Complexities have become a part of life and business.
With increasing options, every organisation faces enormous challenges to survive in the market today. Managing supply chains is a complex task with the multitude of locations, entities and a hundred of stages involved from creation to distribution of goods and services. However, this also gives rise to the need to implement innovative techniques and ideas to enhance the management of the demand-supply chains. Let’s see how this is the need of the hour and what can be learnt from other businesses on this matter.
What is Supply Chain Management?
Supply Chain Management (SCM) is a huge topic concerning the demand forecast, inventory, logistics, transportation, customer handling and all the links from creating to distributing goods. In other terms, it ranges from procurement of raw materials to final delivery and points of scale. Depending on the type of business, it has various stages, locations and has several entities involved for a time cycle ranging from days to years. Supply chain management, if done right, makes a business prepared for one of the major challenges concerning growth.
A success of an organisation, big or small, is undeniably linked with SCM. Here are some examples and reasons, which if managed well, brings in process transparency, boosts up customer satisfaction and ultimately enhances growth of the organisation.
1. Better Material Inflow:
Material inflows and financial inflows are two major components of supply chain management. A good SCM practice helps better material inflow, which leads to lesser lead time, better flow of inventory, customer satisfaction and better cashflows.
2. Seamless Information:
This story is from the September 2018 edition of Small Enterprise.
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This story is from the September 2018 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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