Copywriteroffice

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The request result help you to show your API requests results.

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                            [body] => What Is Supply Chain & Why is It Important? Logistics & Supply Chain | Logistics Service Provider Share: Definition of Supply Chain. A supply chain is the network between a company and its suppliers and customers that includes all the transactions involved in transforming raw goods into a salable products.   The network includes the activities, people, technology, information and resources, while the functional teams involved in the company’s network includes sales, sourcing, procurement, production, logistics and customer service. Supply chain management is the coordination, management and strategy that drives the flow of data, information, resources and materials to deliver the best product and service to all stakeholders in the process of converting raw goods to a salable product and delivering it to the ultimate customer.   When the activities of a company’s supply chain are brought together into a single vision, supply chain management drives a competitive advantage by executing faster, reducing friction through all internal and external points, thus bringing more transparency throughout the process to deliver a product or service that is beyond expectations of the end customer. Third party logistics companies (3PL’s) have transformed their business models over the past decade to encompass the new vision of supply chain management by offering the market  powerful cloud technology platforms and connected systems. Leaders in supply chain management understand their company's supply chain is more than the movement of goods from raw materials to finished goods.  These innovators bring together the internal and external business processes and networks associated with delivering the best service and product under a single collaborative system that delivers the ultimate customer experience.  By streamlining and coordinating the supply and demand side of service and product activities to maximize the customer experience a company builds a competitive advantage in the marketplace. Some of the best in the world today include: Amazon, Wal-Mart, Home Depot, McDonald's, Apple. Link to the Gartner Top 25 Supply Chains companies.   Additional Topics of Interest What is the Difference in Logistics & Supply Chain? Logistics and Supply Chain Management - Comprehensive Guide Ways a TMS Benefits a Company's Supply Chain The Ultimate Comparison Guide on Freight & Logistic Services Importance of Order-to-Cash Cycle in Logistics & Supply Chain Best Freight, Logistics & Supply Chain Cost Savings Guide Professional Organizations Associated with 3PL's and Supply Chain Management Include: Counsel of Supply Chain Management Professionals (CSCMP) Transportation Intermediaries Association (TIA) International Warehouse Logistics Association IWLA) To learn more about Intek Freight & Logistics and the logistics industry, we invite you to visit our website and subscribe to our weekly blogs.   About Rick LaGore. Rick is the co-founder and CEO of InTek Freight & Logistics, a company focused on being the place where companies come when faced with a logistics problem. Connect with Rick LaGore Certifications: Proud Member of:
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                            [body] => What Is Supply Chain Management and Why Is It Important?By Indeed Editorial TeamJune 8, 2021TwitterLinkedInFacebookEmailCopy to ClipboardSupply chain management is an essential part of business success. The journey from idea creation to end product is a complicated process with many moving parts. How well a company manages this process can directly translate into increased revenues. In this article, we discuss what supply chain management involves, why it’s so important and how this process can save your business money.What is supply chain management?Supply chain management, or SCM, is the process of overseeing how goods and services evolve from idea creation and raw materials into a finished consumer product. It includes the processes of moving and storing the materials used to produce goods, storing the finished products until they sell and tracking where sold products go so that you can use that information to drive future sales. The process of SCM involves every aspect of business operations, including logistics, purchasing and information technology. It integrates materials, finances, suppliers, manufacturing facilities, wholesalers, retailers and consumers into a seamless system. Here are some of the steps involved in establishing a system of supply chain management:Design and plan the supply chain when the business is established.Carry out the plan and carefully control the variables.Monitor the performance of each part of the supply chain.Communicate regularly with supply chain partners and ensure their participation in the plan.Supply chain management seeks to streamline every part of the chain and the processes involved. By doing so, profits are maximized and product defects are minimized.Related: What Are the Main Job Sectors in the U.S.?Why is supply chain management important?A well-managed supply chain can significantly reduce a company’s operating expenses, therefore driving up profits. This efficiency can be reflected in every aspect of the chain, from idea creation to the marketing of the final product.How does supply chain management work?Supply chain management works by coordinating procurement, suppliers, manufacturing facilities, retailers, distributors and customers as they move together through the production, sales and buying cycles. The supply chain requires active management because it is affected by many factors outside the control of the business, such as gas prices and environmental conditions. When a company is acutely aware of those factors, it can manage them more effectively. With effective SCM, inventory, production, distribution, sales and vendor inventory are all tightly controlled.SCM means managing costs at every step and delivering goods to consumers as quickly as possible. It assumes that every product that is for sale exists because of the various participants in the supply chain. What does a supply chain manager do?A supply chain manager is a trained professional responsible for five essential components of the chain:The carefully researched and developed strategy of the supply chain.The source of the materials used to make the goods to sell.The efficient production of the manufacturing process in getting the goods ready for the market.The delivery mechanisms and logistics that move the products to the consumers and distributors.The system for managing the return of defective or unwanted products.The manager works to prevent shortages and reduce costs through these five elements, which have a direct impact on profits.Related: Management Skills: Definition and ExamplesWhat are the benefits of supply chain management?When done effectively, supply chain management helps a business gain a competitive advantage by delivering products more quickly to customers. Here are a few ways in which SCM accomplishes this without requiring the company to lower prices:SCM lowers the cost of doing business. This is accomplished by reducing purchasing and production expenses. For example, if you own a grocery store and buy tomatoes directly from the farmer, you eliminate the expense of having a third party buy produce for you. Purchasing directly from the source saves you money and places the food on your shelves more quickly.SCM builds the partnerships that can support future growth. If you, as the grocery store owner, develop strategic partnerships with farmers early in your business operation, then the farmers can grow their operations as you grow yours. SCM helps balance the supply of products with market demand. Using the grocery store example, if you are buying tomatoes directly from the farmer, you can better negotiate and adjust how many tomatoes you buy each season.SCM allows for more efficient and effective customer service. This occurs because customers receive their products quickly and as promised. For example, if the farmer brings the tomatoes directly to your grocery store, then the product will likely be fresher and less damaged than if it traveled through a third-party supplier before arriving on your shelves.The ultimate goal of effective supply chain management is higher profits through improved customer satisfaction and a lower cost of doing business. Profits are healthier when costs are controlled and reduced wherever possible. Operating costs go down when the costs of raw materials and production go down.Related: Management Styles: Overview and ExamplesAn example of supply chain management. Here is an example of two companies that take different approaches to supply chain management, resulting in differing profits:Viewpoint Tech closely examines every step in the supply chain and determines that approximately 90% of its expenses are related to the supply chain. The management team focuses on improving its efficiency, and the result is a high-performing supply chain, which allows it to negotiate better pricing with vendors for the raw materials needed to produce goods. Since it can produce the goods for less, Viewpoint Tech makes more profit off their goods, allowing it to grow revenue at a rate that beats the average for the industry without lowering prices.Conversely, New Image Tech is a business that gives very little attention to its supply chain, resulting in lower effectiveness. Without understanding the power of the supply chain and its effect on operations, New Image Tech is less likely to be able to negotiate cheaper pricing and less likely able to compete with Viewpoint Tech.Viewpoint Tech and New Image Tech could be small sole proprietors or international corporations and the outcome would be the same. The importance of the supply chain to business success tends to remain consistent across companies, large and small.Related Articles. What Is a Point of Sale (POS) System?What Is the Time Value of Money (TVM)? (Definition, Formula and Examples). GAAP vs. Non-GAAP: What's the Difference?
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                            [title] => What Is Supply Chain Management and Why Is It Important? | Athens State University
