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What is Supply Chain Management, and How Does it Work

Supply Chain Management is defined as the process of managing and optimizing all business activities involved in moving a product through its lifecycle. These activities involve planning, procurement, production, assembly, transportation, inventory, and distribution. Supply chain management is done to satisfy customer requirements while minimizing costs and maximizing benefits. For know more read this PDF

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What is Supply Chain Management, and How Does it Work

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  1. What is Supply Chain Management, and How Does it Work?

  2. What is Supply Chain Management, and How Does it Work? In our increasingly globalized economy, companies need to manage an ever-increasing amount of information, people and products in order to remain competitive. Every company has a supply chain; the challenge is determining which aspects need to be improved upon. Also called logistics management, supply chain management involves planning and tracking the flow of goods from their inception until they arrive at their ultimate destination. This includes everything from production to shipping. Let's take a closer look at this complex field.

  3. What is the supply chain? A supply chain is the flow of products that a company sources, produces, and sells, from raw materials to the customer. The supply chain is a network of suppliers, manufacturers, distributors, and retailers who work together to provide products and services to customers.

  4. What are the different types of supply chain organizations? A typical supply chain comprises several nodes that move raw materials through several stages in the process — from raw materials to various stages of production. Each stage represents a sub- segment of the full supply chain that ultimately determines how much a company sells and how much it makes. The net result depends on how products are sold to the final consumer. Factors like elastic demand (how quickly a product is bought by a particular segment of customers) and product mix (how many products are in a specific product category) can also affect profits, total revenue, and sales. One way to analyze a company’s supply chain is the Supply Chain Risk Atlas (SCART) developed by Deloitte and completed in 2018. for know more visit our website: https://www.gglglobal.com/logistics- and-chain-management.html

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