Supply Chain Strategy
Discussion must be in current APA format and must include a reference list. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 There are a total 5 references needed from scholarly articles and 1 biblical reference for the 3 biblically citations. The annotated bibliography will only be on the 5 scholarly references. The Thread After you have chosen your key topic(Supply Chain Strategy), use the Internet to search for at least 5 scholarly resources that relate to the topic and have been published within the last 5 years. Academic articles and journals must be reputable and obtained from professional websites that address the content of this course. Popular magazines and online sources such as Wikipedia are not permissible. After reading the articles, select 1 article relating to your key topic that you wish to use in your thread. Adhere to the following format: 1. Key Concept Explanation: Define your key topic by using a source other than the textbook. Give a clear, concise overview of the essential elements relevant to understanding your key topic. In addition, explain why you are interested in this topic (e.g., academic curiosity, application to a current issue related to employment, or any other professional rationale). This section must be at least 100 words. 2. Comparison: Compare your research with what you have studied during the module in which the key topic/thread is assigned. Note differences or commonalities about your key topic, providing evidence that you have extended your understanding of this topic beyond the textbook readings. This is an opportunity for you to cite the additional articles you originally researched. This section must be at least 200 words. 3. Article Summary: In your own words, provide a clear and concise summary of the article you selected. This section must be at least 200 words. 4. Biblical Integration: Include at least 3 appropriate biblical references. Explain the relevance of your key topic to God’s law and how it can be applied in a Christian context. This section must be at least 100 words. 5. Application: Specifically state how your key topic has been applied to real-world businesses or describe the potential your key topic has to influence today’s business world. Your application must possess a professional rationale that demonstrates the significance of your key topic. This section must be at least 100 words. 6. Annotated Bibliography: Cite the articles you researched in current APA format. An annotation must accompany each citation. Each annotation will consist of a descriptive and evaluative paragraph that is at least 75 words. The annotations are designed to help your classmates in their understanding of your topic. In addition, provide a persistent link for each article.
ANSWER
Supply Chain Strategy
A supply chain strategy is a plan that outlines how a company will manage its network of suppliers and distribution channels to deliver its products or services to customers. The goal of a supply chain strategy is to minimize costs and maximize efficiency while still meeting customer demand (Min, Zacharia, and Smith, 2019). A company’s supply chain is one of its most important assets. A well-designed and managed supply chain can give a company a competitive advantage by reducing costs, improving quality, and increasing speed to market. Conversely, a poorly managed supply chain can significantly affect profitability and growth. The topic of supply chain strategy is important since it helps companies drive down costs and improve operational efficiencies. I am interested in this topic due to the critical challenges faced in the global supply chain and how companies maneuver in the climate of persistent unpredictability.
During the model, the major focus was on building an effective supply chain strategy, while during the research, there was more focus on a sustainable supply chain to create a competitive advantage. An effective supply chain strategy will consider all of the chain’s different links, from raw materials suppliers to manufacturing to distribution and finally to the customer. An effective supply chain approach must be associated with the company’s overall business approach (Alzoubi et al., 2020). It should consider the company’s strengths and weaknesses, its customer base, and the markets it serves. In addition, a supply chain strategy must be flexible enough to adapt to changes in the marketplace or the company’s operations. On the other hand, a sustainable supply chain strategy ensures that the company addresses social, environmental, legal, and economic concerns within the supply chain. A sustainable strategy must also consider how to best use resources, including labor, transportation, and facilities. In addition, a supply chain strategy must be flexible enough to adapt to changes in the marketplace or the company’s operations (Kot, 2018). The right supply chain strategy can give a company a competitive advantage in the marketplace.
A key element of any successful sustainable supply chain strategy is a collaboration among all of the members of the supply chain, from suppliers to manufacturers to distributors to retailers to customers (Lee, 2021). When everyone works together, costs can be reduced, and efficiencies increase throughout the entire system. Several factors must be considered when developing a sustainable supply chain strategy, including the company’s business goals, its products or services, the markets it serves, and the available resources. A company’s supply chain strategy should be reviewed regularly to ensure that it is aligned with its overall business strategy.
