Business
Demystifying supply chain management
By Dr. (Eng.) Sanath Divakara
Supply chain management has been in vogue for many decades and has raised the interest of both academics and practitioners. The concept is more popular within international business and yet it is important to demystify it further for adapting to current practices.
As we know theories are updating fast amid the technological revolution. The current practices in many disciplines of industry undergo integration, such as, human resources, marketing, quality management, project management and operation management. The Industrial Revolution has made a tremendous contribution to the integration of many concepts, including supply chain management.
An essential part of every business model is the supply chain and its management. All the components of this chain should be thoroughly controlled. It will bring about a cost decrease and a profitability increase. Therefore, this discussion would enable our readers to understand the concept of supply chain management which is evolving through industry practices. .
Supply chain concept relies on movement of materials from supplier to customer and finance and information in the opposite direction. Evolution of supply chain management has been characterized by increasing integration of each task, a trend underlined in the 1960s. History signifies a consolidation in 1980 in identifying two areas of material management and physical distribution. The process continued toward 1990 as globalization incited functional integration and the emergence of logistics into the field.
All the functional elements that were under material management and physical distribution became part of logistics. However, there was no significant discussion on information and communication technologies. In the 2000s technology became the factor used everywhere in the world for exponential development and information and communication technology played a vital role. Industry rivalry influenced to change many concepts under the concept of modern management. Value addition, information, and financial flows were the main concepts that were under the critical discussion and completed the integration with the emergence of supply chain management.
It allows for the integrated management and control of information finance, goods and services flows, making possible a new range of production and distribution systems. Supply chain management has become a complex sequence of activities aiming at value capture and competitiveness. Supply chain is integrated logistics that connects operations and services to convert raw materials and components into finished goods and then deliver those goods to the end customers.
Supply chain management is the planning and control of a business’s flow of goods, services and information. It aims to minimize the cost and meet the needs of customers with increased efficiency. Supply chain management oversees all the processes involved in getting a product or service to customers, including procurement, logistics, warehouse, inventory control and distribution. Supply chain management is an art and science of ensuring products or services reach the right place, at the right time, right price and in the right condition. It is the intricate web of process, people, technology, and resources that make the entire journey possible, from raw materials to the hands of the end customer.
It is obvious that supply chain management is a concept that describes more than does logistics. Logistics is part of the supply chain and defined by Lambert, Stock & Ellram as the process of planning, implementing and controlling the efficient effective flow and storage of goods, services and related information from point of origin to point of consumption for the purpose of conforming to customer requirements. Logistic systems are often described as a network of nodes and links describing an interconnected web. Logistics itself includes transportation, hence no additional requirements are needed to specify logistics and transportation. Similarly, there are misnomers used in the process of supply chain management as supply chain and procurement, supply chain and logistics etc.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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