A supply chain overview was lead by Jim Lovejoy of [TC]² on January 16, 2002 at the Hosiery Technology Center. It was attended by 31 people from 17 companies. Below are the nine principles of supply chain management presented Mr. Lovejoy.
Principles of Supply Chain Management
:
- Principle 1 --
- Supply chains extend beyond immediate customer and supplier
- Principle 2 --
- Supply chains are not constant
- Principle 3 --
- Parallel data sharing is better than serial
- Principle 4 --
- Forecasting and lead time are symbiotic
- Principle 5 --
- Manufacturing cost and logistics cost have inverse relationship
- Principle 6 --
- Defined exceptions saves expediting
- Principle 7 --
- Collaboration improves forecasting
- Principle 8 --
- Synchronization yields consistent results
- Principle 9 --
- Digitize everything
The Hosiery Game engaged participants in a simulation of the hosiery production pipeline. The hosiery production cycle begins when fibers, natural or synthetic are collected for processing and ends when a finished product reaches the retail outlet. The participants were challenged to have low inventory on hand while not having backlog or shortage of inventory to ship products. The group was divided into four teams. The team with the lowest inventory dollar amount won the game. The results of the game can be viewed below.
- The Hosiery Game Participants and Results -- Pictures of the players
Hosiery Technology Center will provide an in plant Supply Chain Management overview for your company upon request.