<> Supply Chain Management: Practice, Theory, and Future Challenges Name Institution Abstract Purpose – To analytically assess current changes in the theory and practice of supply management and through this assessment identify possible barriers, and key trends. x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �1Tp�W� endobj Transaction Cost Analysis (TCA) theory. 17 0 obj <> endstream endstream <> In a world of soaring digitization, social media, financial transactions, and production and logistics processes constantly produce massive data. x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �Pp�W� The theory stipulates that the supply chain management should be oriented towards improving the output within the organization. stream Total Quality Management (TQM). This is a theory which states that all the raw materials which are supplied must be of relevant quality. Supply chain management: theory, practice and future challenges @article{Storey2006SupplyCM, title={Supply chain management: theory, practice and future challenges}, author={J. Storey and Caroline Emberson and J. Godsell and A. Harrison}, journal={International Journal of Operations & Production Management}, year={2006}, … <> <> This is a theory that gives relationship and explanations on all the networks which are available to facilitate connections between all levels in supply management. Supply-chain management was then further defined as the integration of supply chain activities through improved supply-chain relationships to achieve a competitive advantage. <>/Group <> <> endstream These theories include: This is a practice which explains that the goods of the right quantity and specified quality are supplied in time without any surpluses. There is a myriad of concepts which have been conceptualized leading to framing of some of the applicable theories. This theory ensures that the customer’s agreements are met. Supply chain management seeks improved performance through better use of internal and external capabilities in order to create a seamlessly coordinated supply chain, thus elevating inter-company competition to inter-supply chain competition (Anderson and Katz, 1998, Birou et al., 1998, Christopher, 1996, Lummus et al., 1998, Morgan and Monczka, 1996). endobj Quick Response Manufacturing (QRM). Few practitioners were able – or even seriously aspired – to extend their reach across the supply chain in the manner prescribed in much modern theory. Quick Response Manufacturing (QRM). Transportation: consoli… endobj endstream <> <> 22 0 obj Strategic Choice Theory (SCT). x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �1Up�W� stream endstream Time-Based Competition Theory (TBC) .This is a theory that ensures that the management of supplies is done in time. Articles on Management Subjects for Knowledge Revision and Updating by Management Executives ---by Dr. Narayana Rao, Professor, NITIE---3 MILLION Page Views--- Global Top Blog for Management Theory---Management for Effectiveness, Efficiency and Excellence. x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �1Rp�W� Strategic Supply Chain Management (Level 6, Unit L6-02) A major part of the book is devoted to the implications of new concepts such as Customer Relationship Management, Supplier Relationship Management, Vendor-managed Inventory, Efficient Consumer Response, and Collaborative Planning, Forecasting, and Replenishment. x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �14Pp�W� Craig R. Carter, Lutz Kaufmann, David J. Ketchen, Expect the unexpected: toward a theory of the unintended consequences of sustainable supply chain management, International Journal of Operations & Production Management, 10.1108/IJOPM-05-2020-0326, ahead-of-print, ahead-of-print, (2020). (Ketchen & Hult, 2006). <> develop SCM theory. � � � endstream endobj This theory is based on the principles under which the institution is governed. /Contents 16 0 R>> endobj endobj The issue of the process of linking various stakeholders has also been of a big concern. endstream /Contents 28 0 R>> Supply Chain Management (SCM): Theory and Evolution, Supply Chain Management - Applications and Simulations, Mamun Habib, IntechOpen, DOI: 10.5772/24573. Supply Chain Management’s Beginnings. 7 0 obj The first concern is the propositional value of customers and suppliers, mapping of existing supply chain and the metrics which are used to evaluate the performance of the supply chain. �U���Pp��;B�P��?����r�y���_?�{-�t��?���/���su:�/�Y�#��Ȃ��B���4칉�na�Z��:j��%�{Ow���&�|C+i�Y��Nˆ�{[���W�߱w��q�y���q�A[^j�ź�˦#m��쥾5�����$��q����R���u�֏i��zH�Pm� �� :���c�4���Ӏσu���� |�O�=���_�ƫ��E�Q�f5y뜏b�?