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                            [body] => What Is Supply Chain Management and Why Is It Important? August 25, 2021. Nearly eight in 10 companies with high-performing supply chains create revenue growth that’s well above their industry’s average, according to Deloitte. On the other hand, only 8% of organizations with more limited supply chain capabilities manage to do the same.  Many of today’s organizations recognize the key role their supply chains play in their ability to garner a competitive advantage in the marketplace. Perhaps that helps account for the anticipated 11.2% growth for the global supply chain management market between 2020 and 2027, as recently reported by Research and Markets, a global provider of market data. So, what is supply chain management and why is it so important? To answer that question, it’s useful to look at how the supply chain process works. It also helps to examine the components of supply chain management, as well as trends and careers in the field.  What Is Supply Chain Management? Almost every product in the marketplace appeared there as the result of various entities working together in a supply chain. Supply chain management deals with how businesses turn raw materials into finished products, and then transport and distribute those products to consumers.    Supply chains are systems that link organizations to their suppliers, allowing them to produce and distribute goods and products. These systems organize various activities, resources, and information. They also serve as networks that connect: ProducersTransportation companiesWarehousesDistribution centersRetailers  To offer a simple illustration of a supply chain, consider the journey of how roses make their way from a florist to customers — that is, to the end of the supply chain. First, a flower grower or floriculturist plants seeds and grows the roses. A business buys the floriculturist’s roses, transports them to a warehouse, and sells them to a florist. That florist then sells them to customers.  Supply chain management works to design and implement the most efficient and cost-effective supply chain process possible. Companies understand that when a single link in the supply chain breaks, it costs valuable time and money.  As such, supply chain management uses various strategies to centrally control internal and vendor inventories, internal production, distribution, and sales to cut unnecessary expenses. Streamlining supply chain activities also results in faster production. This allows businesses to better compete and in turn, creates value for customers.    Accurate information about a supply chain saves companies money. It helps manufacturers and retailers produce and transport only what they can sell. This eliminates the unnecessary expenses associated with producing, insuring, and shipping inventory a company can’t sell.  Components of Supply Chain Management. A careful review of the components of supply chain management, also referred to as the supply chain management steps, can further illuminate what supply chain management is and why it is important.  Planning. Before the supply chain begins, organizations need well-designed strategies to effectively manage each stage of the process. They develop plans to determine the overall costs, profits, and required manpower to get the job done. Supply chain management experts weigh the pros and cons of various supply chain methods and develop a blueprint for how to proceed. They also use a set of metrics to measure how efficiently a supply chain meets organizational goals and customer needs.  Examples of these metrics include the following.  Cash-to-Cash Time Cycle. This metric allows organizations to calculate the time needed to turn their resources into money that can move in and out of the business. The metric uses three primary ratios: The number of days it takes to sell inventoryThe number of days it takes a company to pay suppliersThe number of days it takes a company to collect money generated from sales  A short cash-to-cash time cycle means organizations have less of their money tied up, allowing them to operate with greater agility.  Perfect Order Rate. A perfect order rate refers to how frequently an organization delivers orders without inaccuracies, delays, or other issues. Awareness of this metric allows organizations to hone in on problem areas that affect customer retention and satisfaction. Inventory-to-Sales Ratio. The inventory-to-sales ratio measures how much inventory is for sale vs. how much is sold. This helps organizations maintain balanced inventories that are neither too high nor too low.  Sourcing. The second supply chain management step is sourcing. Organizations rely on suppliers to provide the different raw materials to make their products. Finding suitable quality materials at good price points makes it possible for a business to create quality, offer competitively priced products, as well as build a strong reputation in the market.  Sourcing also involves choosing suppliers who provide services to run a particular component of the business. For example, a hotel chain might need pool maintenance services, or manufacturers may need equipment maintenance. After choosing suppliers, organizations need to manage these relationships and monitor processes — such as ordering, receiving inventory management, and payment authorizations — to ensure they meet certain standards. They also need to build trust and solid communication with suppliers. The more trust and better the communication, the more likely a company will receive improved service and preferential terms.  Manufacturing. Manufacturing is the stage of supply chain management in which companies take raw material — human or natural resources — and turn it into goods or services. Depending on customer needs and business goals, organizations determine the most suitable production process.  Companies that produce goods or services in large numbers, such as headphones, light bulbs, or processed foods for example, will likely choose a mass production model. Companies that manufacture items according to customers’ preferences and individual demands will usually select different customized production processes.      Manufacturing involves assembling, quality testing, and packing for delivery. To ensure products meet specified standards and manufacturing efficiency, supply chain professionals decide how to best perform the following tasks. Measure production performanceStore dataManage production facilitiesStay in compliance with regulationsTrack worker productivity  Delivering. Delivery, sometimes referred to as logistics, includes transportation and warehousing. This component of supply chain management involves: Processing customer ordersScheduling deliveriesDistributing and transporting ordersInvoicingReceiving payments  Specific elements of logistics include transportation management, freight audits, and order management. Transportation Management. Organizations rely on vehicles, whether trucks, ships, trains, or airplanes, to ship their goods. Often, they outsource delivery to companies that specialize in it. Whether handled in-house or by contractors, delivery requires transportation management — the use of techniques that optimize the movement of goods between warehouses and retailers. Techniques include planning optimal delivery routes and shipping loads.    Freight Audits. To gain insights into the efficiency of the delivery process and save money, logistics professionals conduct freight audits. These audits analyze freight bills (invoices to shippers) to identify mistakes such as overbilling. They also can turn up information regarding long-standing issues that need to be resolved.   Order Management. Order management involves a systematic approach to taking, tracking, and completing customer orders. It starts when customers place orders and ends when they receive the goods or services. Streamlining this process allows companies to avoid being overwhelmed with orders. Effective order management helps companies: Prevent the over- and under-stocking of productsGather useful information for data-driven decision makingMake fewer errors when fulfilling orders   Returning. Another crucial supply chain management step involves creating a smooth process for customers to return purchased products. While organizations may have robust quality control programs, defective or damaged products that customers want to return are inevitable. Equipment can fail. Malfunctioning products can slip through. Other times, customers can just change their minds and want to return perfectly good products. Whatever the case, organizations need responsive networks that smoothly manage returns. This protects a company’s reputation and demonstrates goodwill.  The return process involves: Evaluating a returned product’s condition to determine if it should be scrapped, refurbished, or restockedAuthorizing product returnsCoordinating shipments of replacement productsIssuing refunds  Trends in Supply Chain Management. To really understand what supply chain management is, it’s critical to consider innovations and disruptors that are transforming the field. This calls for a discussion of supply chain analytics and other trends that continue to influence the industry. Supply Chain Analytics. Supply chains produce huge amounts of data, which, if properly leveraged, can empower organizations to make faster, more strategic decisions. Many of today’s supply chain leaders recognize the need to harness the power of data to boost their effectiveness. Supply chain analytics involves taking the information generated in the supply chain processes and using it to find patterns that offer insights into a variety of issues. Operational Visibility. Operational visibility refers to an organization’s ability to clearly see how its operations are running. It involves monitoring various supply chain activities to understand their performance. One of the greatest challenges arising in supply chain management relates to operational visibility. Without it, supply chain professionals struggle to identify key metrics they need to act on. As a result, they often don’t discover problems until they hear about them from unsatisfied customers. Data analytics, specifically descriptive analytics, allow supply chain professionals to gather key insights about their past performance. This helps them gain a more complete understanding of the strengths and weaknesses across the supply chain. It also enables them to notice trends that can inform more strategic decision making.   Potential Disruptions. The complexity of supply chains makes them vulnerable to disruptions and risks. However, by examining current and past patterns in supply chain data, supply chain analytics can help predict which patterns may appear again. These forecasts can help organizations prepare for disruptions, such as shortages in raw materials, price surges, or weakness in market demand. In fact, one of the biggest issues in supply chain management involves effectively handling fluctuating customer demands. Supply chain analytics often helps organizations anticipate such problems, giving them a better chance at lessening potentially negative impacts. Optimal Supply Chain Operations. To stay competitive, organizations strive for continuous improvement in their supply chains. They need to solve problems and find opportunities for collaboration that optimize the processes in all their supply chain components. Supply chain analytics looks at possible scenarios, past and current performance, and available resources, and then points to strategic methods for moving forward. This can help organizations form critical partnerships within the supply chain that speed up operations, improve alignment between different entities, and lower costs.    