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SCM 302 ratcliffe 11 supply chain management

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SCM 302 OPERATIONS MANAGEMENT Supply Chain Management SCM 302 - Supply Chain Management Chapter 11, 11S Supply Chain Management Who are my partners? Which organizations are in my network? • Supply Chain Management Explain the strategic importance of the supply chain Identify six sourcing strategies Explain issues and opportunities in the supply chain Describe the steps in supplier selection Explain major issues in logistics management Compute percent of assets committed to inventory and inventory turnover • Supply Chain Analytics Use a decision tree to determine number of suppliers to manage risk Explain and measure the bullwhip effect Describe the factor weighting approach to supplier evaluation Evaluate cost-of-shipping alternatives SCM 302 - Supply Chain Management Chapter 11, 11S The Age of the Mega Suppliers of Auto Parts SCM 302 - Supply Chain Management Chapter 11, 11S Supply-Chain Management Management of activities related to procuring materials and services, transforming them into intermediate goods and final products and delivering them through the distribution system • Raw materials to customer • Suppliers, manufacturers and/or service providers, distributors, wholesalers, retailers, and final customer • Objective: build a chain of suppliers that focuses on maximizing value to the ultimate customer • Competition is no longer between companies, but between supply chains IT’S ALL ABOUT RELATIONSHIPS! • Managing supplier and customer relationships which are increasingly integrated and long-term SCM 302 - Supply Chain Management Chapter 11, 11S A Supply Chain for Beer Figure 11.1 SCM 302 - Supply Chain Management Chapter 11, 11S Issue #1: Sourcing Make vs Buy • Choosing between obtaining products and services externally or to producing them internally • Outsourcing • Transfer traditional internal activities and resources to outside vendors • Efficiency in specialization • Focus on core competencies SCM 302 - Supply Chain Management Chapter 11, 11S Issue#2 Sourcing How many suppliers? Six Sourcing Strategies Many suppliers Few suppliers Vertical integration •Negotiate with many suppliers •Common for commodities •Suppliers compete on price •Suppliers responsible for technology, expertise, forecasting, cost, quality, and delivery •Long-term partnerships •Economies of scale •Learning curve benefits •Supplier incentives to participate in JIT, contribute expertise •High cost of changing suppliers •Ability to produce goods or services previously purchased •Acquire a supplier/distributor •Forward or Backward •Can improve cost, quality, and inventory but requires capital, managerial skills •Better in stable market Joint ventures Keiretsu networks Virtual companies •Formal collaboration •Enhance skills, secure supply, reduce costs, pool resources •Risks: dilute brand, concede competitive advantage •E.g Deere-Hitachi •Financially independent, mutually supportive coalition •Financial support for other members, e.g loans •Members expect long-term relationships, provide technical expertise and stable deliveries •Extends to several levels •E.g Mitsubishi •Rely on telecommunications technologies to work with suppliers, employees, contractors around the world •Fluid boundaries allow for flexibility, responsiveness •Lean performance, low capital investment •E.g Amazon SCM 302 - Supply Chain Management Chapter 11, 11S Vertical Integration Vertical Integration Examples of Vertical Integration Raw material (suppliers) Tree Harvesting Backward integration Current transformation Forward integration Finished goods (customers) Chipmakers Pulpmaking Pepsi Apple International Paper Bottling Retail stores End-User Paper Conversion Figure 11.2 SCM 302 - Supply Chain Management Chapter 11, 11S Issue #3 Managing Supply Chain Risk • More reliance on supply chains means more risk • Fewer suppliers = putting all of your eggs in one basket • Compounded by globalization and logistical complexity • Types of risk (see next slide) • Vendor reliability and quality risks • Political and currency risks • Research and assess possible risks • Risk Mitigation Tactics • Innovative planning • Reduce potential disruptions • Insurance and contingency plans • Information sharing • Flexible, secure supply chains • Diversified supplier base SCM 302 - Supply Chain Management Chapter 11, 11S TABLE 11.3 10 Supply Chain Risks and Tactics RISK RISK REDUCTION TACTICS EXAMPLE Supplier failure to deliver Use multiple suppliers; effective contracts with penalties; subcontractors on retainer; pre-planning McDonald’s planned its supply chain years before its opening in Russia Every plant—bakery, meat, chicken, fish, and lettuce—is closely monitored to ensure strong links Supplier quality failure Careful supplier selection, training, certification, and monitoring Darden Restaurants has placed extensive controls, including thirdparty audits, on supplier processes and logistics to ensure constant monitoring and reduction of risk Logistics delays or damage Multiple/redundant transportation modes and warehouses; secure packaging; effective contracts with penalties Walmart, with its own trucking fleet and numerous distribution centers located throughout the U.S., finds alternative origins and delivery routes bypassing problem areas Distribution Careful selection, monitoring, and effective contracts with penalties Toyota trains its dealers around the world, invoking principles of the Toyota Production System to help dealers improve customer service, used-car logistics, and body and paint operations Information loss or distortion Redundant databases; secure IT systems; training of supply chain partners on the proper interpretations and uses of information Boeing utilizes a state-of-the-art international communication system that transmits engineering, scheduling, and logistics data to Boeing facilities and suppliers worldwide Political Political risk insurance; cross-country diversification; franchising and licensing Hard Rock Café reduces political risk by franchising and licensing, rather than owning, when the political and cultural barriers seem significant Economic Hedging to combat exchange rate risk; purchasing contracts that address price fluctuations Honda and Nissan are moving more manufacturing out of Japan as the exchange rate for the yen makes Japanese-made autos more expensive Natural catastrophes Insurance; alternate sourcing; cross-country diversification Toyota, after its experience with fires, earthquakes, and tsunamis, now attempts to have at least two suppliers, each in a different geographical region, for each component Theft, vandalism, and terrorism Insurance; patent protection; security measures including RFID and GPS; diversification Domestic Port Radiation Initiative: The U.S government has set up radiation portal monitors that scan nearly all imported containers for radiation SCM 302 - Supply Chain Management Chapter 11, 11S Operations Strategy as Supply Chain Strategy TABLE 11.2 How Corporate Strategy Impacts Supply Chain Decisions LOW COST STRATEGY RESPONSE STRATEGY DIFFERENTIATION STRATEGY Primary supplier selection criteria • Cost • Capacity • Speed • Flexibility • Product development skills • Willing to share information • Jointly and rapidly develop products Supply chain inventory • Minimize inventory to hold down costs • Use buffer stocks to ensure speedy supply • Minimize inventory to avoid product obsolescence Distribution network • Inexpensive transportation • Sell through discount distributors/reta ilers • Fast transportation • Provide premium customer service • Gather and communicate market research data • Knowledgeable sales staff Product design characteristics • Maximize performance • Minimize cost • Low setup time • Rapid production ramp-up • Modular design to aid product differentiation 15 SCM 302 - Supply Chain Management Chapter 11, 11S Sustainable Supply Chain Management • Return or