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Supply Chain Management
Introduction
According to Martin Christopher; Supply Chain Management is defined as “the management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at lesser cost”.
OBJECTIVES OF SCM
- To solve suppliers problems
- To improve customer’s service performance
- To reduce pre and post production inventory
- To minimise total cost of operations and procurement
- To achieve maximum efficiency in utilisation of labour, capital and plant.
ADVANTAGES OF SCM
For Customers
- Improve customer’s service performance.
- Reduce product cost
- Improve delivery performance
- Provide quick response to change in demand
For Company
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Reduce pre and post production inventory
- Minimise total cost of operations and procurement
- Facilitates efficient utilisation of labour, capital and plant.
- Sustained growth of sales
Difference between Logistics and Supply Chain Management
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LOGISTICS |
SUPPLY CHAIN MANAGEMENT |
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Logistics is concerned with getting goods and services where and when they required |
SCM is concerned with movement of goods from raw material stage to the end user |
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It works within a single organisation |
It works in a coordination of various organisations. |
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It is a part of supply chain management |
It is an extension of logistics management |
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The concept of logistics is relatively old |
The concept of SCM is relatively new |
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It is a narrow concept |
It is a broader concept |
Need for Supply chain management
We have an increased reliance on suppliers. Procurement happens in each and every aspect of an organization, from business needs to IT needs. Everything needed in a corporation is tied to suppliers and there will be a long list of suppliers in no time. The need to manage supplier relations, information, contracts and more grows rapidly while the need to follow regulations persists.
Organizations need a SCM system such as IBM Emptoris Supplier Lifecycle Management to establish streamlined supply chain management processes in order to realize the very best value from their spending through supplier analysis of cost, risk and performance. They need a SCM system to realize a 360-degree visibility into their supplier ecosystem.
An effective SCM system helps accomplish the following:
• Managing contractual obligations to assure a continuous supply and avoid a service company’s delivery disruptions.
• Strengthening supplier relations for systematic synergy with suppliers and different lines of business.
• Enterprise spending management to assure procurement happens through the right suppliers and reduces costs.
• Managing risk and compliance to abide by organizational as well as industry specific regulations and compliances.
• Establishing a single comprehensive supplier view and deriving insightful procurement analytics.
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FAQs on Introduction - Supply Chain Management, Logistics Management - Logistics Management - B Com
| 1. What is supply chain management? |  |
Ans. Supply chain management refers to the management and coordination of various activities involved in the production, procurement, and distribution of goods and services. It focuses on optimizing the flow of materials, information, and funds across the entire supply chain to meet customer demands efficiently and effectively.
| 2. What is logistics management? | |
Ans. Logistics management is a subset of supply chain management that primarily focuses on the planning, implementation, and control of the movement and storage of goods and services. It involves activities such as transportation, warehousing, inventory management, packaging, and order fulfillment to ensure the timely delivery of products to the customers.
| 3. What are the key components of supply chain management? | |
Ans. The key components of supply chain management include:
1. Planning: This involves forecasting demand, creating production schedules, and coordinating with suppliers and distributors to ensure the availability of materials and resources.
2. Sourcing: It involves identifying and selecting suppliers, negotiating contracts, and managing relationships to ensure the timely and cost-effective procurement of materials and services.
3. Manufacturing: This component focuses on transforming raw materials into finished products through efficient production processes while maintaining quality standards.
4. Delivery: It encompasses activities such as order processing, transportation, and distribution to ensure the timely delivery of products to customers.
5. Return: It involves managing product returns, repairs, and customer complaints, aiming to provide excellent after-sales service and maintain customer satisfaction.
| 4. What are some key challenges in supply chain management? | |
Ans. Some key challenges in supply chain management include:
1. Demand uncertainty: Fluctuating customer demands pose challenges in accurately forecasting demand, leading to inventory imbalances and stockouts.
2. Globalization: Managing supply chains across different countries and dealing with international regulations, cultural differences, and language barriers can be complex.
3. Supply chain visibility: Lack of real-time visibility and information sharing across supply chain partners can lead to inefficiencies and delays in decision-making.
4. Supply chain disruptions: Natural disasters, political instability, and global pandemics can disrupt supply chains, causing delays and disruptions in the flow of goods and services.
5. Cost management: Balancing the cost of inventory, transportation, and warehousing while meeting customer demands and maintaining profitability is a constant challenge in supply chain management.
| 5. What are the benefits of effective supply chain management? | |
Ans. Effective supply chain management offers several benefits, including:
1. Cost savings: Optimized supply chains help reduce costs associated with inventory holding, transportation, and warehousing.
2. Improved customer service: Timely delivery, accurate order processing, and efficient after-sales support enhance customer satisfaction and loyalty.
3. Increased efficiency: Streamlined processes, reduced lead times, and improved coordination among supply chain partners result in overall operational efficiency.
4. Competitive advantage: Effective supply chain management allows companies to respond quickly to market changes, gain a competitive edge, and capture market share.
5. Enhanced collaboration: Collaboration and information sharing among supply chain partners lead to better coordination, increased transparency, and improved decision-making.
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Oct 25, 2024 Last updated |
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