Other Trends in the Supply Chain Industry. In addition to embracing data analytics, the supply chain industry is also adopting other innovations that are revolutionizing business. Artificial intelligence (AI) technology, for example, can significantly streamline supply chain processes. AI in Supply Chain Management. Artificial intelligence (AI) uses computer programs to simulate human thinking to solve problems. By applying AI, organizations can optimize their ability to identify and remove inefficiencies in their supply chain, improve operational visibility, increase worker safety, and more. As noted, the supply chain generates a tremendous amount of data. That data comes from places such as: VehiclesManufacturing machinesDevices used by supply chain employees With AI, supply chain professionals can use data to perform numerous tasks that save money and increase output. For example, AI can predict maintenance needs with incredible accuracy. AI also analyzes data from the Internet of Things (IoT), and identifies innovative solutions that optimize everything from scheduling to invoicing. Through its automated intelligence, AI learns and adjusts as new information becomes available, tailoring recommendations to each individual situation. COVID’s Disruption to the Supply Chain Industry. COVID-19 brought many important lessons to the supply chain industry. According to Resilinc’s 2020 EventWatch Report, the industry experienced 14% more disruptions in the first nine months of 2020 than it experienced in the entire year of 2019. More than half of these disruptions were serious enough to threaten the viability of suppliers. The pandemic exposed many supply chain vulnerabilities, such as the risks of relying heavily on global suppliers for raw materials. Along with exposing vulnerabilities, the pandemic put a spotlight on the need to rethink the current global supply chain model. Today’s supply chain industry needs alternatives to linear supply chain models. It needs a more dynamic model that breaks down divisions between teams across the supply chain, allows for a greater flow of information, and harnesses the abilities of analytics. Such a transformation will allow the supply chain industry to better absorb shocks ranging from global pandemics to trade wars. Supply Chain Management Careers. With new insight into what supply chain management is and why it is important, it’s time to look at some supply chain management careers. The expanding supply chain management industry offers numerous job opportunities. Logistician. Logisticians oversee the entire lifecycle of a product, meaning they manage all the steps it takes to acquire raw materials, turn them into products, and then distribute those products. This involves analyzing and coordinating the system that delivers products to consumers from suppliers. It also involves supervising supply chain activities such as buying, transportation, inventory, and warehousing. Typical duties of logisticians include the following. Directing the allotment of supplies, materials, and productsBuilding relationships with customers and suppliersOrganizing goods distribution efficiently and cost-effectivelySeeking ways to improve the process of transporting goods to customersDevising strategies that make the transportation of goods faster and more cost-effective Logistician Salary and Job Outlook. Logisticians earned a median annual income of $76,270 in May 2020, according to the U.S. Bureau of Labor Statistics (BLS). Top earners made as much as $122,580 a year. The BLS also projects a 4% increase in job growth for logisticians between 2019 and 2029, which is in line with the national average for all jobs. Supply Chain Analyst. Companies rely on supply chain analysts to assess their supply chain operations for efficiency. They also look to these professionals to help them improve everything from their warehouse stocking processes, to their structures for transporting materials to a warehouse. Supply chain analysts collect and evaluate large amounts of data to identify problems in the supply chain, understand the reasons behind those problems, and develop strategies to fix them. Their work also involves interacting with various departments in the process of analyzing operations, and finding ways to optimize them. Typical supply chain analyst responsibilities include: Gathering information about production and scheduling proceduresDelivering feedback to departments about their efficiency and making recommendations for improvement measuresDeveloping projects that aim to reduce manufacturing, transportation, and distribution expensesCoordinating with quality assurance specialists, engineers, and others to test new supply chain strategies Supply Chain Analyst Salary and Job Outlook. Supply chain analysts can expect to earn a median annual salary of around $60,900, according to July 2021 data from the compensation website PayScale. While the BLS does not report data specific to supply chain analysts, it forecasts that management analysts (a career very similar to a supply chain analyst) will see an 11% job growth rate between 2019 and 2029, almost triple the national average for all jobs.  Transportation Manager. Transportation plays a fundamental role in the supply chain, making its management of vital importance. Efficient transportation operations reduce costs, improve customer service, and can broaden a company’s customer base. Transportation managers organize and direct an organization’s transportation activities, such as routing and dispatching and tracking aircraft, trucks, railroad cars, or other transportation vehicles. They also coordinate storage and distribution. This involves overseeing staff to ensure all activities align with safety laws and regulations and company policies.  Responsibilities of transportation managers include: Organizing investigations into client and shipper complaints and finding resolutionsDeveloping effective transportation procedures in collaboration with team membersEnsuring transportation activities meet company standards, union contracts, and safety regulationsPerforming safety audits and participating in safety assurance meetingsManaging maintenance and repairs for transportation vehiclesSetting revenue goals and objectives for customer service  Transportation Manager Salary and Job Outlook. As of May 2020, transportation managers earned a median annual income of $93,390, with top earners making as much as $164,140 a year, according to the BLS.  Although the BLS does not track job growth for transportation managers specifically, the role falls under the umbrella of logistics, a field the BLS expects will grow 4% between 2019 and 2029.  Purchasing Manager. Purchasing managers supervise the activities involved in buying the products, equipment, and services their organizations use or sell. This includes sourcing suppliers and designing purchasing strategies. They ensure their companies’ buyers effectively negotiate contracts and inspect the quality of goods before purchasing. They also work to build relationships with suppliers and collaborate with staff to manage supply needs.  Purchasing managers develop policies and procedures to establish standard methods for buying goods and services from suppliers and vendors. These policies help maintain ethical relationships between suppliers and customers and avoid conflicts of interest.  Additional tasks purchasing managers perform include the following. Negotiating contracts and prices and setting timelines with suppliersTracking purchasing records and other documentation regarding suppliersManaging budgetsTraining staff in purchasing proceduresWriting cost estimatesChecking purchased items to make sure they meet specifications and quality standardsDetermining and managing inventory needs  Purchasing Manager Salary and Job Outlook. Purchasing managers earned a median annual salary of $66,690 in May 2020, according to the BLS. Incomes ranged between $39,810 and $112,170 a year  The BLS projects a 7% growth rate between 2019 and 2029 for purchasing managers, almost twice as fast as the average for all jobs.  Drive Innovation in Supply Chain Management. Nearly every industry needs experts who bring solutions and innovations to complex supply chain networks. As analytics and AI drive change in the supply chain industry, and organizations seek more dynamic supply chains models, the need for talent in the field is only likely to grow.  With a deeper understanding now of what supply chain management is and why it is important, those  who are interested in careers would do well to explore the Athens State University online Master of Science in Global Logistics and Supply Chain Management.  The program targets professionals who want to expand their knowledge in all areas of supply chain management, including logistics, inventory management, and procurement. Learn more about the degree program at Athens State University, and prepare to thrive as a leader in supply chain management. Recommended Readings Supply Chain Management: Salary and Job Outlook Types of Business Degrees: Which Path Is Right for Your Career? Sources:  Betterteam, Purchasing Manager Job Description Betterteam, Supply Chain Analyst Job Description Betterteam, Transportation Manager Job Description ControlPay, “What Is Freight Audit (Top 5 Guide)” Council of Supply Chain Management Professionals, CSCMP Supply Chain Management Definitions and Glossary Datapine, “15 Supply Chain Metrics & KPIs You Need For A Successful Business”  Deloitte, “COVID-19: Managing Supply Chain Risk and Disruption” Deloitte, “Supply Chain Leadership: Innovation, Collaboration, Talent Alignment” IBM, What Is Supply Chain Analytics? Innovecs, “Adding Value to Your Supply Chain Process with 5 Irreplaceable Components” Investopedia, Prescriptive Analytics Investopedia, Supply Chain Investopedia, Supply Chain Management ISM, “A Historic Year for Supply Chain Threats, Even Without COVID-19” PayScale, Average Supply Chain Analyst Salary Research and Markets, “Supply Chain Management Market by Component, User Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027” Resilinic, 2020 Annual Report Sage, “Supply Chain Management: Definition, Components, and Technologies” ShipBob, “Order Management and Order Processing: Why They’re So Important for Business” Supply Chain Digital, “Unlocking the Value of Supply Chain with AI-Driven Processes”  ThroughPut Inc., “Artificial Intelligence (AI) in Supply Chain & Logistics Supply” U.S. Bureau of Labor Statistics, Logisticians U.S. Bureau of Labor Statistics, Management Analysts U.S. Bureau of Labor Statistics, Occupational Employment and Wages, May 2020, 11-3071 Transportation, Storage, and Distribution Managers U.S. Bureau of Labor Statistics, Purchasing Managers, Buyers, and Purchasing Agents
