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

In manufacturing, supply chain efficiency is about reducing costs and time without compromising quality. A plant manager might state, 'Improving our supply chain efficiency has cut our production costs by 15%.'

Practice Scenarios

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.

Operations

Scenario:

Our production costs are soaring high, and outputs are not improving. Do we need to rethink our supply chain?

Response:

Revamping the supply chain for efficiency could help bring down production costs and increase output.