The Supply chain and logistic is essential for corporation to run the daily operation and provide resources to the people. Moreover, managing the supply chain and logistics is important for companies and countries to ensure a smooth import and export system. Nevertheless, in the following assessment, mineral flues were chosen because it is the UK's most import item. Following that an investigation into real practices of supply chain awareness and logistical challenges will be done. At the same time, it will examine the impact of IT, EPR and logistical tracing solutions for. The smooth and transparent flow of goods, services and information through supply chain will be organized. Moreover, a critical evaluation of supply chain practices will be highlighted while reflecting upon the options and recommendations for challenges and action. Lastly it will also bring development in sustainability and efficiency in the supply chain operation at well.
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The real practice of Supply Chain awareness and logistical challenges
There are many kinds of logistic challenges that businesses and countries face daily. The challenges again eventually affect the supply chain which needs some awareness for improvement and reduce the risk as well. As per the UK, the country imports a high quantity of mineral fuels (15 Supply Chain Best Practices to Adopt in 2024, 2023). The Major three constituents of the UK that are involved are Kent located in southeast England, Milford Heaven and Wales. Those parts connect the UK with other countries via pipelines and other sources for import and export. Moreover, the supply chain and logistics have been suffering for a long period, especially after the pandemic and Brexit. For example, after Brexit, the supply chain has faced many issues like making new policies and regulations that have increased the cost. At the same time, the UK government has to build new relations with other countries to ensure an import and export system goes smoothly (Bak, Jordan and Midgley, 2019). Nevertheless, the government has implemented many policies to reduce the negative impacts.
At the same time, businesses are also focusing on adopting new methods and technology to improve and develop the supply chain and logistics. While also have faced challenges during and after the pandemic. For example, the lockdown and safety regulations have halted many businesses and their supply chains. Moreover, the rise of certain products and low demand of some others have also affected the supply chain of goods. Nevertheless, the companies of the UK have taken the initiative to improve the situation. So organizations are adopting new technology and methods to recover and improve the supply chain to be flexible as well (Moshood, et. Al, 2021). Some of the major practices and changes are diversifying the supplier, using different modes of transportation to minimize the cost, real-time time-tracking of the shipment, etc.
The impact of IT, ERP and logistical tracking solutions on the transparent flow
The sudden changes in the industry regarding technological and digital innovation have encouraged the company to adopt IT, ERP and logistical solutions. The IT, ERP and logistical system has improved the flow of goods, services and other necessary things. Moreover, some major impacts of those digital tools are like:
Real-time visibility: The tracking system has enabled the stakeholder to track the goods so any further complications can be avoided like delays and damages etc. Moreover, the ERP system provides a facility for ordering and cancelling well online which saves cost and time as well. Nevertheless, the stakeholders get up-to-date and accurate information about the shipment as well so any kind of error or misinformation can be avoided as well.
Information Flow: A perfect flow of information is very important for a smooth supply chain and logistics. Moreover, IT and ERP systems ensure the flow of information without any disruption or error (Adeitan, Aigbavboa and Agbenyeku, 2020). The online system provides everyone with the information that is needed and reduces the risk of leaking any confidential data outside of the chain. Nevertheless, the ERP system also helps the business to easily access information about the customer by which the organization can maintain a good relationship with them as well.
Inventory management: The inventory management have important role in supply chain management well with the help of ERP this can be managed more efficiently. The system helps the organization to forecast the demand so lack or the overstock of the material as well. Proper management of inventory can save cost and time for the organization at the same time. Further with the help of different IT tools and systems the company also can easily make the management effective and reduce any kind of error as well.
Transparent information: a company needs transparent and accurate information about every task and activity. Moreover, financial information is crucial for an organization to ensure a smooth cost flow in the company (Khan, Asim and Manzoor, 2020). Nevertheless, accurate and transparent financial information helps the company to make a budget, and financial statement and according to that identify sources of finance as well. Lastly the organization can also use ERP that can help in traversing the information more accurate and reduce the risk of speeding misinformation as well.
Supply chain collaboration: Supply chain also provides opportunity to the organization to use each other resources to become more efficient. Moreover, many IT platforms provide facilities to collaborate with other corporations. At the same time, the online tools help the partners to get grandparent data and information that build a healthy relationship as well. Further, the ERP system also helps the different departments to collaborate and work together because the tools enhance teamwork (Cano, et. al, 2021). Lastly, collaboration helps in reducing time and cost and improves the productivity of the organization.
Evaluate supply chain best practices
To make the supply chain efficient the company has to perform different kinds of practices. Those practices not only help the company to make the supply chain efficient and some of them are like:
Recruit and train supply chain professionals: One of the practices is that the company can hire some professionals in supply chain management. Moreover, the organization can also provide proper training to the employees to have skilled workers in the corporation as well. Both options are suitable and effective for the company but the organization can select them based on the current situation and sources available.
