Tag: Supply Chain Management

Supply Chain Management (SCM) is the process of overseeing and coordinating the flow of goods, services, information, and finances from the initial stages of production to the final delivery to the consumer. It encompasses the planning and management of all activities involved in sourcing, procurement, conversion, and logistics, as well as collaboration with channel partners, which can include suppliers, intermediaries, third-party service providers, and customers. The goal of SCM is to optimize operations to maximize customer value and achieve a sustainable competitive advantage. This involves managing relationships and processes to ensure efficiency, reduce costs, improve quality, and enhance responsiveness to market demands. Effective supply chain management integrates key business functions internally and aligns them with external partners to create a cohesive system that meets the needs of consumers while minimizing waste and uncertainties.