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Finally, synchronizing inventory management across the supply chain will help to reduce costs and increase profits.
This requires coordination of all ordering decisions made by supply chain members and can be achieved through vendor managed inventory (VMI) where an upstream supplier manages the inventory of its downstream customer.
Thus, traditional inventory management methods are not good solutions to this problem.
Only by adopting innovative supply chain inventory management approach, can this problem be solved.
A collection of resources and commentary providing an introduction to supply chain management and related systems for students, practitioners, and anyone else interested in learning more about how to design, manufacture, transport, store, deliver, and manage products.
After reading the article “Building a flexible supply chain for uncertain times”, I am interested in bullwhip effect, especially how to avoid this effect in inventory management.
Variability coupled with time delays in the transmission of information up the supply chain and time delays in manufacturing and shipping goods down the supply chain create the bullwhip effect.Bullwhip effect was first found by logistics executives of P&G.When they studied a product of diaper, they found that although the demand of diapers remained constant, the orders increased significantly from retailers to suppliers. The reason why this happened is that when retailers made order to purchase diapers, they always gave a larger order than what they really needed in order to avoid some emergencies.Therefore, the implementation of sharing POS data in the supply chain, which helps to gain more accurate predictions at each stage of the supply chain, can reduce variability of demand forecast and reduce the bullwhip effect.Second, improving operations, shortening lead time and reducing ordering bulk can reduce the bullwhip effect.
Electronic data Interchange (EDI) is a technology which can be used to facilitate efficient information exchange among supply chain members.