Trends in Supply Management
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Relationships with suppliers have become critical to the success of businesses competing in the global market. Lateral integration, the free flow of information, and the formation of collaborative partnerships with suppliers have become key steps for improving performance.
Please assist with the following questions:
- What competitive advantages can a lean supply strategy confer on the manufacturing industry? Explain in detail how these advantages are secured and maintained.
- How can the supplier relationship be used to secure broader objectives for the organization than purely the supply of materials? Base your answer on ideas in the journal article "Use the Supply Relationship to Develop Lean and Green Suppliers."
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- What competitive advantages can a lean supply strategy confer on the manufacturing industry? Explain in detail how these advantages are secured and maintained.
Lean management refers to the optimal utilization of resources used in various activities of an organization. Bill Gates, writing in Business @ the Speed of Thought, states, "A lousy process will consume ten times as many hours as the work itself requires. A good process will eliminate wasted time." Hence lean management believes in maximizing the stakeholder's value by minimizing the waste and optimally utilizing the resources. Following can be the competitive advantages which a lean supply strategy confers on the manufacturing industry:
1) One will be able to utilize the resources in an optimal manner.
2) There will be better coordination with the suppliers.
3) Customer satisfaction will enhance by lean management practices.
4) There ...
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