As the current industry trends the company has to bring changes in the organization to run the supply chain. Moreover, to adapt to the changes employees need proper training and guidance to adjust to a new environment (Hofmann, et. Al, 2019). Nevertheless hiring professionals can also help the organization to save time and run the supply chain without any issues or complications. Further providing proper training and sessions for the employees will help them to improve their knowledge and skills. At the same time, it will also provide them a career growth as well.
Collaborations: One of the practices that are used by many companies is collaboration. The collaboration also provides an opportunity for the companies to work together and use each other resources for growth and development. Moreover, this practice also helps the organization to explore and learn new things and strategies. Nevertheless, the collaboration will also help the company to save the cost, and time and improve customer service as well.
At the same time, the companies of the UK can also improve their relation and grow the supply chain range as well. Further, the collaboration provides an opportunity for the companies to increase the company range as well. This is one of the practices that various companies can use to collect the data and at the same time, it will also help them to make good and strategic decisions. Lastly, the practice of collaboration with other companies helps the organization to cope with the fast-moving industry.
Good relation with supplier and trader: trader and supplier are the most essential factors of the organization and supply chain management. So building good relations with suppliers and traders is very important as well. Moreover, corporations should also focus on diversifying the suppliers so there will not be a lack of resources when the demands get high (Mora-Monge, et. Al, 2019). Nevertheless building good relations with suppliers and diversification will help them to make it flexible enough to change with the averment as well.
The changes that the supply chain needs to adopt are flexibility because the uncertain economic situation is creating much fluctuation resulting in unpredictable rise and fall in demand. Further good relations with suppliers and traders help the company to reduce costs by negotiation. At the same time, the trader also has an important role in the supply chain. So having a good relationship with the traders can help the company to provide the goods to the trader and supplier at right time that retain and attract customers.
Purchase goods in bulk: many organizations take the help of this method that can reduce the cost of the supply chain. So companies usually purchase the goods in bulk which not only helps the company to reduce the cost supply chain but also further negotiate with suppliers. Moreover purchasing in bulk also saves the overall margin of the product in the end as well. Further, there is some complication of this practice that the company may have to face like issues in inventory management. Moreover, if the company improves the demand forecasting then the risk of over inventory also can be avoided.
Demand forecasting: to improve the supply chain the companies have to improve their demand forecasting. Moreover having too many goods in stock can increase the inventory cost of the company so forecasting the rise and fall in demand is necessary to avoid unnecessary complications in the organization (Abolghasemi, et. Al, 2020). Nevertheless, demand forecasting helps the company to predict demand in the market and according to that, they try to fulfill the needs of the consumer. Further, there are many new kinds of digital tools have come into the industry by which the company can collect data and forecast the demand easily. The digital tools use accurate and relevant past data to provide a transparent result to the organization as well.
Adopt digital tools: there are many digital and technological tools available in the market that can help the organization enhance its performance. Some of the digital tools are ERP, IT and logistical tracker. Moreover, those tools also avoid any kind of error and miscommunication as well. At the same time digital tools also save cost and time for the company and it easy to process as well. Nevertheless adopting digital and technological tools will attract and retain the investor and shareholder as well. Moreover because with the help of IT and ERP companies can provide transparent information to the stakeholders as well.
Options and recommended changes or action
There are some options and recommendations for changes or actions that the organization can apply to improve sustainability, efficiency, effectiveness and supply chain options.
A very prominent action the organization can consider is to adopt new digital and technological advancements in logistics and supply chain. Moreover, that will also improve the efficiency and productivity of the organization. Nevertheless adopting new technology will also develop some competitive advantages and create a market position in the industry. Lastly, digital technology will also reduce wastage and unnecessary pollution as well.
Using sustainable transportation while travelling for example the airlines can use renewable energy. Moreover, the airlines and other sectors of the market should bring some innovations to reduce carbon emissions (Sanders, et. al, 2019). Nevertheless, travel agencies can use electric vehicles instead of petrol-based transportation. Further adopting sustainable options in transportation will also attract and retain customers as well.
One more action the corporation can consider is Collaboration with other companies that have the same vision. Moreover, with the help of collaboration, the companies can use each other resources and ideas and together can achieve the common goals as well. Nevertheless, this action will also provide the employee to develop and gain knowledge and skills. Further, the company can also gain a competitive advantage in the industry as well. Lastly, collaboration can bring innovations or ideas to achieve sustainability in the company as well.
Moreover, the pandemic and Brexit have provided new opportunities to the organizations as well. For example, now the organization can build new relations with other countries or businesses according to new policies as well. At the same time if the corporation maintains good and positive relations. Then the companies can achieve many new opportunities and profits in terms of supply chain and logistics.
