Learning and innovation in supply chains Essay Example | Topics and Well Written Essays - 4000 words

Learning and innovation in supply chains - Essay Example The entire process of supply chains is highly complex but there are a few factors that affect their viability the most. It is an evolutionary process that requires continuous adaptability, flexibility and innovation. Supply chains are something that cannot be maintained with monotonous routine and neither can they function on the basis of past performance or success alone. The contemporary trends of rival companies, and knowledge and insight gained from past lessons of success or failure, and the resulting innovation in supply chains keeps companies alive. Thus, learning and innovation is fundamental to company survival and supply chain viability. Knowledge development may enhance supply chains to a great extent and increase the effectiveness of the entire system of the supply chains ranging from production up till delivery to the end consumer. In the age of competition, companies strive to speed up their production and make quick deliveries via their supply chains without compromising on their quality. Consumers now enjoy the numerous alternatives of their required products and services and they prefer speedy deliveries. Thus, the competition between rival companies is not only based on quality but on timely deliveries as well. â€Å"Thus, fast cycle time facilitates increased market share, as well as lower overhead and inventory costs.† (Hult, Ketchen, Jr., & Slater, 2004) ... ion activities, information distribution activities, and shared meaning—and cycle time.†(2004) It is highly essential for companies, especially their management and decision- makers to learn continuously about the changing trends of consumer market and how they affect supply chains. The expectations of consumers from supply chains like timely-delivery should be studied in depth, so as to incorporate achieved memory in developing strategies of companies. Achieved memory should be in no way considered as the final word- rather, knowledge acquisition activities should be continuously carried out to compete with the rival companies and to retain market share. Timely delivery also ensures maximum market share and profit. Consumers obviously prefer spending their money on such products and services that save their time. By gaining consumer trust through timely deliveries, companies can eye big shares in market. This type of a conclusion can be reached after investigating thoro ughly the effects of timely-delivery on consumer market. â€Å"Said differently, the more knowledge chain members possess, the greater their awareness that additional knowledge can ultimately enhance outcomes.† (Hult, Ketchen, Jr., & Slater, 2004) All chain members should be involved in the learning process so as to make the entire process smooth and fast. As all members shall benefit from the enhanced outcomes, therefore the learning process should be shared by all. Increased levels of awareness lead to effective running of the supply chains and this can be achieved only through continuous learning. The acquisition of knowledge must be conveyed to all concerned departments/firms involved in supply chains- such activities are also known as information distribution activities. Information distribution