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Circulation information plays a vital role in supply chain management, which can help managers identify and resolve problems and risks in the supply chain. Here are some methods and practical examples of leveraging flow information to identify and address issues and risks in supply chains:
1. Establish an effective circulation information system: Managers should establish a complete circulation information system that can track and record the flow of products in the supply chain. This can include using barcoding or RFID technology to track the location and status of products, as well as using logistics management systems to monitor transportation and warehousing activities in the supply chain.
Case: An electronic product manufacturer introduced RFID technology into its supply chain to track the location and status of products throughout the supply chain. By monitoring the flow of products, the company is able to promptly identify and resolve problems in the supply chain, such as shipping delays and inventory shortages.
2. Analyze circulation information data: Managers should regularly analyze circulation information data to identify problems and risks in the supply chain. This can include analyzing metrics such as product circulation times, inventory levels, supplier delivery on-time performance, and more to identify potential issues and risks.
Case: A retailer discovered by analyzing circulation information data that a certain supplier's delivery on-time rate was low, resulting in unstable product inventory levels. The company took steps to communicate and negotiate with this supplier and established alternative relationships with other suppliers to reduce risks in the supply chain.
3. Share circulation information with supply chain partners: Managers should share circulation information with partners in the supply chain to increase transparency and collaboration. By sharing information, all parties in the supply chain can better understand how the entire supply chain is functioning and work together to address issues and risks.
Case: A manufacturer established an information sharing platform with its suppliers and logistics service providers to share circulation information in real time. By sharing information, all parties are able to better coordinate and collaborate, improving the efficiency and reliability of the supply chain.
4. Use advanced technologies and tools: Managers can use advanced technologies and tools to process and analyze circulation information. This can include using technologies such as big data analytics, artificial intelligence and the Internet of Things to identify and resolve issues and risks in the supply chain.
Case: A logistics service provider uses big data analytics and IoT technology to monitor the location and status of transportation vehicles. Through real-time monitoring, the company is able to promptly detect and solve transportation problems, such as traffic jams, vehicle failures, etc.
In summary, it is very important to use circulation information to identify and solve problems and risks in the supply chain. By establishing an effective circulation information system, analyzing circulation information data, sharing information with supply chain partners and using advanced technologies and tools, managers can better manage and control the supply chain, improve operational efficiency and reduce risks.
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