Final answer:
Supply chain processes are typically categorized by their timing relative to customer demand, which is crucial for understanding supply chain management, particularly amid disruptions like the COVID-19 pandemic. Modern supply chains are highly influenced by technology and globalization, leading to an increased competition across markets. Addressing supply chain challenges involves technological, transportation, and policy enhancements, including the protection of labor rights.
Step-by-step explanation:
Supply Chain Processes and Categories
Supply chain processes can be categorized into two types based on their execution timing relative to customer demand. This classification is critical in understanding supply chain management and its impact on the economy, especially during events like the COVID-19 pandemic. The pandemic underscored the importance of supply chain resilience, as businesses faced unprecedented challenges like factory shutdowns, production slowdowns, and increased prices due to delayed transportation of products and raw materials.
In the modern era, technological advancements and globalization have significantly altered market dynamics. The supply chain is a complex network that spans across the globe, reflecting the interconnectivity brought by the internet and commerce platforms. As consumers can now order goods internationally with ease, local businesses encounter heightened competition, which affects both demand and supply dynamics.
Technology and policy improvements are considered essential in solving supply chain issues. With advancements in technology and transportation, as well as the formulation of policies that protect labor rights and ensure functionality during emergencies, supply chains can be more robust and responsive to global needs. Sharing technology with developing countries is also pivotal for refining and speeding up product delivery in international markets.