Week 10 FSM4505 Lecture Diary~~ 🔮💻🛜

Hi everyone! Welcome to the Everyday Everytime blog🪄

Due to Friday, we need to go on a field trip this week. Group 1 and Group 2 are having class together on Wednesday

Today's lecture covers the topic of Chapter 8: Supply Chain Management

Dr Fareed has shared with us the news that the Amazon River Basin has been in a state of exceptional drought, driven by low rainfall and consistently high temperatures for 2023 across the brain. 

Today, Dr Fareed attended a workshop in the morning and got a few experts to share about the chicken system in our country. In Malaysia, our chicken system has made changes a lot, such as chickens living under air-conditioned conditions and having a CCTV tracking system to detect chicken actions every moment. 

We need to learn supply chain management because we depend on each other; if the upstream has problems, the downstream will also have problems. (Upstream closer to a supplier, downstream closer to a customer)

Supply chain is the flow of materials, information, money and services from raw material suppliers, through factories and warehouses, to the end of customers. 

Materials = something that can be move

There are five basic components of SCM

1️⃣Plan 2️⃣Source 3️⃣Make 4️⃣Deliver 5️⃣Return

Push VS Pull

Push🟰produce everything and sell to customers, make to stock, mass production, for example household chemical

Pull🟰customisation, for example, cake business

How to solve these problems: can use digitalisation

Data-driven VS AI-driven

Data science is instrumental in extracting insights from data and enabling data-driven decision-making. In contrast, artificial intelligence focuses on creating intelligent systems that can perform tasks autonomously. 

Solutions to Supply Chain Problems

Vertical Integration: a business strategy in which a company purchases its upstream suppliers to ensure that its essential supplies are available as soon as the company needs them.

Just-In-Time (JIT) Inventory: a strategy to minimize inventories and deliver the precise number of parts, called work-in-process inventory, to be assembled into a finished product at precisely the right time.

Information Sharing, Inventory Management System: facilitated by electronic data interchange and extranets, it helps to improve demand forecasts. For example, egg leave 5 needs to be topped up

Vendor-Managed Inventory (VMI): occurs when the supplier, rather than the retailer, manages the entire inventory process for a particular product or group of products.

Last but not least, we ended our classes today by watching a video about supply chain management, and we were required by Dr Fareed to answer the quiz question "What is the importance of supply chain management in food industry?"

Today quotes: "control the data, can control the wealth."

End of the day!!!