What is responsive supply chain?

A responsive supply chain is one that is sensitive to meeting customer requirements. For example, an online computer hardware assembler may update their product range every 90 days, when the new models, which may have increased performance, will be at lower prices than the models they replaced.

What is flexible supply chain?

Flexible supply chains means that a company can easily adjust production levels, raw-material purchases, and transport capacity in order to maximize profits. When demand is high the company boost production, when it is low it can scale back.

What are the three 3 qualities prevail in the agile supply chain?

These include: responsiveness, flexibility and adaptability. To be truly agile, an organisation must possess the following elements: market sensitive, process integration, network based and virtual (Christopher, 2000). They should be able to be flexible, responsive and adapt to changing market conditions.

How companies can improve flexibility in their supply chain?

Flexibility is gained by designing a product along with the supporting supply chain processes, and this can be a key differentiator. At the same time, some organizations are extending their planning to external organizations such as contract manufacturers, third-party logistics providers (3PLs) and even customers.

What are some of the characteristics of a lean supply chain?

5 Important Characteristics of the Lean Supply Chain

• Inventory Optimization. When a company stocks too much or too little of a particular item, it can be detrimental to its supply chain.
• Rapid Fulfillment.
• Customization.
• Sustainability.
• Compliance and Visibility.
• Conclusion.

What is meant by lean and agile?

Lean encourages teams to deliver fast by managing flow, limiting the amount of WIP (work-in-process) to reduce context switching and improve focus. Agile teams manage flow by working in cross-functional teams on delivering one iteration at a time.

How can supply chain visibility and flexibility be improved?

Increasing Supply Chain Visibility

1. Start with the experience.
2. Select a platform for connectivity.
3. Attract the right talent.
4. Manage and standardize data.
5. Trust the information.
6. Interpret and leverage figures.
7. Drive efficient decision-making.
8. Focus on real-time transparency.