The purpose of continuous improvement in the supply chain is to:
Correct Answer: A
Section: Fundamentals of Supply Chain Management
Question 92
The primary purpose of implementing supplier relationship management (SRM) is to:
Correct Answer: B
The primary purpose of implementing supplier relationship management (SRM) is to identify strategic sources of supply. SRM is the process of managing supplier relationships in order to ensure that products and services are delivered on time, within budget, and with the required quality1. SRM provides a foundation for effective supplier management and helps ensure that suppliers meet customer expectations. One of the main objectives of SRM is to identify strategic sources of supply, which are the suppliers that provide the most value, innovation, and competitive advantage to the organization2. By identifying strategic sources of supply, an organization can focus its resources and efforts on developing and maintaining long-term, collaborative, and mutually beneficial relationships with these suppliers34. The other options are not as accurate or comprehensive as the correct answer. While SRM may also help minimize legal contracts, enable sole or single sourcing, and streamline the procurement process, these are not the primary or only purpose of SRM. They are more specific outcomes or benefits of SRM, but they do not capture the essence of what SRM does for an organization. SRM is more than just a tool for reducing contracts, sourcing from one supplier, or simplifying the procurement process; it is a strategy for managing and enhancing supplier relationships12.
Question 93
CRM loyalty programs are designed with all of the following considerations in mind EXCEPT:
Correct Answer: D
Question 94
A firm decides to improve its operations efficiency by reducing the costs and delays in transaction processing with partners. Implementing which of the following tools would be most appropriate in this situation?
Correct Answer: B
Section: Mixed questions
Question 95
A large bicycle company has outsourced manufacturing and needs to respond immediately to any logistics problems in the supply chain. The best technological solution to meet this need is:
