What is supply chain management?
In the faced paced commerce era, technology and management ways are ever-changing and evolving. Consumer needs and demands are changing to adapt to better ways of living. Supply chain management has helped cope with the ever-changing demands of consumers in more efficient ways.
What is the supply chain?
The supply chain is a global network used to deliver products and services through an engineered flow of information, physical distribution and cash.
The supply chain aims to optimize the process of order processing, storage, distribution and returns.
A supply chain ideally begins with purchasing raw materials and ends with the goods reaching the final consumer with managing returns of defective goods.
Supply chain Example:
Consider a sweets shop.
Suppliers: first level in the supply chain from where the seller or the manufacturer obtains raw materials required for making the product. Raw materials include sugar, flour and other such ingredients.
Manufacturer: The second level involves the production of the goods using the required raw materials. (It includes everything from preparing the product to its labelling and packaging )
Distributors: There are different levels of distributions were wholesalers, agents and retailers get involved in the process. The final product reaches the consumers through these distributors.
The supply chain can be simple or complex depending on the business model and the product type.
Supply chain management is the management of the flow of goods and services, which includes the movement and storage of raw materials, work in progress inventory and finished goods at all the levels of the supply chain.
Benefits of supply chain management
Better cooperation (among suppliers, wholesalers, retailers etc.)
No delay in processes
Covid impacted the supply chain of most industries. Lockdown to a serious toll on the supply chain of the most essential goods and services required. A proper contract tracing and social distancing protocol could have helped the situation in better ways.
Among other things, proper norms of contact tracing and social distancing are required to be followed strictly to contain the spread of the new virus strain.
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