Redefining Supply Chain!

Redefining Supply Chain Definitions 

#Muddassirism

Define Statistics

 

Statistics– The practice or science of collecting and analysing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.

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Define Forecasting

Forecasting is the process of making predictions of the future based on past and present data and analysis of trends

Poor Supplier

Supplier Performance management (SPM) is a general term for any business practice that is designed to manage, measure and analyze the accomplishments of a provider in a supply chain.

supplier conference

Annual Supplier Conference is the only event that exclusively brings together senior directors from key suppliers, consultancies, contractors and subcontractors, equipment manufacturers and service providers of all sizes.
Excess & Obsolete Inventory

Excess & Obsolete Inventory  is the term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company (Source Investopedia)

Buyer

Buyer is a person who makes a purchase.

Supplier Relationship

Supplier relationship management (SRM) is the discipline of strategically planning for, and managing, all interactions with third party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions (Source wikipedia.org)

80-20 Rule

The Pareto principle (also known as the 80–20 rule, the law of the vital few, and the principle of factor sparsity)[1] states that, for many events, roughly 80% of the effects come from 20% of the causes.

Strategic Procurement

Strategic Procurement is Long-range plans for ensuring timely supply of goods and/or services that are critical to a firm’s ability to meet its core business objectives. (Source: www.businessdirector.com)

Demand Forecasting Funny

Logistics Vs Supply Chain ManagementLogistics vs Supplychain

21 thoughts on “Redefining Supply Chain!

  1. Muddassirism,you are an eye opener.All these things about re defining supply chain have been there in our every day life,but we are reluctant to add up things.I am inspired by you Sir and keep on adding more,good staff.

  2. Thanks for your enriched supply chain matters through your blog which really help us a lot. Do you have any research on construction industry particularly in cost efficient material management in highway construction projects? Conducting several highway construction projects at a time with efficient material management, keeping supply chain positioning model in mind, allocating limited human resources and deploying minimum possible TL which are considered as a crucial factor now a days for leading construction companies in Bangladesh. Considering JIT methodology is not feasible in Bangladeshi business perspectives, what types of inventory control mechanism would you suggest to ensure maximum value generation from the process. In general 3-4 km of highways per months are considered as bench marked out put from a single project. If a SC Controller would like to minimize 5% of cost from the project per month, which method of material management would you suggest? Please share your expert experience and advice.

    1. Hi Majid, honestly speaking I don’t have much experience in construction industry. But know what I know construction is project base business and once the materials is specified you should have 3-4 months lead time? And if that is the case you should be able to procure and plan all the right material. JIT concepts do not apply in construction industry broadly speaking.

  3. Hi,
    Very useful information & topics. It is helping us to update our standards.
    I really appreciate your efforts.
    keep going great.

    Kalyan

  4. Hello Muddassir,

    I have just navigated the page & found it very interesting & informative.
    Excellent peace of work…. ! Appreciated a lot..!
    Now I am taking deep dive in topic that I have on my priority list ….
    Thank you once again & looking forward to your guidance.

    Thanks & regards,
    Ketan Bhamare.

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