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Procurement process in supply chain management: Identifying the desired focus
Abstract The materials are directly required to produce a finished product are called direct materials e.g., personal computer, hard drive etc.Direct materials are required to be available in the right place, right quantity and the right time. Direct materials are related to cost of goods, whereas an an indirect material does not determine cost directly.Indirect materials do not delay production […]
Letter of Credit and Blockchain Technology In A Supply Chain |
A letter of credit(LC) is also named a documentary credit(DC) in globalized international trade. In recent times, banks utilize blockchain technology regarding the formulation of letters of credit . The ICC regulates market practices (Documentary Credit 600). These include the advising bank that will give the documentary credit to the beneficiary or their nominated bank and provide their nominated bank with any amendments to the letter of credit. The bank retains a certain percentage of the letter of credit value for security. Blockchain technology is available for the letter of credit procedure and trade finance is related to it. Commerce and international trade finance include products such as issuing letters of credit, indemnifying Bills of Lading, etc. Although the letter of credit was created in the old world, methods managing the shipping of goods and related accommodations. But there is a great potential to supersede these paper processes with digitized operations utilizing blockchain technology. International trade requires a number of participants to interact with one another, i.e., the exporters, importers, banks, shipping companies, port-related entities, and customs. Trade finance in supply chain management(SCM) includes products such as lending, issuing letters of credit, factoring, export credit, and indemnification. Therefore, we can say that letter of credit and blockchain technology both are used in A Supply Chain for running international trade safely.
How supply chain planning works: A discussion in brief |
The uncertain nature of the customer demand need to take into consideration by generating the production plan and in particular the production quantities, to meet uncertain customer demand in the best way possible and maximize the profit, by minimizing production costs. Aggregate planning is a process by which a company decides about their ideal levels of capacity, production, inventory, stock-out situations, pricing, subcontracting, etc. Production planning, is the correct placement of production orders concerning place, or region, of production, and time scheduling and sequencing of production orders. The parameters are usually production rate, workforce, overtime, machine capacity level, subcontracting, backlog, and inventory on hand. The amount of overtime production planned is a parameter for aggregate production planning. Production planning for fashion apparel products has to cope with demand uncertainties. Collaborative forecasts created by various enterprises are an important input in aggregate supply chain planning. However, at the time of generating the production plan, the predicted customer demands are largely uncertain.
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Great! It's supply chain management site. Many valuable resources available here. Thanks from Mobile Marketing
great site very educative and professional blogs
Supply chain management is becoming important for consumer confidence in certified products.Supply chain management courses
Hi,
I am appreciated .
Please visit upcoming articles also.
Thanking you.
Certification is important for a professional.But to continue certification procedures are a bit costly.
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