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                            [body] => Supply Chain Management (SCM) By Jason Fernando Full Bio Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. Learn about our editorial policies Updated October 19, 2021 Reviewed by Margaret James Reviewed by Margaret James Full Bio Peggy James is a CPA with over 9 years of experience in accounting and finance, including corporate, nonprofit, and personal finance environments. She most recently worked at Duke University and is the owner of Peggy James, CPA, PLLC, serving small businesses, nonprofits, solopreneurs, freelancers, and individuals. Learn about our Financial Review Board Fact checked by Suzanne Kvilhaug Fact checked by Suzanne Kvilhaug Full Bio Suzanne is a researcher, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and has worked on print content for business owners, national brands, and major publications. Learn about our editorial policies Business Essentials Guide to Mergers and Acquisitions Table of Contents Expand What Is Supply Chain Management? How SCM Works 5 Parts of SCM SCM vs. Supply Chains Example of SCM SCM FAQs What Is Supply Chain Management (SCM)? . Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace. Key Takeaways. Supply chain management (SCM) is the centralized management of the flow of goods and services and includes all processes that transform raw materials into final products.By managing the supply chain, companies can cut excess costs and deliver products to the consumer faster.Good supply chain management keeps companies out of the headlines and away from expensive recalls and lawsuits.  1:36 Explaining Supply Chain Management (SCM) . How Supply Chain Management (SCM) Works . Supply chain management (SCM) represents an effort by suppliers to develop and implement supply chains that are as efficient and economical as possible. Supply chains cover everything from production to product development to the information systems needed to direct these undertakings. Typically, SCM attempts to centrally control or link the production, shipment, and distribution of a product. By managing the supply chain, companies can cut excess costs and deliver products to the consumer faster. This is done by keeping tighter control of internal inventories, internal production, distribution, sales, and the inventories of company vendors. SCM is based on the idea that nearly every product that comes to market results from the efforts of various organizations that make up a supply chain. Although supply chains have existed for ages, most companies have only recently paid attention to them as a value-add to their operations. 5 Parts of SCM . In SCM, the supply chain manager coordinates the logistics of all aspects of the supply chain which consists of five parts: The plan or strategyThe source (of raw materials or services)Manufacturing (focused on productivity and efficiency)Delivery and logisticsThe return system (for defective or unwanted products) The supply chain manager tries to minimize shortages and keep costs down. The job is not only about logistics and purchasing inventory. According to Salary.com, supply chain managers “oversee and manage overall supply chain and logistic operations to maximize efficiency and minimize cost of organization's supply chain." Productivity and efficiency improvements can go straight to the bottom line of a company. Good supply chain management keeps companies out of the headlines and away from expensive recalls and lawsuits. SCM vs. Supply Chains . A supply chain is the network of individuals, companies, resources, activities, and technologies used to make and sell a product or service. A supply chain starts with the delivery of raw materials from a supplier to a manufacturer and ends with the delivery of the finished product or service to the end consumer. SCM oversees each touchpoint of a company's product or service, from initial creation to the final sale. With so many places along the supply chain that can add value through efficiencies or lose value through increased expenses, proper SCM can increase revenues, decrease costs, and impact a company's bottom line. Example of SCM . Understanding the importance of SCM to its business, Walgreens Boots Alliance Inc. decided to transform its supply chain by investing in technology to streamline the entire process. For several years the company has been investing and revamping its supply chain management process. Walgreens was able to use big data to help improve its forecasting capabilities and better manage the sales and inventory management processes. This includes the 2019 addition of of its first ever Chief Supply Chain Officer, Colin Nelson. His role is to boost customer satisfaction as the company increases its digital presence. Beyond that, in 2021, it announced it would be offering free two-hour same day delivery for 24,000 products in its stores. What Is a Supply Chain Management Example? Supply chain management is the practice of coordinating the various activities necessary to produce and deliver goods and services to a business’s customers. Examples of supply chain activities can include designing, farming, manufacturing, packaging, or transporting. Why Is Supply Chain Management Important? Supply chain management is important because it can help achieve several business objectives. For instance, controlling manufacturing processes can improve product quality, reducing the risk of recalls and lawsuits while helping to build a strong consumer brand. At the same time, controls over shipping procedures can improve customer service by avoiding costly shortages or periods of inventory oversupply. Overall, supply chain management provides several opportunities for companies to improve their profit margins and is especially important for companies with large and international operations. What Are the 5 Elements of Supply Chain Management? Supply chain management has five key elements—planning, sourcing raw materials, manufacturing, delivery, and returns. The planning phase refers to developing an overall strategy for the supply chain, while the other four elements specialize in the key requirements for executing that plan. Companies must develop expertise in all five elements to have an efficient supply chain and avoid expensive bottlenecks. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Salary.com. "Supply Chain Manager." Accessed Oct. 19, 2021. Walgreens. "How Walgreens Transformed Supply Chain Management with Kyvos, Tableau, and Big Data." Accessed Oct. 19, 2021. Walgreens. "Walgreens Launches Nationwide Contactless Same Day Delivery in Under Two Hours for More Than 24,000 Products." Accessed Oct. 19, 2021. Walgreens Boots Alliance. "Walgreens Boots Alliance Announces Key Leadership Appointments Live." Accessed Oct. 19, 2021. Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Service Name Description Related Terms. How Supply Chains Work A supply chain is a network of entities and people that work directly and indirectly to move a good or service from production to the final consumer. more Supply Management: An Overview Supply management is the act of identifying, acquiring and managing the resources and suppliers that are essential to the operations of an organization. more How Operations Management (OM) Works Operations management (OM) is the administration of business practices to create the highest level of efficiency possible within an organization. more What Is Vertical Integration? Vertical integration is a business strategy to take ownership of two or more key stages of its operations to cut costs. more How Logistics Work Logistics is the overall process of managing the way resources are obtained, stored, and moved to the locations where they are required. more What Is a Value Chain? A value chain is a business model that describes all of the activities that a business employs to create a product or service. more Partner Links Related Articles. Business Essentials Value Chain vs. Supply Chain: What's the Difference? Business Essentials How Can You Make a Distribution Channel More Efficient? Corporate Finance When does it make sense for a company to pursue vertical integration? Mergers & Acquisitions Horizontal vs. Vertical Integration: What's the Difference? Sectors & Industries Analysis 9 Major Companies Tied to the Apple Supply Chain. Business Essentials How Do Recalls Affect A Company? About Us Terms of Use Dictionary Editorial Policy Advertise News Privacy Policy Contact Us Careers California Privacy Notice # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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                            [body] => mg src="https://ws.zoominfo.com/pixel/60ec9ed58c8a330015ce2115" width="1" height="1" style="display: none;" /> Services Strategy & Design Business Process & Operations Application Services Solutions Global Trade SAP Global Trade Services International Trade S/4 HANA SAP GTS Edition for SAP HANA Supply Chain SAP Transportation Management SAP Integrated Business Planning SAP Advanced Planner & Optimizer SAP Warehouse Management SAP Logistics Business Network Integrated Business Planning Innovations AI & ML Blockchain Analytics Cloud API / Middleware Industries Life Science Pharma & Healthcare Manufacturing Automotive Chemical Oil & Gas Resources Case Studies White Papers On-Demand Webinars Podcasts Blogs About About Us Careers Leadership Team Events Search Contact SERVICES Strategy & Design Business Process & Operations Application Services SOLUTIONS Global Trade SAP Global Trade Services SAP S/4HANA for International Trade SAP GTS Edition for SAP HANA Supply Chain Integrated Supply Chain SAP Transportation Management SAP Integrated Business Planning SAP Advanced Planning and Optimization SAP Extended Warehouse Management SAP Logistics Business Network INNOVATION AI & ML Analytics Cloud API & Middleware Blockchain INDUSTRIES Life Science Pharma & Healthcare Manufacturing Automotive Chemical Oil & Gas Food & Beverage RESOURCES Case Studies White Papers On-Demand Webinars Podcasts Blogs ABOUT About Us Careers Leadership Team Events CONTACT request free demo request free demo   6 most important reasons why Supply Chain Management is important for your business SHARE By: Krypt Team - March 12th, 2021 Authored by: Vijendra Kargudri Supply Chain Management – what is it? Simply put, the supply chain comprises a wide range of chain of events from ─ design, planning, procurement of raw material, inventory, execution, manufacturing, to the final supply of the finished good to the consumer. Supply Chain Management (SCM) encompasses optimal execution of all these events through a sustainable, cost-effective, and low carbon footprint catering to the consumers’ demands satisfactorily. Whether operating locally or globally in a ruthlessly competitive market, no organization in the supply chain landscape can successfully survive over the long-term without SCM in place. Why is Supply Chain Management necessary for your business? The 6 most important reasons for supply chain management are: Interconnected Supply Chain –. All the stakeholders from the producer, manufacturer, stockist, supplier, to the consumer are the main actors in the supply chain landscape. They are interconnected and constantly ought to be in communication with each other for a product to go through various hands before reaching its final destination. Considerable issues pertaining to the growth of corporations, partnerships, global brand expansion, and outsourcing is dealt with by Supply Chain Management. Integrated & Co-operative Logistics –. Supply chain management (SCM) is the lifeline of all critical supplies for the existence of all societies. Effective supply chain meets the needs of both producers and consumers and takes an integrated & holistic approach towards management. If operations across different geographies are cooperating and communicating in synergy, this only makes supply chains all the more efficient. This facilitates the logistics to easily manage every part of an integrated supply chain in supplying the inventory backed by more than one entity. Better Supply Chain for Better Business –. Having an enhanced supply enhances your business prospects & sustainability. Delivering correct product & correct quantity in a timely manner fulfills both producer’s and distributors’ requirements. Likewise, consumers too want to obtain the goods that they want to be delivered to their doorsteps. Since the consumer is the king, having an effective supply chain management provides direct improvement to consumer service. This ultimately leads to better business growth. Seamless Movement –. A key reason for not being able to effectively deal with potential problems within their business operations leads to a dearth of risk management capability for many businesses. Supply Chain Management streamlines the flow of everything from goods to any unexpected natural disaster. Globally, every organization’s logistics are managed by supply chain managers. With effective supply chain management, supply chain managers can easily diagnose problems/disruptions for seamless movement of goods. Reduced overall operating costs –. Not just investing in the right areas of your business, but also minimizing extraneous