Question 1

What is supply chain management?

Accepted Answer

Supply chain management involves the coordination and management of all activities involved in sourcing, procurement, and logistics to ensure the efficient flow of goods and services from suppliers to customers.

Question 2

How did just-in-time inventory revolutionise manufacturing?

Accepted Answer

Just-in-time inventory revolutionised manufacturing by reducing waste and minimising inventory costs. It allows companies to receive goods only as they are needed in the production process, leading to improved efficiency and cost-effectiveness.

Question 3

What impact has e-commerce had on supply chain management?

Accepted Answer

E-commerce has significantly influenced supply chain management by necessitating faster delivery times and more flexible distribution strategies. Businesses have had to adapt their supply chains to meet the demands of online retail, including better inventory management and logistics.

Question 4

Why is sustainability important in supply chain practices?

Accepted Answer

Sustainability is important in supply chain practices because it addresses environmental concerns and promotes corporate responsibility. Companies are increasingly focusing on sustainable sourcing, reducing carbon footprints, and ensuring ethical practices throughout their supply chains.

Question 5

How can companies adapt their supply chains for online retail?

Accepted Answer

Companies can adapt their supply chains for online retail by investing in technology for better inventory tracking, optimising their logistics networks for faster delivery, and embracing flexible warehousing solutions to meet fluctuating consumer demand.

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