Question

How often should a company develop and refine its operations and supply chain strategy?

Short answer

A supply chain strategy is a structured way to control the network that connects a company to its providers.

Step-by-step solution

Introduction

Manufacturing and services, procurement, capacity planning, demand forecasting, logistics, and distribution are all part of a company's operations and supply chain management.

Analyze

The operations and supply chain strategy assists in the development of broad policies and strategies for the most efficient use of a company's resources. The operations plan would be created to optimize the efficiency of the production aspects while keeping costs to a minimum. Supply chain strategy is an ongoing process that capitalizes on a company's key capabilities.

At least once a year, the operations and supply chain plans should be changed. Government policies, customer preferences, and technological advancements should all be considered in the strategy.