The concept of sustainable supply chain management (SSCM) has gained significant emphasis recently as businesses strive to operate more socially and environmentally responsible. SSCM encompasses a wide range of practices that aim to minimize the negative impact of business operations on the environment and society while maximizing economic benefits. Hsu et al., (2021) focused on a study on the establishment of a strategic framework that boosts SSCM for effective performance. The reason for the study was to propose guidelines for building a sustainable supply chain strategy and classify sustainable supply chain strategies. Hsu et al., (2021) state that it’s widely agreed that proper establishment of a sustainable supply chain approach can lead to competitive gains, which is vital for business enterprise. Many studies on sustainable supply chain strategies have focused on classifying various systems or mechanisms. Hsu et al., (2021) focused on a strategic framework for developing sustainable supply chain management. The study collected data from various strategies, which proved the diversity of sustainable supply chain practices. The study results suggested that every sustainable supply chain approach in a different field can rely on the best arrangement of strategies through Grey relational analysis, which constantly boosts sustainability performance. Therefore, Hsu et al., (2021) concluded that a strategic framework could be used to boost performance of sustainable supply chain with regard to social responsibility, environmental responsiveness, and economic input.
1 Corinthians 14:40 says that everyone should be careful about building on the foundation laid before them. This verse tells Christians to do things in an orderly manner. Today, businesses are faced with the challenge of building a sustainable supply chain strategy that will minimize the negative impact of their operations on the environment and society while maximizing economic benefits. There are several ways to approach this challenge, but one major element is to ensure that your supply chain strategy is linked to the overall business approach. This means considering how the supply chain can help achieve your business goals and focusing on sustainable practices.
Annotated Bibliography
Alzoubi, H., Ahmed, G., Al-Gasaymeh, A., & Kurdi, B. (2020). An empirical study on sustainable supply chain strategies and its impact on competitive priorities: The mediating role of supply chain collaboration. Management Science Letters, 10(3), 703-708. http://dx.doi.org/10.5267/j.msl.2019.9.008
The study investigated the relationship between supply chain collaboration and sustainable supply chain strategy and its impact on competitiveness. The study focused on Jordanian pharmaceutical companies incorporating sustainable supply chain strategies to determine whether it impacts the competitive priorities. The study shows that sustainable supply chain strategies impact competitive priorities due to social and environmental achievements.
Hsu, H. Y., Hwang, M. H., & Chiu, Y. S. P. (2021). Development of a strategic framework for the sustainable supply chain management. AIMS Environmental Science, 8(6), 532-552. https://doi.org/10.3934/environsci.2021034
The study has focused on establishing a strategic framework for sustainable supply chain management. The study conducted a grey relational analysis to evaluate different strategies. The study’s results indicated that each sustainable supply chain varies depending on the field. A strategic framework is effective in building a sustainable supply chain.
Kot, S. (2018). Sustainable supply chain management in small and medium enterprises. Sustainability, 10(4), 1143. https://doi.org/10.3390/su10041143
The study presents the current situation in sustainable development concerning supply chain management. The study indicated that sustainability areas play a major role in supply chain management. Kot (2018) insists on applying sustainable supply chain management in operation strategy, which covers social, environmental, and business.
Lee, R. (2021). The effect of supply chain management strategy on operational and financial performance. Sustainability, 13(9), 5138. https://doi.org/10.3390/su13095138
This study focused on the impact of supply chain management strategy on an organization’s financial and operational performance. The study surveyed small and medium manufacturing enterprises to determine the link between supply chain management strategy and operational performance. The study indicated that supply chain management strategy directly improves business performance.
Min, S., Zacharia, Z. G., & Smith, C. D. (2019). Defining supply chain management: in the past, present, and future. Journal of Business Logistics, 40(1), 44-55. https://doi.org/10.1111/jbl.12201
The study gives a historical overview of the concept of supply chain management. The article contributed to both the practice and theory of supply chain management. Various key technological and market changes were highlighted in the supply evolution of supply chain management. The study calls for research and development of new strategic frameworks that shed light on the changing nature of supply chain management.
