Introduction to Supply Chain Management: The Essentials to Know
Supply chains, a topic of little concern in the past, have now come to the forefront of the industry's conversation. Disruptions caused by the COVID-19 crisis, along with the ongoing conflict in Ukraine and other geopolitical tensions have exposed the significant vulnerabilities of global supply chains today.
Against the backdrop of recent events around the world, supply chain management (SCM) today has become an essential tool for businesses to keep ahead of the competition, while also maintaining their high performance and profitability. With this in mind, this article seeks to cover everything you should know about SCM, including the latest industry trends and predictions for the future of SCM.
Understanding Supply Chain Management and Supply Chain Logistics
Before we proceed, let’s take a quick look at what exactly supply chain management and supply chain logistics mean:
What is supply chain management? Supply chain management (SCM) is the centralized management of the flow of goods and services, and involves all processes that transform raw materials into final products. It also includes the streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.
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