Briefly discuss the three important trends in business that have focused attention on operations and supply chain management

What will be an ideal response?

Answer: The three trends are electronic commerce, increasing competition and globalization, and relationship management. Electronic commerce is the use of information technology, e.g., computer and telecommunications technologies, to conduct business via electronic transfer of data and documents. E-commerce promises to improve the speed, quality, and cost of business communications and can be used to coordinate a supply chain. The rate of change in markets, products, and technology is escalating, resulting in increased competition. It is no longer good enough to be the best producer within a city, region, or country; firms must be able to compete on a global scale. Finally, we recognize that very few firms are not in a supply chain. As a firm strives to improve to meet this global competition, it may require the cooperation of other members of its supply chain. This cooperation is by no means a certainty, so relationship management is essential to facilitate supply chain coordination.