Opinions Tue, 30 May 2017

Speaking the same supply chain language

The recently released, second edition of the Executive Insights: Compendium of Supply Chain Management Terms provides an all-inclusive sourcebook focused on ensuring consistent understanding and interpretation of the terms, abbreviations, and calculations associated with supply chain management and its associated fields.

Although supply chain management is increasingly being recognised for its role as an enabler of long-term economic growth and development in Africa and across the globe, inconsistencies surrounding the term and its related fields often lead to misunderstandings and ambiguities when it comes to the meaning and function of the profession. This is a result of the diverse and dynamic nature of supply chain management and its role in varying sectors, industries and organisations.

In order for the supply chain management function to fulfil its enabling role, it is important that everyone involved in supply chain management processes has a clear and consistent understanding of the terminology, definitions and explanations associated with the profession and its related areas of expertise. As the world’s first known, relatively rich, all-inclusive single reference source, the Compendium of Supply Chain Management Terms aims to close the gap between current understandings by providing a quick and easy reference guide to the most important supply chain management terms, measurement definitions, accounting, legal, financial, trade and export terminologies, performance measurement metrics, and related global statistics.

An invaluable guide to C-suite executives, decision makers, corporates, small business owners, government policy makers and implementers, skills developers and students wishing to improve their supply chain management know-how, the compendium provides a comprehensive reference of thousands of supply chain related concepts in all functional areas.

In addition to this, the compendium provides insights on how to improve value chain efficiencies, manufacturing and industrial competitiveness, create greater value for money, enhance product innovation and improve export potentials.

Moreover, it can be used as a powerful tool for developing professional procurement and supply chain management skills that are needed to enhance growth, development and service delivery quality in various sectors around the world including, but not limited to, healthcare, education, tourism, finance, law, manufacturing, construction, civil engineering, ICT, agriculture, chemicals, fishing, logistics, and aviation.

Compiled by Douglas Boateng, Professor Extraordinaire in Supply and Value Chain Management, this alphabetically organised compendium has already been adapted and endorsed by leading public and private sector organisations and institutions in South Africa, including SASOL (the largest petrochemical company in Africa), Transnet (the largest logistics and supply chain company in Africa), and the University of South Africa (UNISA).

By standardising the language associated with supply chain management and creating a common understanding of the term, this compendium solidifies the importance and impact of supply chain management as a profession and adds a global reference book to the current profession-based sourcebook list.

Columnist: Myjoyonline.com