���s~�\�tQ�_��O �3�V����*����)�E���;��������{킫�G@_k}W쀛� <>>>] <> stream � �]� /Contents 10 0 R>> . � �T� A substantial body of academic knowledge has been, and continues to be, developed in the broad SCM domain. endobj Systems Theory: ST brings together various components of a complex supply chain (that is the human, capital, information, materials and financial resources etc.) DOI: 10.1108/01443570610672220 Corpus ID: 17758687. (Van Der Vorst, 2004) Van Der Vorst defined supply chain management (SCM) as "the integrated planning, coordination, and control of business … In the late 1990s, "supply-chain management" (SCM) rose to prominence, and operations managers began to use it in their titles with increasing regularity. This is reflected in the lack of conceptual frameworks for the development of theory on supply chain management. endobj (Ketchen & Hult, 2006). Agency Theory (AT). [9] 9 0 obj 19 0 obj stream This theory stipulates that the designing of the supply management process should be based on the resources which are available to the company. A supply chain is a system of information and resources that involves manufacturers/ producers, distributors/ middlemen, and the end customers, collaborating to convert raw materials to work in progress, and then to finished goods. /Contents 24 0 R>> endobj Supply Chain Management : Practice, Theory, And Future Challenges Essay 999 Words | 4 Pages. The impact of the use and applications of various IT types on the performance of the company is not clear, but all in all, the importance of IT in the performance of the company cannot be refuted. <> x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �1Qp�W� Reverse logistics involves material flow from end users to suppliers. To maximize the supply chain benefit, supply chain partners should uncover weak links and prevent variations in supply chain capacity (e.g., production/distribution capacity and inventory) and supply chain performances. endstream � �f� endobj Festus, O. 31 0 obj <> Perhaps one of the most effective ways of doing so is to apply the theory of constraints (TOC) to supply chain management. Consumer Science: Anna Quindlen’s “Why Stuff is not Salvation”, Theories involved in Supply Chain Management, Gardena Flowers and Plants Trading Company Analysis, Consumer Behavior in Hamilton and Chernev Articles, International Business Machines Corporation Analysis, International Legal and Ethical Issues in Business. Despite a lot of focus on the forward logistics by supply chain management, the importance of reverse logistics cannot be ignored. <> endobj (Festus & Xiaoming, 2010). endstream x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �1Wp�W� endstream This theory explains the relationship between the principals and the agents. stream /Contents 18 0 R>> 8 0 obj x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �14Qp�W� � ��� 26 0 obj <> 3 0 obj 15 Iss: 6 Pages.454-462. 28 0 obj endobj endobj endobj /Contents 20 0 R>> stream – The paper aims to explain how agency theory can be used to inform our understanding of the dynamics surrounding supply chain behaviours and relationships., – A structured review of the literature using a three‐stage refinement process is used. /Contents 8 0 R>> � ��� stream Bridging organization theory and supply chain management: The case of best value supply chains. Findings – The paper reveals that supply management is, at best, still emergent in terms of both theory and practice. This is a practice that ensures that all the risks which might be involved during the procurement and supplies process are taken into consideration. �&�+#���GX. 6 0 obj The study focuses on investigating, how supply chain management influences the performance of reverse logistics with specific examinations on how IT impacts it, the effects of IT on the reverse logistics performance and the collaboration and information sharing on reverse logistics. Halldorsson, A, Kotzab, H, Mikkola J., Skjoett-Larsen, T.(2007). Available to promise (ATP). (Halldorsson et al., 2007). � �x� & Xiaoming, L. (2010). x��\M�䶑�������E_�=��rH��R;|��@���˪�XԴzG�~_ ��b�%o(bW� �/_~�����QUK���>>����X}�鮭>��x�җU���s���]۴m�q'>W�z8��Ue�ktW��]��|�}�Xݩ���p�eT����?wGZ)�j]�kZM��kWm�`���N�[[=�b��^�Bm�|�ϫk�ݹ��?�����m���U��?��'�J��}f�����7�~���QΪ�}��}?��`���5>����c;�����������V���&�h�� endobj The theory designs mechanisms to ensure that the level of inventory is controlled. � ��� Procurement: avoiding duplicate procedures 2. stream Currently, there are three collaborative relationships which have been identified: type 1 involves building data using IT applications, standardizing information. Employing analytical tools to extract insights and foresights from data improves the quality, speed, and reliability of solutions to highly intertwined issues faced in supply chain operations. <> 14 0 obj Supply Chain Management: An International Journal, Volume 12 Issue 4, 284-296. stream /Contents 30 0 R>> x�3R��2�35W(�*T0P�R0T(�Y@���@QC= P A�J��� �14Vp�W� stream 1 0 obj 20 0 obj stream <> The authors demonstrate that, “although definitions of SCM differ across authors […], they can be classified into three categories”: (1) SCM as a management philosophy (= supply chain orientation), which involves a systems approach to viewing the supply chain as a whole, a strategic orientation toward cooperative efforts, and a customer focus; (2) SCM as an implementation of a management … Warehousing: keeping inventory at low levels 4. endobj 27 0 obj Knowledge-Based View (KBV) theory. <> This theory explains that there should be a quick response in dealing with all the manufacturing process. � ��� This type requires building trusts, setting joint business goals and designing of inter-connected processes. 11 0 obj 18 0 obj � ��� stream <> Supply Chain Management includes managing supply and demand, sourcing raw materials and parts, manufacturing and assembly, warehousing and inventory tracking, order entry and order management, distribution across all channels, and delivery to the customer. 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