reverse logistics • Sending returned products back up the supply chain for resale, repair, reuse, remanufacture, recycling, or disposal • Closed-loop supply chain • Proactive design of a supply chain that tries to optimize all forward and reverse flows • Prepares for returns prior to product introduction 16 SCM 302 - Supply Chain Management Chapter 11, 11S Measuring Supply Chain Performance Typical supply chain benchmark metrics include: • Lead time, % Late Deliveries, % Rejected Material, Shortages per year Important financial ratios: 𝑇𝑜𝑡𝑎𝑙 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 = 𝐴𝑣𝑔 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑊𝑒𝑒𝑘𝑠 𝑜𝑓 𝑆𝑢𝑝𝑝𝑙𝑦 = 𝐴𝑛𝑛𝑢𝑎𝑙 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑 ÷ 52 𝑤𝑒𝑒𝑘𝑠 % Assets in Inventory = Supply Chain Operations Reference (SCOR) Model: A set of processes, metrics, and best practices developed by the supply chain council Plan: Demand/Supply planning and Management Source: Identify, select, manage, and assess sources Return: Raw material Make: Manage production execution, testing and packaging Deliver: Invoice, warehouse, transport and install Return: Finished goods 17 SCM 302 - Supply Chain Management Chapter 11, 11S Assets committed to inventory %𝐴𝑠𝑠𝑒𝑡𝑠 𝑖𝑛 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 = 𝑇𝑜𝑡𝑎𝑙 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 11.4𝑏 = = 25.7% 𝑓𝑜𝑟 𝐻𝑜𝑚𝑒 𝐷𝑒𝑝𝑜𝑡 44.4𝑏 Home Depot had $11.4b inventory, total assets of $44.4b TABLE 11.5 Inventory as Percentage of Total Assets (with examples of exceptional performance) Manufacturer (Toyota 5%) 15% Wholesale (Coca-Cola 2.9%) 34% Restaurants (McDonald’s 05%) 2.9% Retail (Home Depot 25.7%) 28% 18 SCM 302 - Supply Chain Management Chapter 11, 11S 19 Inventory Turnover & Weeks of Supply 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 = 𝑾𝒆𝒆𝒌𝒔 𝒐𝒇 𝑺𝒖𝒑𝒑𝒍𝒚 = 𝑪𝒐𝒔𝒕 𝒐𝒇 𝑮𝒐𝒐𝒅𝒔 𝑺𝒐𝒍𝒅 14.2 = = 8.4 𝑓𝑜𝑟 𝑃𝑒𝑝𝑠𝑖 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑰𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 1.69 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑰𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 1.69 = = 6.19 𝑤𝑒𝑒𝑘𝑠 𝑓𝑜𝑟 𝑃𝑒𝑝𝑠𝑖 (𝑨𝒏𝒏𝒖𝒂𝒍 𝑪𝒐𝒔𝒕 𝒐𝒇 𝑮𝒐𝒐𝒅𝒔 𝑺𝒐𝒍𝒅)/𝟓𝟐 14.2/52 TABLE 11.6 Net revenue $32.5 Cost of goods sold $14.2 Inventory: FOOD, BEVERAGE, RETAIL Anheuser Busch 15 Coca-Cola 15 Home Depot Raw material inventory $.74 Work-in-process inventory $.11 Finished goods inventory $.84 Total inventory investment Examples of Annual Inventory Turnover McDonald’s 112 MANUFACTURING $1.69 Dell Computer 90 Johnson controls 22 Toyota (overall) 13 Nissan (assembly) 150 SCM 302 - Supply Chain Management Chapter 11, 11S The SCOR Model SCOR Model Metrics to Help Firms Benchmark Performance Against the Industry PERFORMANCE ATTRIBUTE SAMPLE METRIC CALCULATION Supply chain reliability Perfect order fulfillment (Total perfect orders) / (Total number of orders) Supply chain responsiveness Average order fulfillment cycle time (Sum of actual cycle times for all orders delivered) / (Total number of orders delivered) Supply chain agility Upside supply chain flexibility Time required to achieve an unplanned 20% increase in delivered quantities Supply chain costs Supply chain management costs Cost to plan + Cost to source + Cost to deliver + Cost to return Supply chain asset management Cash-to-cash cycle time Inventory days of supply + Days of receivables outstanding – Days of payables outstanding 20 SCM 302 - Supply Chain Management Chapter 11, 11S Benchmarking the Supply Chain • Comparison with benchmark firms • Audits may be necessary • Continuing communication, Understanding, Trust, Performance, Corporate strategy • Foster a mutual belief that “we are in this together” TABLE 11.7 Supply Chain Metrics in the Consumer Packaged Goods Industry Order fill rate Oder fulfillment lead time (days) Cash-to-cash cycle time (days) Inventory days of supply TYPICAL FIRMS BENCHMARK FIRMS 71% 98% 100 30 50 20 21 SCM 302 - Supply Chain Management Chapter 11, 11S The Bullwhip Effect Figure S11.2 60 – Suppliers believe sales