Here to know about Supply Chain Management
Supply chain management (SCM) is the monitoring and optimization of the production and distribution of a company’s products and services. It seeks to improve and make more efficient all processes involved in turning raw materials and components into final products and getting them to the ultimate customer. Effective SCM can help streamline a company's activities to eliminate waste, maximize customer value, and gain a competitive advantage in the marketplace.
Key functions of SCM :
- Sourcing : Identifying, evaluating, and engaging suppliers to provide goods and services
- Manufacturing : Organizing the supply chain operations to design and produce the product
- Logistics : Managing the forward and reverse flow and storage of goods, services, and related information
- Delivery : Transporting and distributing finished products to meet customer needs .
5 Phases of Supply Chain Management (SCM) :
- Planning
- Sourcing
- Manufacturing
- Returns
- Delivery