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| The traditional supply chain is characterized by pipeline inventory, inventory tied into the Work in process and finished goods, safety stocks; production planning and scheduling and the forecasting modules trying to adapt to the variability in the demand process. These variables used to command the business models of the companies and 70 % of the companies revenue was engaged for this uncertainties. The lean management concept was an eye opener to all the companies and this revealed serious flaw in the business approach of the traditional supply chains. The industry has identified in the lean concepts and conventional supply chains, a tool to increase their ROI and profits and they began to realize they could perform much better but for their antiquated supply chain approach. The conventional supply chain is characterized by seamless integration of the supply chains into the information systems for real time data exchange. It also means reduction in the variability of the stochastic demand process,... something that has been plaguing the companies in the past. It also means the ability of the companies to think broader in implementing global solutions,... solutions that are truly optimal. |
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