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Article
Publication date: 17 January 2022

Hanieh Shambayati, Mohsen Shafiei Nikabadi, Seyed Mohammad Ali Khatami Firouzabadi, Mohammad Rahmanimanesh and Sara Saberi

Supply chains (SCs) have been growingly virtualized in response to the market challenges and opportunities that are presented by new and cost-effective internet-based technologies…

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Abstract

Purpose

Supply chains (SCs) have been growingly virtualized in response to the market challenges and opportunities that are presented by new and cost-effective internet-based technologies today. This paper designed a virtual closed-loop supply chain (VCLSC) network based on multiperiod, multiproduct and by using the Internet of Things (IoT). The purpose of the paper is the optimization of the VCLSC network.

Design/methodology/approach

The proposed model considers the maximization of profit. For this purpose, costs related to virtualization such as security, energy consumption, recall and IoT facilities along with the usual costs of the SC are considered in the model. Due to real-world demand fluctuations, in this model, demand is considered fuzzy. Finally, the problem is solved using the Grey Wolf algorithm and Firefly algorithm. A numerical example and sensitivity analysis on the main parameters of the model are used to describe the importance and applicability of the developed model.

Findings

The findings showed that the Firefly algorithm performed better and identified more profit for the SC in each period. Also, the results of the sensitivity analysis using the IoT in a VCLSC showed that the profit of the virtual supply chain (VSC) is higher compared to not using IoT due to tracking defective parts and identifying reversible products. In proposed model, chain members can help improve chain operations by tracking raw materials and products, delivering products faster and with higher quality to customers, bringing a new level of SC efficiency to industries. As a result, VSCs can be controlled, programmed and optimized remotely over the Internet based on virtual objects rather than direct observation.

Originality/value

There are limited researches on designing and optimizing the VCLSC network. This study is one of the first studies that optimize the VSC networks considering minimization of virtual costs and maximization of profits. In most researches, the theory of VSC and its advantages have been described, while in this research, mathematical optimization and modeling of the VSC have been done, and it has been tried to apply SC virtualization using the IoT. Considering virtual costs in VSC optimization is another originality of this research. Also, considering the uncertainty in the SC brings the issue closer to the real world. In this study, virtualization costs including security, recall and energy consumption in SC optimization are considered.

Highlights

  1. Investigates the role of IoT for virtual supply chain profit optimization and mathematical optimization of virtual closed-loop supply chain (VCLSC) based on multiperiod, multiproduct with emphasis on using the IoT under uncertainty.

  2. Considering the most important costs of virtualization of supply chain include: cost of IoT information security, cost of IoT energy consumption, cost of recall the production department, cost of IoT facilities.

  3. Selection of the optimal suppliers in each period and determination of the price of each returned product in virtual supply chain.

  4. Solving and validating the proposed model with two meta-heuristic algorithms (the Grey Wolf algorithm and Firefly algorithm).

Investigates the role of IoT for virtual supply chain profit optimization and mathematical optimization of virtual closed-loop supply chain (VCLSC) based on multiperiod, multiproduct with emphasis on using the IoT under uncertainty.

Considering the most important costs of virtualization of supply chain include: cost of IoT information security, cost of IoT energy consumption, cost of recall the production department, cost of IoT facilities.

Selection of the optimal suppliers in each period and determination of the price of each returned product in virtual supply chain.

Solving and validating the proposed model with two meta-heuristic algorithms (the Grey Wolf algorithm and Firefly algorithm).

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Article
Publication date: 30 May 2023

Pushpesh Pant, Pradeep Rathore, Krishna kumar Dadsena and Bhaskar Shandilya

This study examines the performance effect of working capital for a large sample of Indian manufacturing firms in light of supply chain disruption, i.e. the COVID-19 pandemic.

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Abstract

Purpose

This study examines the performance effect of working capital for a large sample of Indian manufacturing firms in light of supply chain disruption, i.e. the COVID-19 pandemic.

Design/methodology/approach

This study is based on secondary data collected from the Prowess database on Indian manufacturing firms listed on the Bombay Stock Exchange (BSE) 500. Panel data regression analyses are used to estimate all models. Moreover, this study has employed robust standard errors to consider for heteroscedasticity concerns.

Findings

The results challenge the current notion of working capital investment and reveal that higher working capital has a positive and significant impact on firm performance. Further, it highlights that Indian manufacturing firms suffered financially post-COVID-19 as they significantly lack the working capital to run day-to-day operations.

Originality/value

This research contributes to the scant literature by examining the association between working capital financing and firm performance in light of the COVID-19 pandemic, representing typical developing economies like India.

Details

International Journal of Productivity and Performance Management, vol. 73 no. 4
Type: Research Article
ISSN: 1741-0401

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