Answer to Question #227709 in Psychology for Suku

Question

Discuss the following in your business unit:
• The processes that comprise the supply chain are identified in order to reflect the information
that needs to be obtained (Processes include but are not limited to procurement, logistics, operations management, transportation, and export and import systems)

• The supplies flowing through the supply chain are identified in terms of their specifications and quality

• Suitable sources of data are accessed in order to collate and prepare data for the analysis

• The prepared data on the organization’s supply chain are analysed using agreed analysis methods and procedures

• Key findings are clearly identified and results are provided according to agreed formats and schedules

• Problems with the supply chain are clearly identified and communicated in accordance with organisational procedures

Answer 1

The supply chain, in general, comprises a common set of operations that are carried out in a number of ways. Procurement is the process of obtaining goods and services. The procurement department is often in charge of both sourcing and procurement in a B2B transaction. Inventory is a sort of asset that is purchased and sold in the ordinary course of business. A warehouse is a distribution or storage facility that processes and distributes products to wholesalers, retailers, and consumers.

The control of flows lies at the heart of supply chain. The five major flows in every supply chain are risk, value, information, financial, and product flow. The product flow includes the movement of goods from a supplier to a client, as well as any consumer returns or service needs. The financial flow is comprised of credit terms, payment schedules, and consignment and title ownership agreements.

Data for supply chain analysts comes from a number of sources, including websites, social media platforms, mobile applications, blogs, CRM systems, and more. Analytics is utilized in the supply chain industry to produce projections and aid companies in making use of easily available data. Data visualization tools such as charts, graphs, and others help decision making by detecting trends and providing insights. Some of the numerous types of data analytics are prescriptive, descriptive, cognitive, and predictive analytics. Descriptive analysis that may be used to analyze the historical performance of the supply chain. It will notify you of what has transpired, allowing you to confirm that the outcomes are in line with your aims and objectives. Data mining is used to collect raw data from the supply chain in this technique/