Does Crayola have efficient or responsive supply chains or both?
Furthermore, can a supply chain be both efficient and responsive?
An effectively managed cash supply chain must be efficient and responsive at the same time. Responsiveness can be defined as the ability of the supply chain to respond purposefully and within an appropriate timeframe to customer requests or changes in the marketplace.
Beside above, what is the difference between an efficient and a responsive supply chain and the business context for which each works best? A firms ability to satisfy customer requirements in a timely manner is referred to as Responsiveness, while efficiency is a firm's ability to deliver goods in accordance with the customer's expectations with least wastage in terms of raw materials, labour and cost.
Thereof, what is the difference between and efficient and a responsive supply chain?
We characterize supply chains as efficient or responsive. Efficient supply chains are able to deliver products at a low cost, while responsive supply chains are capable of responding quickly to changing con- sumer needs.
What is an efficient supply chain?
An efficient supply chain makes the best use of its resources — financial, human, technological or physical. By doing so minimizes costs for materials and packaging and reduces time wastage.