expenditure wherever you can, will help you maximize your ROI. In other words, improving key areas of your supply chain will help you reduce your overall operating costs. This will allow you to minimize purchasing expenses by expediting the delivery of the right amount of inventory at right time to your warehouse and thereby avoid high inventory costs. More so, for a manufacturer, optimizing the supply chain ensures the suppliers deliver crucial parts to the assembly line when required. This helps avoid material shortages, which otherwise can hinder production and waste precious financial resources. Consequently, an efficient supply chain helps minimize delays, which is crucial for maintaining financial efficiency and efficacy. It directly improves your bottom line by expediting product delivery and minimizing the cost involved per consumer and adds to your competitive advantage. Vitalized quality of life within the warehouse –. Having a good work culture & quality of life within your own business is critical, irrespective of your role as a supplier, a warehouse manager, a manufacturer, or a retailer across the supply chain. Implementing automation and integrating the best practices in your industry will improve your supply chain. This will optimize handling, storing, and picking times for all goods, and will significantly minimize the risk of error in the warehouse, and beyond. Thereby, it will effectively vitalize the overall quality of life of the workforce within the warehouse and in turn, improve the bottom line of your business significantly. Improved visibility for Supply Chain Operation –. One cannot run a business blindly. Visibility across the Supply Chain has a far-reaching impact on the success of a business. Lack of synchronization in workflow often ensues when the workforce in an organization cannot comprehend the ongoing activities a level below or above their own position in the supply chain. With SCM in place, visibility & transparency across every stage of the supply chain is increased. It helps create opportunities for the workforce across various departments to collaborate and make informed decisions. Bonus Read: 3 common myths about Sales & Operations Planning (S&OP) refraining you from implementing SAP IBP How can Krypt Help your business? Krypt is a preferred SAP partner and has helped global organizations successfully implement/integrate  SAP TM, SAP IBP, and SAP EWM. We improve your Supply Chain Management capabilities through the implementation/integration of SAP TM, SAP EWM, and SAP IBP. Our services and products will help your business have an edge over competitors through advanced planning & scheduling. We empower your business through time-saving seamless operations, greater agility in updating ever-changing priorities, efficient production schedules, and inventory plans. To know more about our other products/services, please request a DEMO or do contact us. Follow us on:.   Image Credit: Pixabay Categories: Integrated Business PlanningKryptLogisticsManagementSAP EWMSAP IBPSAP TMSAP WMSupply ChainWarehouse Management Tags: Extended Warehouse ManagementKryptSAP EWMSAP IBPSAP TMSupply ChainSupply chain planningTransportation Management Related Posts.  What are the 5 stages of supply chain maturity curve?  Hazards Versus Risks  Extending the Visibility of Supply Chain using Analytic Stories from SAP LBN- Intelligent Insights Subscribe to Our Blog. Krypt is the leading SAP trusted partner for Global Trade and Supply Chain Solutions. We are technology experts, who strategize, build and deliver high-quality and innovative technology solutions Solutions SAP GTS SAP TM SAP IBP SAP EWM SAP LBN Integrated Supply Chain Artificial IntelligenceAbout Careers Leadership Team Events Contact UsResources Case Studies White Papers On-Demand Webinars Blogs PodcastsCopyright © 2022 | All rights reservedPrivacy Policy - Sitemap Solutions SAP Global Trade Service SAP S/4 HANA for International Trade SAP Transportation ManagementAbout Careers Leadership Team Events ContactResources Case Studies White Papers On-Demand Webinars BlogsThe SAP Supply Chain suite enables collaboration, planning, execution, and coordination of the netire supply chain, empowering you to adapt in an ever-changing enviroment. Our integrated Sap solutions connect internal departments with external while keeping your customers happy and keeping your operations running efficiently. Copyright © 2022. All rights reserved. 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                            [body] => The Importance of Supply Chain Management 9/7/21 10:30 AM By PlanetTogether No matter the size of the company, supply chain management should be a priority for all executives to improve their chances of success. Supply chain management in manufacturing can be defined as “the integration of key business processes from end-users to suppliers that provide products and services to add value to customers”. These processes involve managing the movement of materials and products throughout the organization while maximizing customer value and achieving a sustainable competitive advantage.  The success of a manufacturing organization is highly dependent on the success of the supply chain as a whole. All components of the supply chain play a role in setting the demand for certain items then supplying materials to produce those items and fulfill customer orders. If any link in the chain is weak or is disrupted, the entire chain could be at risk. There are usually two main processes within the supply chain. The first is materials management which is the business process of acquiring and storing raw materials and other parts. The second is the process of physical distribution which is concerned with getting products to the customers and satisfying their expectations.  Overall, supply chain management encompasses the design, planning, execution, control, and monitoring of supply chain activities to ensure that goods and services are delivered to your customers in a timely manner for the lowest cost. The following blog will outline some of the main benefits of why supply chain management is important for your manufacturing operation. Importance of Supply Chain Management. The main reasons for the importance of supply chain management includes the following: Reduced Costs - Supply chain managers are often focused on reducing the costs incurred at all steps within the supply chain. Improving production processes, relationships with suppliers, and inventory management are some of the ways that supply chain managers can attempt to further reduce costs. The overall benefit of reducing costs throughout the supply chain is an increase in firm profits. Even reducing the cost of items by a few cents can result in millions of dollars saved if you Interconnected Supply Chain - Supply chains can appear like independent strings of a few companies working together to reach a common goal of delivering products to consumers. However, it is much more complex than that as the world can easily be viewed as one large supply chain. Consumers, distributors, producers, and suppliers are consistently communicating with each other as materials and components are transformed into finished goods that ultimately end up in the hands of consumers. It is therefore crucial for supply chain managers to focus on visibility and communication between all components as well as on the growth of their organization, partnerships, and outsourcing. Information Transfer and Communication - Supply chain management (SCM) is a necessity for the foundation of all societies. Effective communication and information transfer in real-time is a necessity for the foundation of a robust supply chain. This starts by building strong relationships between all components of the supply chain and ensuring that communication is easy and that all parties are aligned towards a common goal. As information flows backwards from the end-consumer to the supplier, supply chain managers must reduce any delays or errors in the information that is transferred from one chain link to another. Many modern manufacturers are relying on advanced technology that can increase the visibility of order statuses to both consumers and suppliers in real-time to meet everyone’s needs. Better Customer Service - Effective supply chain management can provide direct improvement to your customer service. This is because SCM processes will ensure that the correct quantity of the correct items will be delivered in a timely manner. Having an interconnected network of suppliers and distributors will reduce delays and improve customer satisfaction. In addition, supply chain management will usually increase visibility and allow both customers and customer service personnel to know of the status of each order at all times.  Agility - Supply chain management is important to allow organizations to remain agile and be able to handle any unexpected issue or variability that may occur. By streamlining supply chain processes and increasing visibility, businesses will be able to diagnose problems and find appropriate solutions more quickly. In addition, having contingency plans and what-if scenario analyses of your production schedule will allow you to quickly evaluate your options and find the best solution for your company,  A software that can aid with your overall supply chain is PlanetTogether’s Advanced Planning and Scheduling Software (APS). PlanetTogether is a visual scheduling software that allows you to have a clear representation of your production process. This allows you to quickly identify areas that are in need of productivity enhancement or constraint management. PlanetTogether APS is a necessity for manufacturing operations that are looking to take their production up a notch, increase productivity, decrease costs, and deliver goods on time. Advanced Planning and Scheduling software is being implemented into manufacturing operations around the globe and is helping make the planet more productive, one factory at a time. Customers enjoy the freedom and ability to go in and do a visual check on our operations. The information is quickly communicated without the bottleneck of the scheduler and all jobs are completely visible. ERIC HORNE, SCHEDULER, ANCESTRY.COM   Advanced Planning and Scheduling (APS) Software. Advanced Planning and Scheduling Softwares have become a must for modern-day manufacturing operations as customer demand for increased product assortment, fast delivery, and downward cost pressures become prevalent. These systems help planners save time while providing greater agility in updating ever-changing priorities, production schedules, and inventory plans. APS Systems can be quickly integrated with an ERP/MRP software to fill the gaps where these systems lack planning and scheduling flexibility, accuracy, and efficiency. With PlanetTogether APS you can: Create optimized schedules that balance production efficiency and delivery performance Maximize throughput on bottleneck resources to increase revenue Synchronize supply with demand to reduce inventories Provide company-wide visibility to resource capacity Enable scenario data-driven decision making The implementation of an Advanced Planning and Scheduling (APS) Software will take your manufacturing operations to the next level of production efficiency by taking advantage of the operational data you already possess in your ERP system. APS is a step in the right direction of efficiency and lean manufacturing production enhancement. Try out a free trial or demo! Related Capacity Planning Video.  APS Resources. Infographics Case Studies White Papers Topics: supply chain, supply chain management software Tweet 0 Comments LEAVE A COMMENT. Subscribe. PlanetTogether APS: A GPS System for your Supply Chain - See Video. Recent Posts. Posts by Topic. 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Partners Partner Portal Become a Partner Downloads Server Installer Client Installer IT Reference Guide Release Notes Resources Case Studies Videos Webinars Scorecard Free Demo Free Trial White Papers Answers (blog) Trends in APS (blog) Latest Trends in APS. Follow us. International Offices. ©2022 PlanetTogether
