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    Dual sourcing and smoothing under non-stationary demand time series: Re-shoring with speedfactories

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    Publication type
    FT ranked journal article  
    Author
    Boute, Robert
    Disney, Stephen M.
    Gijsbrechts, Joren
    Van Mieghem, Jan A.
    Publication Year
    2022
    Journal
    Management Science
    Publication Volume
    68
    Publication Issue
    2
    Publication Begin page
    1039
    Publication End page
    1057
    
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    Abstract
    We investigate near-shoring a small part of the global production to local SpeedFactories that serve only the variable demand. The short lead time of the responsive SpeedFactory reduces the risk of making large volumes in advance, yet it does not involve a complete re-shoring of demand. Using a break-even analysis we investigate the lead time, demand, and cost characteristics that make dual sourcing with a SpeedFactory desirable compared to complete offshoring. Our analysis employs a linear generalization of the celebrated order-up-to inventory policy to settings where capacity costs exist. The policy allows for order smoothing to reduce capacity costs and performs well relative to the (unknown) optimal policy. We highlight the signficant impact of auto-correlated and non-stationary demand series, which are prevalent in practice yet challenging to analyze, on the economic bene t of re-shoring. Methodologically, we adopt a linear policy and normally distributed demand and use transforms to present exact analyses.
    Keyword
    Inventory Management, Order Smoothing, Order-Up-To Policy, Auto-Regressive Demand, Integrated Moving Average Demand, Global Outsourcing, Dual Sourcing, Z-transform
    Knowledge Domain/Industry
    Operations & Supply Chain Management
    DOI
    10.1287/mnsc.2020.3951
    URI
    http://hdl.handle.net/20.500.12127/6609
    ae974a485f413a2113503eed53cd6c53
    10.1287/mnsc.2020.3951
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