap as much as possible for agility
47
Drivers
compelling reasons to partner
48
Facilitators
supportive environmental factors that enhance partnership growth (corporate comparability, physical proximity
49
Possible facilitators in relationships
``` Corporate comparability Compatible management philosophy Strong perspective of mutuality Symmetry between the two parties Shared competitors Physical proximity Prior relationship experience ```
50
General outcomes of partnership
Global performance outcomes Enhancement of profits Leveling the flow of profits over time
51
Effective supply chain evaluation audit
``` flexible comprehensive objective mathematically straightforward reliable ```
52
Strategic competitiveness
when a firm successfully formulates and implements a value-creating strategy
53
Strategy
an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage

Supply Chain (8 decks)

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