i need help responding to a discussion question

Describe and explain three (3) types of data and documentations needed for creating a supply strategy plan or for updating an existing supply strategic plan.

Three types of data and documentation that is needed for creating a supply strategy plan or updating an existing supply strategy plan is cost-reduction strategies, environmental-change strategies, and risk-management strategies. Cost reduction strategies can be developed by tracking and researching a purchase and product in and product out patterns. Environmental change strategies can be created and updated by analyzing and examining environmental regulation and policy. Risk management strategies can be designed with the tracking of issues and risk and the methods used to mitigate them.

Explain why these data and documentations are particularly important and crucial.

The importance of this information is that the data can be used to generate and business plan and model to operate and efficient company. The method also sets the bar for how the company will perform. A company needs to have a set policies and processes in place to be able to manage cost effectively.

•Explain how risks could be reduced and/or managed by integrating these data and documentation collected for your organization or based on your experiences.

Reducing risk begins with risk identification. Early detection, reporting, and mitigation are the key to reducing risk. With every project, there is always a risk of the unknowns. Not every risk can be prevented, but knowing how to report it immediately while having a plan in place to resolve the issue is crucial to the success of the project.

Torreah,

What are some examples of things that you would leverage each of the strategies you listed in order to craft your procurement strategy? What are your thoughts in reference to using the organization’s mission and vision to influence your procurement strategy?

What is a cost reduction strategy? How is it important as it relates to ensuring your supply strategy supports it? Other than technologies, what other things fall under the cost reduction strategy? How does the supply strategy enhance an organization’s ability to reduce cost?

Prof

My Post to his question

Hello! Professor Lodge

What are some examples of things that you would leverage each of the strategies you listed in order to craft your procurement strategy?

Some of the things that I would leverage to craft the procurement strategy includes projected risks and opportunities, the funding and budgets and also the timelines for procurement among other small aspects.

What are your thoughts in reference to using the organization’s mission and vision to influence your procurement strategy?

It is necessary to apply the organization mission and vision to influence the procurement strategy because they help to guide the organization towards the right direction. The mission and vision are also essential because they ensure that the organization operations are aimed towards achieving the goals of the organization.

What is a cost reduction strategy?

Cost reduction strategies are the measures that organizations can take to reduce the cost of operation and increase the productivity of the organization at some given time.

How is it important as it relates to ensuring your supply strategy supports it?

The cost reduction strategies are important because they increase the productivity and profitability of the organization. It, therefore, enables the company to grow and develop as it attracts more sales as well as customers to the organization.

Other than technologies, what other things fall under the cost reduction strategy?

Apart from technology, other numerous things fall under the cost reduction strategy, and they include supply chain management, safety performance, corrective and protective action management as well as quality improvement.

How does the supply strategy enhance an organization’s ability to reduce cost?

The supply strategy enhances the organization’s ability to reduce cost by evaluating the cost benefits trade-offs and also leveraging the main competencies of the organization as a strategy of achieving the main objectives and goals of the business. In most cases, cost reduction is the main goal of the organizations because it helps to increase productivity in the organization.

Student post to me, in which I need to respond back to her

Thanks so much for your post. In reviewing your overall assessment, I concur with your overall strategies, and can relate to two of the strategies that you mentioned, the cost-reduction strategy as well as, the risk-management strategy, as I believe these two strategies are utilized often in organizations. In my opinion, the environmental change strategy that you mentioned can also be effective when it comes to measuring data, and getting results in regards to environmental regulations and policies. Can you shed some light on the tools that are needed for this strategy or how a professional in the Supply Management field would go about utilizing this particular strategy in the workplace? In my experience the well-oiled company, utilize procurement and bench-marking strategies like you suggested to set company policies and procedures, as well as, shape their organization’s business model.

I look forward to your feedback!

Thanks in advance for the discussion,

Student