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                            [body] => What is Supply Chain Management and Why is it Important? The term supply chain management implies a well-organized and managed procurement function. In reality, procurement is often a collection of disparate suppliers selected almost randomly on the basis of a perceived ability to deliver products at a price that appears right. While this may be a bit of an overstatement, it's true that in many instances, businesses make little effort to organize their suppliers or implement coherent supply chain strategies. What many don't realize is that a significant percentage of their total costs are tied up with the supply chain, especially for those businesses that outsource manufacturing. These include: Overhead costs associated with managing suppliers Cost of resolving quality management issues High inventory levels in case of under supply Logistics costs Lost sales from late deliveries Supply chain inflexibility and long lead times Conversely, businesses that organize, streamline and manage their supply chains benefit from lower direct and indirect costs. This leads to increased revenue and answers the question, "What is supply chain management and why it is important?" Supply Chain Management Definition. The term supply chain management (SCM) covers all the activities associated with managing an organization's procurement with the goal of: Reducing costs Improving efficiency Satisfying demand Because there are costs associated with achieving these goals, it's essential that organizations devise and implement supply chain plans or strategies which determine service levels and long- and short-term procurement goals. These goals should link and be compatible with a business's corporate strategies. Once such a strategy is in place, it's possible to make rational and informed decisions regarding how raw materials should be procured and finished goods delivered to customers. This includes guidelines on who the business sources from, the appropriate product quality standards and how goods are delivered. A SCM strategy helps supply chain managers determine the appropriate action to take when things go wrong, such as what to do when a supplier delivers late or how to deal with quality issues. Important Aspects of SCM Strategy. While each organization has its own unique supply chain strategy, there are several common elements that need to be considered. These include: The supply chain network structure:. This considers physical structures, such as manufacturing facilities, warehousing, outlets, and customer locations, as well as logistics and the organizational philosophy as to where and how each are structured and handled. Legal and ethical standards:. The identification of legal standards related to procurement along with appropriate ethical standards to ensure the organization complies with its corporate responsibility and environmental pledges. Supply chain software and technology:. Adoption of systems to monitor stocks, such as using barcoding or IoT devices for tracking locations and movements. Additionally, software solutions that offer supply chain visibility and the degree of software integration with other corporate systems. S&OP policies:. Because the supply chain doesn't operate in a vacuum, decisions and strategies should align with the corporate philosophy and be presented in the same financial language. Supplier profiles:. The strategy should determine who the company does business with and require certain systems to be used by suppliers to manage product quality and deliveries. Typical SCM Key Performance Indices. Key performance indices (KPIs) are crucial elements of a successful SCM strategy. They identify required performance standards and allow supply chain managers to measure performance and identify areas needing attention. Additionally, they are useful for measuring performance improvements. Common KPIs include: Cash to cycle time: The time between paying for raw materials and receiving payment for goods delivered, which is an important factor in determining working capital requirements. Perfect order rate: The number of orders delivered without errors, which is a crucial metric for organizations striving for perfection and often broken down further by function. Inventory turnover: The time it takes to sell the total inventory in dollars, which is another factor that affects working capital. GMROI: The gross margin return on investment, measuring the amount of gross profit earned on the cost of inventory used, which is a metric commonly used in retail. Why Is SCM Important? SCM performance has a direct effect on the organization's overall performance. From a cost control perspective, it's estimated that companies with extended global supply chains have between 80% and 90% of their costs tied up in their supply chains. Also, the increased complexity of modern supply chains caused by global sourcing, omni channel distribution and widespread markets mean SCM is essential. Customers have become more demanding and expect retailers to have stock of what they want or will move on, causing a lost sale. If they order items online, they expect prompt, on-time delivery and easy return processes for unwanted purchases. Many manufacturers are dependent on just-in-time (JIT) manufacturing strategies that require delivery of components not only on time but also not before time, and in exactly the required quantity. Omni channel retailers have to figure out the best way to combine the sometimes conflicting demands of brick-and-mortar stores and online retailing. Businesses need flexible and adaptable supply chains that are able to respond quickly to capitalize on opportunities offered by rapidly changing consumer practices. SCM Software Solutions. SCM software needs to satisfy three basic requirements. Firstly, it must have the computing capability to successfully manage transactions in complex supply chains. Secondly, it needs a high degree of transparency so that the supply chain department can monitor what is happening and be able to proactively identify and attend to non-conforming suppliers. Added to that is the ability to track orders throughout the system from sales through to procurement and delivery. Finally, supply chain management solutions need advanced analytics for measuring and managing performance. Many organizations appreciate the benefits of integrated ERP solutions that encompass all aspects of the business. Integrated solutions simplify processes and provide one view of transactions throughout. Cloud-based solutions offer increased computing capacity, scalability and world-wide internet access. Leveraging Data with Advanced Supply Chain Analytics. Most supply chain solutions incorporate business analytics features that measure past performance. These can be broadly termed diagnostic analytics. Some take the next step of determining future trends by using predictive analytics to tap into the organization's data. These powerful tools help supply chain managers keep abreast of important economic indicators, such as shipping costs, currency variations and other inflationary factors. But the most powerful analytics are those that tap into the wealth of information provided by organizational data, diagnostic analytics and prescriptive analytics to determine optimal supply chain management decisions. This exciting field has various names, such as artificial intelligence, machine learning, supply chain modeling and prescriptive analytics. It differs from other forms of analytics in that it models the organization and then uses organizational and external data to determine the best supply chain decisions. Examples include using prescriptive analytics to minimize supply chain disruption, determining optimal procurement strategies and identifying the most cost-effective distribution structures. Benefits of a Coherent Supply Chain Strategy Supported by Prescriptive Analytics. Supply chain management is much more than simply managing suppliers on an ad hoc basis and as and when necessary. It's more about determining appropriate supply chain strategies and taking data-driven steps to implement those strategies. It's about looking beyond the performance of individual suppliers and using advanced analytics to establish the best ways to manage supply chain risk. Through using advanced analytics, supply chain managers can reduce supply chain costs while simultaneously improving supply chain performance. They can develop coherent strategies and make data-driven decisions to improve supply chain performance and, in doing so, improve organizational profitability. This is why effective supply chain management is a crucially important aspect of operational performance. You May Also Enjoy Reading Digital Twin and Supply Chain Disruption – Planning that Produces Competitive Advantage…(Read More) The Top Supply Chain Blogs in 2021…(Read More) AboutRiver Logic . We’re on a mission to ensure companies across the globe drive maximum value with every decision they make, no matter how complex. Search. ExploreOur Solutions . We offer a suite of supply chain planning, network optimization, order allocation, and general planning solutions that are purpose-built for business users rather than data scientists. Ready toChat with Someone? . We’re ready to help! Just click the button below, and grab a time slot that works for your schedule. Solutions. Solutions. Capacity Planning Commodity Trading & Logistics Product Mix & Customer Profitability Production Planning Sales & Operations Planning Supply Chain & Logistics Optimization Supply Chain Network Optimization Trade Promotion Optimization Technology. Our Platform Prescriptive Analytics Industries. Building Products Chemicals Consumer Packaged Goods Manufacturing Mining & Metals Oil & Gas Pulp & Paper Utilities About Us. Our Board Our Leadership Contact Us Partners. Our Partners Resources. Blog Content Library News Testimonials Careers Facebook LinkedIn Youtube Disclaimer Support Privacy Policy Sitemap Terms & Conditions © 2021 River Logic, Inc. All rights reserved.
