supply-chain-efficiency

Vocabulary Word

Definition

'Supply chain efficiency' is about how well the process of getting a product from manufacture to marketplace works. It's about avoiding unnecessary steps, reducing waste, and getting things done quickly and effectively.

Examples in Different Contexts

For retail businesses, supply chain efficiency ensures products are available for consumers quickly and cost-effectively. A retail operations manager could say, 'By optimizing our supply chain efficiency, we've reduced inventory costs significantly.'

Practice Scenarios

Sustainability

Scenario:

Our sustainability goals are taking a back seat because of too much waste. Is there a more resource-efficient supply chain process we can follow?

Response:

A focus on supply chain efficiency can lead to better waste management and resource allocation, aligning us more closely with our sustainability goals.

Tech

Scenario:

Our new product has to hit the market by December. We can't afford delays in component deliveries.

Response:

We can improve our supply chain efficiency by building stronger relationships with our suppliers and ensuring they can meet our deadlines.