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Ebook Logistics & supply chain management (4th edition): Part 2

(BQ) Part 2 book "Logistics & supply chain management" has contents: Strategic lead-time management, the synchronous supply chain, complexity and the supply chain, managing the global pipeline, managing risk in the supply chain, the era of network competition, overcoming the barriers to supply chain integration,.and other contents. | www.downloadslide.com Strategic lead-time management MM Time-based competition MM Lead-time concepts MM 6 Logistics pipeline management ‘Time is money’ is perhaps an over-worked cliché in common parlance, but in logistics management it goes to the heart of the matter. Not only does time represent cost to the logistics manager but extended lead times also imply a customer service penalty. As far as cost is concerned there is a direct relationship between the length of the logistics pipeline and the inventory that is locked up in it; every day that the product is in the pipeline it incurs an inventory holding cost. Secondly, long lead times mean a slower response to customer requirements, and, given the increased importance of delivery speed in today’s internationally competitive environment, this combination of high costs and lack of responsiveness provides a recipe for decline and decay. Time-based competition Customers in all markets, industrial or consumer, are increasingly time-sensitive.1 In other words they value time and this is reflected in their purchasing behaviour. Thus, for example, in industrial markets buyers tend to source from suppliers with the shortest lead times who can meet their quality specification. In consumer markets customers make their choice from amongst the brands available at the time; hence if the preferred brand is out of stock it is quite likely that a substitute brand will be purchased instead. Customers in all markets, industrial or consumer, are increasingly time-sensitive. 121 www.downloadslide.com In the past it was often the case that price was paramount as an influence on the purchase decision. Now, whilst price is still important, a major determinant of choice of supplier or brand is the ‘cost of time’. The cost of time is simply the additional costs that a customer must bear whilst waiting for delivery or whilst seeking out alternatives. There are many pressures leading to the growth of time-sensitive markets, .