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                            [body] => What is Supply Chain Management, and Why is it Important? Feb 14 2017 By gbs Supply change management is a highly-detailed system used by small and large organizations alike to get products to consumers, from obtaining raw materials, manufacturing and delivering the final product to the customer. A well-organized supply chain management system involves optimizing operations functionality to be fast and efficient. What is Supply Chain Management? Supply chain management in not only a process served to generate a cost reduction in the budget or a mission to create greater operational efficiencies within an organization. While these are a part of the whole ecosystem, modern supply change management encompasses the strategic alignment of end-to-end business processes to realize market and economic value, as well as giving a firm the competitive advantage over their business rivals. In recent times, the dawn of the digital age has brought wholesale transformation to the world of commerce. Only twenty years ago, these processes were arduous, labor intensive, time consuming and disorganized. It now may seem like ancient history, delivery times have gone from two weeks to a month down to a turnaround of hours in some cases. Automated systems and high-speed communication have paved the way for supply chain management and its increased demand. Why is Supply Chain Management So Important? Today, more than ever before, supply chain management has become an integral part of business and is essential to any company’s success and customer satisfaction. Supply chain management has the power to boost customer service, reduce operating costs and improve the financial standing of a company, but how does this work? Improve Customer Services. Customers expect to receive the correct product mix and quantity to be delivered on time. For example, if you buy five books from Amazon and only two of the actual titles arrive, one is an entirely different book and two are missing, the customer will lose faith in Amazon, prompting them to leave a bad review and hinder them from returning to the platform. Products need to be on hand in the right location. Customer satisfaction is tarnished if your car’s brake pads fail and the auto repair shop is delayed in making the repairs because parts are not available in-house. Follow up support after a sale must be done quickly. When an appliance store sells a furnace with a warranty and it breaks down when temperatures are below freezing, it is a great possibility the customer will be irate if the heating unit cannot be fixed immediately. Reduce Operating Costs. Decreases Purchasing Cost - Retailors depend on supply chains to quickly distribute costly products to avoid sitting on expensive inventories. Decrease Production Cost - Any delay in production can cost a company tens of thousands of dollars. This factor makes supply chain management ever more important. Reliable delivery of materials to assembly plants avoids any costly delays in manufacturing. Decrease Total Supply Chain Cost - Wholesale manufacturers and retailer suppliers depend on proficient supply chain management to design a network that meets customer service goals. This gives businesses a competitive edge in the marketplace. Improve Financial Position. Insert Profit Leverage - Businesses value supply chain managers because they help control and decrease supply chain expenditures. Decrease Fixed Assets - Supply chain managers decrease the use of large fixed assets such as plants, warehouses and transportation vehicles, essentially diminishing cost. Increases Cash Flow - Firms appreciate the added value supply chain management contributes to the speed of product flows to customers. What Can You Do with a Supply Chain Management Degree? The Master degree in Operations and Supply Chain Management is designed to provide students with a fundamental understanding of company supply chain management from a global perspective, with an emphasis on leveraging the effects of the operations and supply chain management on business performance and objectives. The program will prepare supply chain managers who will be able to work in Europe, Asia, Latin America, and other regions around the world. Graduates will be able to help companies build a competitive edge based on high levels of technical and managerial competence gained on the job and in the classroom. The Master in Operations Management and Supply Chain Management degree courses at GBSB Global Business School aim for a high level of integration between management techniques and the technologies that they control, with emphasis on the strategic decision-making and international supply chain management across borders. Topics include global supply chain design and management, global project management, quality management, and financial management. Students who chose to earn a Master in Operations and Supply Chain Management degree are often pursuing management or consulting positions in Europe and around the world in supply chain management, operations management, manufacturing, purchasing, or related fields. Are you interested in finding out more information about career opportunities in supply chain management and if this is the right discipline for you? Read this post or contact us. Written by Emily Dawn Szajda, GBSB Content Manager YOUR SUCCESS IS OUR TOP PRIORITY. WE STRIVE TO MEET AND EXCEED YOUR EXPECTATIONS AND ARE HERE TO HELP.FOR MORE INFORMATION CONTACT ONE OF OUR ADMISSIONS REPRESENTATIVES: JOIN SOCIAL MEDIA ADDRESS Madrid CampusNumancia St. 6, 28039 Barcelona CampusAragon St. 179, 08011 Malta Campus67 Old Railway Track, BKR, Birkirkara Online Learning and Executive EducationBahnhofstrasse 28, Zug, 6300 Switzerland CONTACT INFORMATION [email protected]+34 930 185 473+41 41 508 11 29+356 2778 0821 ADMISSIONS OFFICE [email protected] RESOURCES BrochureIntranet School NewsVisit Our Blog SitemapTerms of Use Terms & ConditionsPrivacy PolicyCookies
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                            [body] => Supply Chain Management Blog Sort By Category:. Commercial (210) Industrial (198) Hospitality (180) Healthcare (174) Supply Chain (7) Government (2) Small Business (2) Sustainability (1)    The Strategic Importance of Supply Chain Management Michael Wilson | Mar 14, 2017 Category: Hospitality Healthcare Commercial Industrial Supply Chain Management (SCM) is an important part of every organization, whether small or large. SCM is the active management of supply chain activities to maximize customer ... Supply Chain Management (SCM) is an important part of every organization, whether small or large. SCM is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage, according to Robert Handfield, Ph.D. SCM also deals with the movement and storing of materials needed to create a product, as well as inventory management, and keeping track of finished goods from where they were created to who they go to. Bottom line: there is no overstating the importance of Supply Chain Management. According to SCM experts, it's also defined as the design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally. The other areas that SCM is related to are operations, logistics, procurement, and information technology. If companies use Strategic Supply Chain Management, the organization is then able to function at optimal capacity to provide and distribute various products and materials. The Interconnected Supply Chain. Essentially, the world can be viewed as one large supply chain. Consumers and producers are constantly communicating with each other, and a product goes through many hands before reaching its destination. Supply chain management deals with major issues such as the growth of multinational corporations, partnerships, global brand expansion, and outsourcing. Everything that affects the world affects supply chain management, from fluctuating gas prices to environmental concerns. SCM is the single most important business discipline in the world today, and has only gotten more interconnected. The importance of a well-run supply chain cannot be overstated. According to a report from Allianz SE, business interruptions (BI) account for higher proportions of property loss than 10 years ago. From 2010 to 2014, claims from 68 countries were at $2.4 million on average – all because of the increasingly interconnected supply chain. Integrated and Cooperative Logistics. SCM is necessary for the foundation of all societies. Supermarket operations for example, deal with a wide variety of producers, and are essential to providing goods to consumers. If a supermarket industry does not have a good supply chain management branch, this can affect a wide variety of citizens who need a supermarket to survive. An effective supply chain that can meet the needs of both producers and consumers is one that takes an integrated approach towards management. Coca-Cola’s supply chain in Western Europe, for example, integrated their entire supply chain, from manufacturing plans to retail outlets by shortening its order to cash and record to report processes. If operations in multiple locations are cooperating and communicating, this can make supply chains much more efficient. Logistics are also much easier to observe and manage when every part of an integrated supply chain is providing inventory data and procurement data that can be backed by more than one entity. Better Supply Chain Better Business. Supply chain management has a huge impact on business. Good SCM can directly improve customer service. The right product and the correct quantity must be delivered in a timely manner, to appease both producers and distributors. Consumers want to be able to know the location they must go to obtain the goods that they want. Consumers also want a high standard of customer support. If goods are not distributed on time, supply chain management branches of a company have to assure them that they will get their products as soon as possible. SCM also has a huge impact on the bottom line of a company. Large corporations value good supply chain managers because they improve the efficiency of plants, warehouses, and transportation vehicles in a supply chain. Cash flow is directly increased because the delivery of a product is in a timely manner, and consumers can purchase their goods. Supply chain processes are also changing to meet customer demand and expectation. The massive cereal retailer Kellogg’s plans to save up to $475 million by 2018. Using a supply chain management system called the Kellogg Planning System (KPS), Kellogg’s can maintain production in 19 countries and sell its products in 160. KPS integrates the supply chain to streamline operations, inventory, distribution, and production.  Forward Momentum. Supply chain management streamlines everything from product flow to unexpected natural disasters. Logistics of a large company are managed completely by supply chain managers. With an effective SCM, organizations can diagnose problems and disruptions correctly. Many organizations lack in the risk management sector due to not being able to effectively deal with potential problems.  Organizations that want to achieve sustainability over a long period will be wise to invest in a dynamic and advanced supply chain management director. There are many potential saving opportunities that become available once an effective SCM is integrated into a company or network of companies. Editor's Note: This blog was originally published March 24, 2014 and has since been updated and expanded upon with new information.  Michael Wilson LinkedIn Michael Wilson is AFFLINK'S Vice President of Marketing and Communications. He has been with the organization since 2005 and provides strategic leadership for the entire supply chain team. In his free time, Michael enjoys working with the Wounded Warrior Project, fishing, and improving his cooking skills. Leave a Comment. Click here AFFLINK is a leader in supply chain and strategic procurement services providing cost savings, process improvement, and quality products. QUICK LINKS. Our Value Products Industries Client Stories Resources Organization ADDRESS. AFFLINK Corporate Headquarters 1400 AFFLINK Place Tuscaloosa, AL 35406 SOCIAL twitter facebook linkedin youtube 1-800-222-5521 copyright AFFLINK All rights reserved.
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    What is supply chain management?




