Question

Within the Discussion Board area, write 400-500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Through improved financial strategies and data management, the supply chain of a company can improve their customer experience, business efficiencies and overall financial performance. By collecting data, improving customer intimacy, establishing financial strategies, and through the use of analytics, organizations can embark on new opportunities and stronger financial futures. Complete the following:

Discuss why it is important for an organization’s supply chain to include the management of their data and financial strategies by answering the following questions:

What types of supply chain tools help a company collect data? Please describe two types of tools.
How does supply chain management help a company to improve efficiency and effectiveness?
How does contract bidding improve a company’s financial outcome?
Why is forecasting demand important?

Be sure to include your references, and format your submission in APA format.

Answer 1

There are so many tools help a company to collect data like: Pullsar, ProfileGorilla, TradeCloud etc.

Pullsar:

we can integrate a beacon-based wearable technology system into their warehouses, production facilities, and laboratories and sync the data from their staff members' wearable devices with the Pullsar software system.

ProfileGorilla:

Features include collaborative document and information exchanges, records categorization tools, export/import assistance, and shipping alerts.

Supply chain management has evolved from manual, logistics- and mechanization-focused optimization to modern, digital, and automated integration. It plays a vital role in addressing the growing complexity. It facilitates and optimizes the flow of products, information, and finances, allowing companies to create better relationship value and improve overall business efficiency and effectiveness.

Contract bidding is a necessary facet of running a business, with many companies entering into multiple contracts on a daily basis. Of course, given that contracts are legally binding, enforceable agreements, they can carry some pretty significant consequences. Unfortunately, the management phase of the contracting cycle is often overlooked, as emphasis is placed more heavily on the front end of the contracting cycle, which involves negotiations and drafting. This is clearly an erroneous oversight because poor contract bidding will no doubt result in negative financial outcomes.

Forecasting demand is important to satisfy customers, minimize inventory costs and optimize cash flow.It helps in

1.Determination of sales territories and number of sales man.

2.Determination of production capacity.

3.Determining the pricing strategy.

4.To decide marketing programme.