supply-chain-optimization

Vocabulary Word

Definition

'Supply chain optimization' is about improving how a business gets its product from start (making it) to finish (getting it to the customer). This might involve improving production, transportation, and storage methods.

Examples in Different Contexts

In software solutions for businesses, 'supply-chain-optimization' refers to using technology to improve supply chain processes. A product manager could state, 'Our new software promotes supply-chain-optimization by automating inventory management.'

Practice Scenarios

Operations

Scenario:

Our output rates are declining. We need improvement in overall workflow of our operations.

Response:

I agree. Supply chain optimization could streamline our operations and improve output.

Business

Scenario:

Our production process seems to be less efficient. We need strategic decisions to reduce costs and increase efficiency.

Response:

Have our teams considered implementing a supply chain optimization solution to address our production inefficiencies?