Supply Chain Management (SCM) is the process of overseeing and coordinating all activities involved in the sourcing, procurement, production, and distribution of goods and services. It encompasses the planning and management of all activities along the supply chain, from raw material sourcing to the delivery of the final product to the consumer.
SCM involves the collaboration and integration of various stakeholders, including suppliers, manufacturers, distributors, and retailers, to optimize efficiency and effectiveness. The main goals of Supply Chain Management are to enhance customer satisfaction, reduce costs, improve quality, and ensure timely delivery of products.
Key components of SCM include demand forecasting, inventory management, logistics, transportation, and supply chain network design. By effectively managing these components, organizations aim to create a seamless flow of materials and information, minimize waste, and respond quickly to market changes. Overall, Supply Chain Management plays a critical role in enabling businesses to operate competitively in a global marketplace.
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