Category: Supply Chain Management

Supply Chain Management (SCM) refers to the systematic coordination and management of a network of interconnected businesses involved in the provision of products and services from raw materials to the end customer. It encompasses the planning and management of all activities involved in sourcing, procurement, conversion, and logistics management, as well as the coordination and collaboration with channel partners, which can include suppliers, intermediaries, and third-party service providers. The primary goal of SCM is to enhance customer value and gain a competitive advantage in the marketplace by optimizing operations, reducing costs, and improving the flow of information and materials across the supply chain. Successful supply chain management strives to ensure the right product is delivered to the right place, at the right time, and in the right condition while also managing risks and maintaining efficiency. It involves strategies for inventory management, demand forecasting, logistics, and relationship management with suppliers and customers.