Learning and innovation in supply chains Essay Example | Topics and Well Written Essays - 4000 words

Learning and innovation in tally chains - Essay ExampleThe entire process of supply chains is highly complex exactly there are a few factors that extend to their viability the most. It is an evolutionary process that requires continuous adaptability, flexibility and innovation. total chains are something that tailnot be maintained with monotonous routine and neither can they function on the basis of previous(prenominal) performance or success alone. The contemporary trends of rival companies, and knowledge and insight gained from past lessons of success or failure, and the resulting innovation in supply chains keeps companies alive. Thus, learning and innovation is fundamental to community survival and supply chain viability.Knowledge development may enhance supply chains to a great extent and increase the effectiveness of the entire system of the supply chains ranging from production up till delivery to the end consumer. In the age of competition, companies strive to speed up their production and suck up quick deliveries via their supply chains without compromising on their timber. Consumers now enjoy the numerous alternatives of their required products and serve and they prefer speedy deliveries. Thus, the competition between rival companies is not only based on quality but on timely deliveries as well. Thus, fast cps time facilitates increased market share, as well as lower overhead and inventory costs. (Hult, Ketchen, Jr., & Slater, 2004)... ion activities, information distribution activities, and shared meaningand cycle time.(2004) It is highly essential for companies, especially their management and decision- makers to learn continuously about the changing trends of consumer market and how they affect supply chains. The expectations of consumers from supply chains like timely-delivery should be studied in depth, so as to co-ordinated achieved memory in developing strategies of companies. Achieved memory should be in no way considered as the f inal examination word- rather, knowledge acquisition activities should be continuously carried out to compete with the rival companies and to retain market share. incidentally delivery also ensures maximum market share and profit. Consumers obviously prefer spending their money on such products and services that save their time. By gaining consumer trust through timely deliveries, companies can eye elephantine shares in market. This type of a conclusion can be reached after investigating thoroughly the cause of timely-delivery on consumer market. Said differently, the more knowledge chain members possess, the greater their awareness that additional knowledge can ultimately enhance outcomes. (Hult, Ketchen, Jr., & Slater, 2004) All chain members should be involved in the learning process so as to make the entire process smooth and fast. As all members shall benefit from the enhanced outcomes, therefore the learning process should be shared by all. Increased levels of awareness le ad to effective travel rapidly of the supply chains and this can be achieved only through continuous learning. The acquisition of knowledge must(prenominal) be conveyed to all concerned departments/firms involved in supply chains- such activities are also cognize as information distribution activities. Information distribution