are huge and respond accordingly Wholesalers order even more to be sure retailers can be adequately supplied 50 – Suppliers Order Quantity 40 – Wholesalers Retailers respond by ordering more Retailers 30 – Consumers 20 – 10 – A short-term increase in consumer demand 0– | | | | | | | Day | | | | 10 | 11 26 SCM 302 - Supply Chain Management Chapter 11, 11S The Bullwhip Effect • Variability in orders increases as orders are relayed up the supply chain • Leads to unstable production schedules, longer lead times, product obsolescence • Damage can be minimized with supplier coordination and planning CAUSE REMEDY Demand forecast errors (cumulative uncertainty in the supply chain) Share demand information throughout the supply chain Order batching (large, infrequent orders leading suppliers to order even larger amounts) Channel coordination: Determine lot sizes as though the full supply chain was one company Price fluctuations (buying in advance of demand to take advantage of low prices, discounts, or sales) Price stabilization (everyday low prices) Shortage gaming (hoarding supplies for fear of a supply shortage) Allocate orders based on past demand 27 SCM 302 - Supply Chain Management Chapter 11, 11S RFID Helps Control Bullwhip 28 SCM 302 - Supply Chain Management Chapter 11, 11S The Bullwhip Effect Measure s Variance of orders Bullwhip = = 2orders Variance of demand s demand If measure is: > : Variance amplification is present = : No amplification is present < : Smoothing or dampening is occurring 29 SCM 302 - Supply Chain Management Chapter 11, 11S Calculating the Bullwhip Effect • Transform sheet steel to tabletops • Each firm in the supply chain has one supplier and one customer FIRM VARIANCE OF DEMAND VARIANCE OF ORDERS BULLWHIP MEASURE Furniture Mart, Inc 100 110 110/100 = 1.10 Furniture Distributors, Inc 110 180 180/110 = 1.64 Furniture Makers of America 180 300 300/180 = 1.67 Chieh Lee Metals, Inc 300 750 750/300 = 2.50 Metal Suppliers Ltd 750 2000 2000/750 = 2.67 30 SCM 302 - Supply Chain Management Chapter 11, 11S Manufacturers Urge Fuel Tax Review • Crumbling and congested U.S roadways are driving up costs for U.S manufacturers as late deliveries and unreliable transportation undermine hard-fought gains in production efficiency, according to U.S manufacturing executives What different product quality variables are affected by transportation suppliers? How can unreliable transportation hurt a focal firm in terms of profit, scheduling, fees, productivity, quality? What incentive does the government have for boosting infrastructure expenditures? 31 SCM 302 - Supply Chain Management Chapter 11, 11S Supplier Selection Analysis • Many factors play a role • Choosing lowest bid is becoming rare • Factor weighting techniques consider multiple criteria • Each factor is assigned a weight and a score • Choose the supplier with the best weighted score 32 SCM 302 - Supply Chain Management Chapter 11, 11S Factor Weighting Approach FABER PAINT CRITERION WEIGHT SCORE (1-5) (5 HIGHEST) SMITH DYE WEIGHT x SCORE SCORE (1-5) (5 HIGHEST) WEIGHT x SCORE Engineering/inno vation skills 20 1.0 1.0 Production process capability 15 0.6 0.75 Distribution capability 05 0.2 0.15 Quality performance 10 0.2 0.3 Facilities/location 05 0.1 0.15 Financial strength 15 0.6 0.75 Information systems 10 0.2 0.5 Integrity 20 1.0 0.6 Total 1.00 3.9 4.2 33 ... cost-of-shipping alternatives SCM 302 - Supply Chain Management Chapter 11, 11S The Age of the Mega Suppliers of Auto Parts SCM 302 - Supply Chain Management Chapter 11, 11S Supply- Chain Management. .. increasingly integrated and long-term SCM 302 - Supply Chain Management Chapter 11, 11S A Supply Chain for Beer Figure 11. 1 SCM 302 - Supply Chain Management Chapter 11, 11S Issue #1: Sourcing Make... of a supply shortage) Allocate orders based on past demand 27 SCM 302 - Supply Chain Management Chapter 11, 11S RFID Helps Control Bullwhip 28 SCM 302 - Supply Chain Management Chapter 11, 11S

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