Supply Chain Solution
Supply Chain Management (SCM) is becoming one of the most important processes in today’s industry. Effective optimization of a supply chain can contribute to the fast response to demand management, procurement, planning, production, warehousing, transportation, and distribution.
According to the Council of Supply Chain Management Professional, “Supply Chain Management encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities”. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third-party service providers, and customers. In essence, Supply Chain Management integrates supply and demand management within and across companies.
According to the Global Supply Chain Forum, Ohio State University “Supply chain management is the integration of key business processes from the end-user to original suppliers that provides products, services, and information that add value for customers and other stakeholders”.
A properly managed supply chain can eliminate seven deadly wastes i.e. Transportation, Inventory, Movement, Waiting, Overproduction, over-processing, defects in an industry and can create more profitability.