At the same time, companies can use the Just-in-time inventory model to reduce the unwanted stocks from warehouses. Moreover with the help of various digital tools for forecasting the company can get an idea of demand to run the supply chain accordingly. Nevertheless, the overstocking only increases the cost for the company and can also become a complete loss if any kind of damage occurs.
One of the actions the companies can consider is maintaining a good relationship with the supplier and trader. Moreover, a good and positive relationship will help while negotiating the cost. At the same, time and cost of the resources can also be mined according to the situation and negotiation. Nevertheless the company can make the supply chain flexible enough to face any kind of changes and challenges as well.
Nevertheless, corporations should also diversify the suppliers so any kind of delay miss happing can be avoidable (Kahiluoto, H., Mäkinen, H. and Kaseva, J., 2020). Moreover, it will also help in making the supply chain flexible enough to face any kind of challenges in the future as well. Nevertheless having multiple options in supplier will help the company to take and give orders at the last moment and at the time of negotiation to reduce the cost.
Further, the organization should provide training and development sessions for the employees. The training and development session will help the employees to improve their knowledge and skills. Moreover, the organization will also gain a skilled workforce that will help the company run the supply chain smoothly as well. The training session will also provide an opportunity to the employees for career development. At the same time it will eventually result in retention of employee and motivate them to work proficiently as well.
Lastly, the organizations should comply with the laws and regulations related to environmental safety and security. This will encourage the employees and management to take action and apply changes accordingly. Moreover complying with those laws and regulations will help the company to adopt sustainability and make the supply chain more efficient as well.
Conclusion
The assessment has focused on the Supply chain and logistics of the UK-based Corporation. Mostly it has described the changes and actions that are required in the industry, especially after the pandemic and Brexit. Moreover, it has investigated the real practices of supply chain practices, awareness and logistical challenges. Nevertheless, an examination on the impacts of IT and ERP-like digital tools on the supply chain and its flow. At the same time, some practices of the supply chain have been evaluated that can help the corporation to sustain itself in the competitive market. Further a reflection upon options and recommendations of changes and actions that corporations can adopt to improve sustainability, efficiency and effectiveness in the supply chain operations as well.
References
Books and Journals
Abolghasemi, M., Beh, E., Tarr, G. and Gerlach, R., 2020. Demand forecasting in supply chain: The impact of demand volatility in the presence of promotion. Computers & Industrial Engineering, 142, p.106380.
Adeitan, A.D., Aigbavboa, C. and Agbenyeku, E.E.O., 2020. Global logistics in the era of Industry 4.0. In Proceedings of the Future Technologies Conference (FTC) 2019: Volume 2 (pp. 652-660). Springer International Publishing.
Bak, O., Jordan, C. and Midgley, J., 2019. The adoption of soft skills in supply chain and understanding their current role in supply chain management skills agenda: A UK perspective. Benchmarking: An International Journal, 26(3), pp.1063-1079.
Cano, J.A., Salazar-Arrieta, F., Gómez Montoya, R.A. and Cortés, P., 2021. Disruptive and conventional technologies for the support of logistics processes: a literature review. International Journal of Technology, 12 (3), 448-460
Hofmann, E., Sternberg, H., Chen, H., Pflaum, A. and Prockl, G., 2019. Supply chain management and Industry 4.0: conducting research in the digital age. International Journal of Physical Distribution & Logistics Management, 49(10), pp.945-955.
Kahiluoto, H., Mäkinen, H. and Kaseva, J., 2020. Supplying resilience through assessing diversity of responses to disruption. International Journal of Operations & Production Management, 40(3), pp.271-292.
Khan, U., Asim, M. and Manzoor, S., 2020. Improving supply chain management of a distribution firm using ERP System. European Journal of Business and Management Research, 5(2).
Mora-Monge, C., Quesada, G., Gonzalez, M.E. and Davis, J.M., 2019. Trust, power and supply chain integration in Web-enabled supply chains. Supply Chain Management: An International Journal, 24(4), pp.524-539.
Moshood, T.D., Nawanir, G., Sorooshian, S. and Okfalisa, O., 2021. Digital twins driven supply chain visibility within logistics: A new paradigm for future logistics. Applied System Innovation, 4(2), p.29.
Sanders, N.R., Boone, T., Ganeshan, R. and Wood, J.D., 2019. Sustainable supply chains in the age of AI and digitization: research challenges and opportunities. Journal of Business logistics, 40(3), pp.229-240.
Online
15 Supply Chain Best Practices to Adopt in 2024, 2023. Online. Available through: < https://www.netsuite.com/portal/resource/articles/erp/supply-chain-best-practices.shtml >
