Question 1. Discuss the statement “Time is equal to money” within the context of supply chain management for both manufacturing and retail organisations. There is no such thing as constant. Everything in this world evolves, even strategic performance measures. An organisation must be open to the idea that some measures changes over time. Organisations must research on different approaches to be at par with the changes on the systems. Business organisations today particularly the manufacturing and retail organisations operate in a turbulent and dynamic business environment. The contemporary business environment is undergoing a metamorphosis as rapid technological innovations, competitive markets, diverse customer preferences, and extensive global operations prevail in it because of the value of time. For them time is equal to money. To ensure continuous operation and survival in today’s rigid business environment, a business firm has to be open to change and improvement. Business processes, services, products and operations should be consistently subject to evaluation and refinement. The norm is to deliver quality products and services while maintaining flexible and effective operations. One of the most vital aspects of a business operation is the management of the supply chain. The supply chain comprises of the coordinated arrangement of manpower, technology, and production processes that transforms raw materials into tangible products or services. The supply chain is the overall process that determines how business firms secure materials, exploit people, utilise machines, and follow business processes to develop specific products and services for the satisfaction of consumers. This business operation is crucial as any defect in one area can render adverse impacts to the others. Thus, management of the supply chain entails strategies and constant monitoring to ensure its consistency to deliver outputs to the customers at the most convenient time.
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