Online learning is the latest in a long list of social technologies that have been introduced to improve distance learning by adding various augmentations, substitutions, or blending of new pedagogical approaches and technologies. Online learning is beginning to act as a complete substitute for both distance learning and the traditional face-to-face classroom.
Online education, has significantly drawn the attention of students, educators and professional learners. Traditional education is rapidly being replaced by the online or virtual classroom through a wide range of technology-enabled learning modalities, from podcasts and webinars to formal, one-on-one coaching and a range of e-learning platforms via virtual classrooms, web and multimedia materials; simulation and gaming; collaborative learning, immersive simulations and wireless and handheld devices. Most current distance courses have incorporated one or more of these technologies or methodologies thus paving the way for fulfilling the emerging needs of higher education in 21st century India.
Virtual classrooms or online learning sites promote a collaborative learning among students. Through Web based learning, vast amount of information can be searched, reorganized and downloaded from decentralized worldwide digital libraries. Also the quick delivery feedback ability of the Web can make learning more effective. Through virtual collaboration researchers can also share data visualization and create documents collaboratively producing and editing text in real time. The advances that have been made in the quality and sophistication of the virtual classroom learning platform ensure that it is no longer a technological promise, it is a mainstream reality.
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Inventory management is a science primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply chain network to precede the regular and planned course of production and stock of materials. Inventory Management is of paramount importance to any business organization and must tie together the following objectives, to ensure that there is continuity between functions:
The objective of inventory management is to provide uninterrupted production and sales of the goods. There are several types of inventory management systems:
Raw Materials: Necessary for the production of finished products raw material inventory forms the basic constituents of a product.
Work-in-Progress: Work-in-progress inventory is in which materials and components have undergone some change but still incomplete.
Finished Goods: Products which are completed and ready for shipment or sold either to customers, wholesalers or retailers, fall under this form of inventory.
Buffer Inventory: Also known as safety stock, the idea of Buffer Inventory or safety stock is to be in readiness for contingencies or the sudden fluctuations of demand and supply in the market.
Cycle Inventory: This form of inventory is important if one or more stages in the process cannot supply all the items produced simultaneously. The need to produce products in batches and the amount of it depends on volume decisions resulting in cycle inventory.
De-coupling Inventory: De-coupling Inventory helps the process of production to work smoothly.
Anticipation Inventory:When goods are accumulated to meet future demands or problems in supply it is designated as Anticipation Inventory.
Pipeline Inventory: Transportation cannot immediately take place from the point of supply to the point of demand; this is where Pipeline Inventory is helpful.
Mismanaged inventory means disappointed customers, too much cash tied up in warehouses and slower sales. Hence, an effective inventory management system that each business organization incorporates will vary from one organization to another. Depending on the type of business of an organization, an inventory system management which is best suited with minimum expenditure and convenience should be opted for so as to prove beneficial to the organization.
Play the Supply Chain Contest Now
We live in a globalized world where everyone is competing with everyone else. Organizations today are realizing the importance of an effective Supply Chain Management.
What then is Supply Chain Management? SCM as it is popularly referred to is all about planning and management of activities involved in sourcing and conversions. It also includes coordination and collaboration with channel patterns which can be suppliers, intermediaries, third party service provider and customers. There are different aspects and stages in supply chain management. Some of the keys aspects are mentioned below:
Raw Material Suppliers: A supplier plays a critical link in supply chain. Forming the right partnership with right terms and polices helps develop a good relationship with the suppliers that will prove beneficial to all the parties involved.
Manufacturer: After acquiring the right raw material, the organization has to make careful decision on the manufacturing of the product. The demand for the product, technologies required and other important decisions have to be carefully managed at this stage.
Distributors: The distributors could include wholesalers and retailers. They are one of the important links between the organization and customers.
Customers: They are the most important and also the end-link in the chain. An organization should identify their customers and make sure that the product they produce is what is required.
Beside the above, Logistics is also an important factor in the supply chain management. Logistics is to plan, execute and control various aspects of supply chain, from the point of origin to the point of consumption. For an organization to operate smoothly and profitable it is necessary for the supply chain to keep running.
However, redundancy is the enemy of efficiency. So how does one build a supply chain network that responds efficiently? The answer is the ‘people’ factor. “The flexibility of a supply chain and its ability to respond to different demand patterns is a direct result of the network design. However, the efficiency of a supply chain and the speed of response depends more on the people that run the supply chain.”
SOME OF THE KEY BENEFITS OF SUPPLY CHANGE MANAGEMENT
- Learn to design supply chains that improve supply chain profitability
- Use product design, strategic sourcing, and pricing to most efficiently match supply and demand
- Build and maximize supply chain coordination and collaboration
- Identify supply chain risks and design risk mitigation strategies
- Explore purchasing, production, and distribution strategies for a global environment
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