Contemporary Supply Chain Management and Consultancy Management Essay

Contemporary Supply Chain Management and Consultancy Management Techniques - Essay Example This research will begin with the statement that the ever-increasing competition especially in the global markets, that are characterized by the short life cycles of products, high quality of a product, cheap prices and short delivery times in order to satisfy consumers who are demanding, are most likely to strictly prevail. Firms should be always continuous in supplier development in order to ensure that the suppliers have similar capabilities and as well as same time, share same objectives and policies as theirs so as to compete in a competitive environment. The study was conducted by reviewing of various secondary sources. In today’s business climate that is competitive, firms are increasingly relying on their suppliers in delivering defect-free products, technologically advanced goods, in a cost-effective state and timely. However, often the suppliers may be devoid of the capability to perform sufficiently in these areas. If the goods or services that are offered by a supp lier is somehow deficient in some respect, the purchasing firm might face the decision of either to look for another source of supply or working with the suppliers that exist to remedy shortcomings. However, due to the uncertainty that concerns the locating of a better source, and the higher cost of looking for and evaluating of new suppliers, the buying firms might choose to continue to work with the present suppliers in order to improve the performances. In addition, in order to facilitate the innovation process and achieving the objectives of reducing cost and as well providing quality, companies focus on strengthening and differentiating their capabilities and brands. Therefore, branding management has increasingly become significant while a large section of the development processes and production are handed to the suppliers. For example, the Japanese manufacturers that are led by Toyota company, have displayed very close relationships with their suppliers, in a way that includ es exchanging information extensive and directing assistance to the suppliers.