5. What is meant by the current description of the global economy that “time and distance have been compressed”? Do you agree? What has been the impact of this compression? 10
NB: Please check plagiarism and required marks is 10 marks
One can rarely question that the outstanding rise and development of information technology, boundary-spanning economic alliances, progresses in transportation medium abilities/capacities and decreased items life cycles, alongside numerous different components, have joined to moderately "compressed" time and distance when contrasted with old day’s business models. Though a redid PC may have required a long time to fabricate and transport during the 90s, and acknowledged norm because of the absence of accessible other option, would now be able to arrive at the client surprisingly fast, if not hours.
It very well may be contended supply chain help to set up the restrictions of what is seriously conceivable on the market. All in all, the expense and cost toward the end of the production network help decide a company's capacity to contend in a worldwide commercial centre. The great supply chain is a business force, and good administrators ceaselessly stretch their inventory chains' boundaries to be practical in both homegrown and worldwide business sectors.
Working around the world has gotten simpler to achieve because of advances in data/interchanges innovation and the proceeding with the progress of experts like UPS, FedEx, DHL, and so on, giving worldwide inventory network administrations at a truly sensible expense. A developing number of trained professionals and proceeding with enhancements in data innovation/correspondences are adding to the levelling of the world. Clearly, enormous organizations are likewise adding to this wonder.
It is safe to conclude that supply chain and inventory network management assume a significant part in the worldwide economy and have assisted with pushing the development and achievement of organizations that do "supply chaining" great. Decreased order cycle time, for instance, has become a significant piece of supply chain management since it can prompt lower stock levels for clients, improved income, lower current resources and records receivable. Then again, the expanded length and intricacy of the inventory network make it harder to accomplish more limited lead times. Worldwide supply chains sway with lower costs, expanded exhibit of items, and accommodation, yet are not without challenges.