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Supply chain management (SCM) is the management of a nexus of interrelated businesses associate with the concluding provision of product and service packages required by end customers. Supply Chain Management compasses all movement and storage of raw materials, work-in-process inventory, and finished goods from point-of-origin to point-of-consumption. The concept of supply chain management allows the systematic and planned coordination of all the business functions involved in the supply chain within the organization and across the different organizations operating in an industry.
Because of globalization and the expansion of multinational companies, the supply chain network has become crucial for its success. Technological Changes had brought the cost factor for information flow quite low, thus increasing information and coordination among the supply chain management members.
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The supply chain management Includes four Important components such as:-
- Procurement- It is an initial phase of supply chain management. It begins with exploring different manufacturers of a product, analyzing the pricing and other terms of purchase, making an agreement with the selected manufacturer, and final purchasing a product. Suppliers can search available producers from both online and offline sources.
- Storage- The storage comes after the procurement process. It is storing of the procured products at various storage locations of a supplier. The storage is also sub-processes such as incoming stock management, safe up keeping of stocked products, and clearance of stocks for final dispatch.
- Supply- This is the last stage of supply chain management and refers to the final delivery of products to the market from the supplier’s storage point. The supply of the products and services depends on its actual market demand, the number of suppliers of a product, and the presence of substitutes.
There are Various Key Processes in Supply Chain Management
There are various key processes in a Supply Chain Management Structure such as:-
- Customer Relationship Management– In this process, the management identifies important customers or customer groups that need to be targeted for the firm’s business objectives.
- Customer Service Management– It helps the organization is interacting with the customers and managing them in an organized manner.
- Manufacturing Flow Management- Includes all the activities related to the production process and transporting the product through the plants.
- Supplier Relationship Management– Helps to develop and maintain a good relationship with the suppliers.
- Demand Management– It helps meet the demand for a good or service by understanding what consumers want.
- Product Development and Commercialization- Help businesses or organizations develop a framework to work with suppliers and customers to flourish new products and make them available in the market.
Advantages of Supply Chain Management are as follows:-
- SCM can help in reducing costs. The current expenses of a company can be decreased by the inventory management system and storage space.
- SCM can help raise outputs. It is developed in a way that improves communication, coordination with vendor transportation, and shipping companies.
- SCM can help minimize the delays as it makes sure that the right inventory is kept in the organization.
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