Supply Chain: Balancing Demand & Supply in Market Volatility.

The concept of the supply chain is a critical aspect that much attention must be diverted towards it to help in neutralizing the market demand and supply of products or various projects offered by distinct organizations. For instance, in the years 2007 and 2009, there was global economic volatility caused by the evidence of unbalanced demands in the market and the corresponding rapid movements of raw materials to them. The following were some of the adopted strategies to help in helping the situation not only for that time but for the future generation as well. Taking an example of a company dealing with electronics, the following techniques may be useful. The first technique is the adoption of a real-time operating model that is demand driven. The plan can ensure that organizations identify all the operations taking place in the market, and provides a clear response that they may use to set relevant prices to match the nature of the market (Azambuja et al., 2014). This can be enhanced by using modern technologies and experienced personnel to aid the supply chain management of the specific product. Secondly, the executives must also ensure that they quickly adapt with the changing market, and apply the use of up to date supply chain strategies that aim at attracting many individuals, to bring in much profit to the organization. By the continuous evolution in the technological sector which have also brought in many inventions and innovation s in the same field, organizations must conduct regular research to get the clear picture of the customer's preference better.

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Also, technical competencies involved in supply chain management are essential. They may, in most cases, be used as determinants of an organization's supply chain management effectiveness. The competencies can also determine the number of customers dealing with a particular project organization of a company. the core features that can be used to estimate the level of competency that a specific organization is using in its SCM, skills used, knowledge applied during the process are some of the characteristics to consider. Competencies in the SCM also can improve how individual project management manages its supply chain (Wells, 2012). Actually skills make a project management company to increase its capacity of planning, balance the supply of the products to the customers according to the demand without supply or shortages, increase in the speed of processing order and service delivery as well and finally use reasonable logistics in performing its distribution and also when warehousing (Schindler & Eppler, 2003).

All these requirements needed for better supply chain management, business leaders must play a significant role in the process of ensuring success. The leaders must thus apply proper skills and techniques to use in their businesses to be competent enough and outshine other similar competitors who may be dealing in the related industry. For instance, the leaders should analyze the project problems from scratch, to be able to identify possible solutions for the issues identified. The leaders can categorize the problems into and form a team within the company to identify the solutions and solve the project problems (Berg & Karlsen, 2013). Additionally, the business leaders can draft some training lessons for the workers to equip them with the necessary knowledge and skills of performing all the activities correctly. The people involved in the project can also be brainstormed by the leader for him/her to collect some their viewers regarding the project itself and the supply for the product (Bamford & Forrester, 2010). All this will profoundly improve the performance of the entire organization, especially in the SCM sector

References

Azambuja, M. M., Ponticelli, S., & O'Brien, W. J. (2014). Strategic procurement practices for the industrial supply chain. Journal of Construction Engineering and Management, 140(7), 06014005. Retrieved from https://ascelibrary.org/doi/abs/10.1061/(ASCE)CO.1943-7862.0000851

Bamford, D., & Forrester, P. (2010). Essential guide to operations management: concepts and case notes. John Wiley & Sons. retrieved from https://books.google.com/books?hl=en&lr=&id=uCRvWYiQ_04C&oi=fnd&pg=PA1&dq=Bamford,+D.R.+%26amp%3B+Forrester,+P.L.+(2010)+Essential+guide+to+operations+management:+concepts+and+case+notes.+London:+Wiley.+%EF%82%B7+Chapter+7,+%E2%80%98Managing+projects%E2%80%99+(pp.+121-131)&ots=BTkZ6ueRU4&sig=a9Gu26jMpvhpQnv4Dr74a_CNf1M

Berg, M. E., & Karlsen, J. T. (2013). Managing stress in projects using coaching leadership tools. Engineering Management Journal, 25(4), 52-61. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/10429247.2013.11431995

Schindler, M., & Eppler, M. J. (2003). Harvesting project knowledge: a review of project learning methods and success factors. International journal of project management, 21(3), 219-228. Retrieved from https://www.sciencedirect.com/science/article/pii/S0263786302000960

Wells, H. (2012). How effective are project management methodologies? An explorative evaluation of their benefits in practice. Project Management Journal, 43(6), 43-58. Retrieved from https://journals.sagepub.com/doi/abs/10.1002/pmj.21302