7 V’s Explained
Tony Hines developed his 7V model to identify value drivers in supply chains. These Vs were validated in his research studies of international supply chains. Value is created within the supply chain by lowering cost and increasing value for customers. This often results in saving time and speeding up throughput. If Supply Chain cycle times can be reduced you lower cost and people get paid faster. Each of the V’s has a unique role to perform. The 7V’s comprise: Volume, volatility, velocity, variety, variability, virtuality and visibility. Each is explained briefly in the podcast.