Why is Quick Response important?

Why is Quick Response important to Supply Chains?
Introduction : This video from Frankfurt School of Finance and Management explains why quick response is so important to Supply Chains and Supply Chain Management. Supply chains are networks of firms that together transform raw materials into finished products on retail shelves. Modern supply chains often span across many companies and continents and can therefore be long and slow.
At the same time, modern supply chains are getting faster. When products don’t sell year-round and instead only sell during short seasons, a long and slow supply chain faces a challenge; the retailer has to order products long before the season starts and take a bet on unpredictable demand. Supply chain speed can help the retailer with ordering problems. It is easier to predict the success of a product two weeks before the selling season versus eight months before the selling season.
But how can the retailer put speed in their supply chain? Solutions include buying from producers that assemble the product faster, use fast transportation, use local suppliers, and replenish retail stores multiple times a week to react to the latest trends. A fast supply chain is key to being responsive to quickly changing customer needs in highly unpredictable markets.

Future Supply Chain (FSC)

The Future of Supply Chain Automation

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