Summary of Daniel Stanton's Supply Chain Management For Dummies

By IRB Media

Get the Summary of Daniel Stanton's Supply Chain Management For Dummies in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: f you own or make decisions for a business, you need to master the critical concept of supply chain management. Supply Chain Management For Dummies, 2nd Edition guides you to an understanding of what a supply chain is and how to leverage this system effectively across your business, no matter its size or industry.

The book helps you learn about the areas of business that make up a supply chain, from procurement to operations to distribution. And it explains the importance of supporting functions like sales, information technology, and human resources. You’ll be prepared to align the parts of this system to meet the needs of customers, suppliers, and shareholders. By viewing the company as a supply chain, you’ll be able to make decisions based on how they will affect every part of the chain.

• Language: English
• Publisher: IRB Media
• Release date: Nov 29, 2021
• ISBN: 9781638159322

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Daniel Stanton's Supply Chain Management for Dummies

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 1

#1

The concept of supply chains has grown in importance in recent years, not only because of their use in business, but also in daily life.

#2

The fourth pillar, supply chain management, involves the planning and coordination of all the people, processes, and technology involved in creating value for a company. It involves aligning all the work within a company with the things that are happening outside of it.

#3

Scenario planning involves imagining what could happen in the future and how your company should react in each situation. It is a way of preparing for the unknown and the unknowable.

#4

Understanding supply chain management begins with understanding the five supply chain management principles: synchronization, flexibility, transformation, standardization, and segmentation.

#5

Innovation is important in all facets of business, and supply chains must keep up with the times by implementing sustaining and disruptive innovation.

#6

A me, me, me attitude in a supply chain creates distrust and unwillingness to compromise. People need to work together in a collaborative environment to achieve success.

#7

Having a flexible supply chain is crucial to avoid disruptions.

#8

Managing a supply chain entails being aware of risks and implementing processes to detect and mitigate them. Stability is crucial to a smooth-running supply chain, but risk management is essential to avoiding or mitigating the costs of dealing with surprises.

#9

To make sure you are buying at the best price, you must be able to see what your competitors are doing. That means building your own supply chain and collecting data about key steps in the process so you can make informed decisions.

#10

In a perfect world, supply chains would be designed to help companies create value for themselves and their stakeholders.

#11

The five steps of the New Supply Chain Agenda are strategy, planning, forecasting, controlling, and improving.

#12

When you look at a company's organizational chart, it's easy to see how traditional business structures create silos within a company, with divisions competing for limited resources and often working toward conflicting goals. Managing from a supply chain perspective helps you break down these silos and foster collaboration among teams.

#13

Business relationships between buyers and suppliers are transactional and self-centered. Suppliers try to raise their profits, and buyers try to lower them. Over the long term, this destroys value rather than creating it. To create long-term, mutually beneficial business relationships, each party must seek to contribute more value.

#14

Managing a supply chain effectively involves synchronizing the three flows of materials, money, and information.

#15

Supply chain management integrates the functions of purchasing, logistics, and operations. Every company has a set of objectives that are different from those of the other companies in the same industry.

#16

Purchasing is the function that buys the materials and services that a company needs to produce its own products and services. The objective of the purchasing department is to get the items that the company needs at the lowest price possible.

#17

The logistics department is in charge of getting products from the factories to the stores, as well as from stores to the customers.

#18

Operations is the third key function in supply chain management and involves the processes that your company focuses on to generate value. Operations managers are responsible for the efficient use of available capacity to produce the products