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Supply Chain Management
The study of Supply Chain Management has gained a lot of importance in today’s business management. There is a lot of significance attached to Supply Chain Management these days because of the interconnection between businesses in a global environment where in order to assemble a product, a company needs to procurement of components is done through a minimum of two or three countries.
The subject has a wider scope as it covers al most all the concepts related to movement and storage of raw materials, intermediary goods and finished products from point of origin to the point of consumption.
The usual issues that are handled by a supply chain management system include:
- Distribution Network Configuration
- Distribution Strategy
- Trade-offs in Logistical Activities
- Inventory Management
In each of these areas supply chain management plays a significant role in supplying goods at the right time, supplying goods at a lower cost, decrease in cost of maintaining stock of raw materials costs, etc. These are some of the usual problems that nay trading or manufacturing business will face. These issues such as goods reaching lately, increase in the cost of transportation, increase in the cost of maintenance of goods, etc. With the implementation of Supply Chain Management, these costs can be reduced and the business can increase their profits by decreasing their costs.
Supply Chain is a cross-function approach in the sense that it takes care of entry of raw materials into the business. It is also involved in the quick manufacture of products and ultimately, it is also used in the movement of goods from the manufacturing concern to the consumers.
Supply chain management, as a system is a network optimization method under which a business is linked with the suppliers, distributions, customers, where communications media are created for communication between them for the supply and delivery of raw materials and finished goods takes place. In other words, it is a formidable system in a product life cycle management.
Today, we can observe many companies such as Dell and Hewlett Packard have created their own supply chain management systems according to their business or core models.
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