Final answer:
Supply chain management consists of ten elements, each with its challenges, such as demand forecasting in Planning or supplier reliability in Sourcing. Technological advancements and strategic policies are vital for overcoming these issues, as evidenced by the impact of the COVID-19 pandemic on global supply chains.
Step-by-step explanation:
The ten elements of supply chain management (SCM) are Planning, Sourcing, Manufacturing, Delivery/Logistics, Returning, Enabling, Integrated Technology Management, Quality Management, Inventory Management, and Demand Management. For each element, there can be various issues.
- Planning: A typical issue is inaccurate demand forecasting leading to overproduction or stockouts.
- Sourcing: Supplier reliability and ethical sourcing can often be challenging.
- Manufacturing: Production bottlenecks and machinery breakdowns can delay supply chains.
- Delivery/Logistics: Transportation disruptions and rising fuel costs can affect logistics.
- Returning: Difficulties with reverse logistics can occur when managing returns.
- Enabling: A challenge is ensuring coordination among all supply chain components.
- Integrated Technology Management: Issues arise with outdated technology or system incompatibilities.
- Quality Management: Maintaining consistent quality across all products is a common issue.
- Inventory Management: Overstocking or understocking inventory may result in increased costs or lost sales.
- Demand Management: Unpredicted changes in customer demand can cause planning issues.
Technological advancements and policy implementations are critical for addressing these issues, especially in the face of disruptions like those experienced during the COVID-19 pandemic.