by Operations Council | Nov 29, 2024 | Supply Chain
Digital twins are virtual replicas of an object, system, or process used to simulate potential situations and outcomes. Digital twins use real data to deliver analytical insights and visualizations. Below, McKinsey & Company will go into more detail about digital...
by Operations Council | Nov 25, 2024 | Supply Chain
What is scarcity? Scarcity means there isn’t enough of something to satisfy everyone who wants it. This can affect business through the supply chain management, hiring process, pricing, and more. Below you will learn what scarcity is and how it can impact your supply...
by Operations Council | Nov 12, 2024 | Economy/Economic, Supply Chain
Leaders understand the importance of resilient supply chains, but their efforts may be no match for a global event. Wars, natural disasters, and political events may block trade in certain parts of the world. When these incidents occur, organizations may struggle to...
by Operations Council | Oct 29, 2024 | Process Improvement, Supply Chain
Inventory is crucial to any organization that relies on supplies to deliver products and services to customers. It plays a role in the company’s cash flow, profitability, and customer satisfaction levels. Order too much inventory and you may waste money on products...
by Operations Council | Oct 8, 2024 | Process Improvement, Supply Chain
Just-In-Time (JIT) manufacturing is a production model businesses adopt to boost efficiency and minimize waste. As the name suggests, organizations that use this model manufacture based on demand needs. They don’t produce items that sit on their stock shelves waiting...
by Operations Council | Sep 18, 2024 | Economy/Economic, Supply Chain
Supply chain issues have been on the rise since the pandemic and continue to plague many businesses. Companies often work with global suppliers, presenting issues that go beyond material and labor shortages. They must also be aware of compliance laws that may apply,...
