supply-chain

Vocabulary Word

Definition

The 'supply chain' refers to the sequence of activities needed to create a product and get it to the customer. It includes everything from material sourcing and manufacturing to distribution and retail. It's like the whole journey of a product before it reaches the customer.

Examples in Different Contexts

In the tech industry, managing the supply chain is crucial for delivering electronic devices to market. A tech executive might explain, 'Our supply chain operations ensure that our products are available to consumers as soon as they're launched.'

Practice Scenarios

Business

Scenario:

Given the increasing shipping times from our current distributors, it might be a good idea to reassess our logistics partnerships.

Response:

I agree. If we can optimize our supply chain, it would significantly improve product delivery times and reduce costs.

Tech

Scenario:

There have been concerns about the ethical practices of some of our hardware providers. We need to uphold our values across all aspects of business.

Response:

Certainly, it's crucial we ensure our supply chain aligns with our ethical commitments. We need transparency from hardware to software development.