Want to Know the Concept of Supply Chain Management?
Supply Chain Management is the management division of raw material to be entered in the company and the finished product to be moved out of the company. The various activities which are engaged in the dealing of raw material to finished goods and services come under the managerial function of supply chain management. It plays a very significant role in the development and proper growth of a business house. It is the traditional management approaches which are used from last several decades though it gains lots and lots of improvements in the techniques of its dealings and managing style.
Supply Chain management includes five stages of functionality namely:
What are the Crucial 6 Advantages of Supply Chain Management?
Supply chain management is very important for the proper functioning of the business. You can consider it as a strong beam of business houses after viewing its benefits and advantages:
- Reduced cost of expenses – Supply chain management benefits in minimizing the expenses incurred by an organization. It can do so because of –
- Improves Inventory management system
- Implementing good production techniques
- Reduced damages by efficient storage management of finished goods
- Increase the interconnectivity of activities
- Help in raising profits – By effective and systematic Supply chain management, one can increase the profitability of his/her business. Dealing in a planned and systematic way always adheres to decrease of various unnecessary expenses and hence increase the profitability.
- Increase the level of output – Supply chain management is a management which improves communication, collaboration, and coordination with vendors, transportation, suppliers etc. and hence increases the bi-directional flow of communication. This makes the end user more reliable and thus gives clearer output estimation of goods and services.
- Boost cooperation level – By maintaining a good track of supply chain management, the organization is capable of boosting the cooperative level among the employees, suppliers, vendors, shipments etc. This process results in effective and smooth working of the business.
- Minimizes delays – Delays are the point of great worry and anxiety within the business house. It can create a negative impact on the organization to the outer world. Supply chain management thus, helps in reducing the possibilities of delays as it increases the cooperation level among all the related fields.
- Minimize the wastage of time – one of the most important benefits of the supply chain management is to reduce or to stop the wastage of time by proper planning, implementation of various strategies and by arranging the proper storage warehouses for the finished goods.
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