    



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    How does supply chain management work?




    



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    Planning





    


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    Sourcing





    


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    Manufacturing





    


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    Delivery and Logistics





    


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    Returning





    


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    Why is supply chain management important?




    



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    Key features of effective supply chain management




    



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    Evolution of supply chain management




    



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    Supply chain consulting




    



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    Supply chain management use cases





    


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    Explore supply chain topics





    


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    Related solutions





    


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    Order management





    


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    Supply chain transparency





    


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    Supply chain visibility





    


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    Blockchain for food supply





    


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    Supply chain for retail





    


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    Container logistics





    


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    Supply chain management resources





    


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                            [body] => What is supply chain management? Supply chain management is the handling of the entire production flow of a good or service to maximize quality, delivery, customer experience and profitability Read IDC Spotlight: Benefits of the modern control tower What is supply chain management? . Supply chain management is the handling of the entire production flow of a good or service — starting from the raw components all the way to delivering the final product to the consumer. A company creates a network of suppliers (“links” in the chain) that move the product along from the suppliers of raw materials to those organizations that deal directly with users. How does supply chain management work? . According to CIO, there are five components of traditional supply chain management systems: . Planning . Plan and manage all resources required to meet customer demand for a company’s product or service. When the supply chain is established, determine metrics to measure whether the supply chain is efficient, effective, delivers value to customers and meets company goals. Sourcing . Choose suppliers to provide the goods and services needed to create the product. Then, establish processes to monitor and manage supplier relationships. Key processes include: ordering, receiving, managing inventory and authorizing supplier payments. Manufacturing . Organize the activities required to accept raw materials, manufacture the product, test for quality, package for shipping and schedule for delivery. Delivery and Logistics . Coordinate customer orders, schedule deliveries, dispatch loads, invoice customers and receive payments. Returning . Create a network or process to take back defective, excess or unwanted products. Why is supply chain management important? . Effective supply chain management systems minimize cost, waste and time in the production cycle. The industry standard has become a just-in-time supply chain where retail sales automatically signal replenishment orders to manufacturers. Retail shelves can then be restocked almost as quickly as product is sold. One way to further improve on this process is to analyze the data from supply chain partners to see where further improvements can be made. By analyzing partner data, the CIO.com post identifies three scenarios where effective supply chain management increases value to the supply chain cycle: Identifying potential problems. When a customer orders more product than the manufacturer can deliver, the buyer can complain of poor service. Through data analysis, manufacturers may be able to anticipate the shortage before the buyer is disappointed. Optimizing price dynamically. Seasonal products have a limited shelf life. At the end of the season, these products are typically scrapped or sold at deep discounts. Airlines, hotels and others with perishable “products” typically adjust prices dynamically to meet demand. By using analytic software, similar forecasting techniques can improve margins, even for hard goods. Improving the allocation of “available to promise” inventory. Analytical software tools help to dynamically allocate resources and schedule work based on the sales forecast, actual orders and promised delivery of raw materials. Manufacturers can confirm a product delivery date when the order is placed — significantly reducing incorrectly-filled orders. Key features of effective supply chain management . The supply chain is the most obvious “face” of the business for customers and consumers. The better and more effective a company’s supply chain management is, the better it protects its business reputation and long-term sustainability. IDC’s Simon Ellis in The Path to a Thinking Supply Chain¹ defines what is supply chain management by identifying the five “Cs” of the effective supply chain management of the future: Connected: Being able to access unstructured data from social media, structured data from the Internet of Things (IoT) and more traditional data sets available through traditional ERP and B2B integration tools. Collaborative: Improving collaboration with suppliers increasingly means the use of cloud-based commerce networks to enable multi-enterprise collaboration and engagement. Cyber-aware: The supply chain must harden its systems and protect them from cyber-intrusions and hacks, which should be an enterprise-wide concern. Cognitively enabled: The AI platform becomes the modern supply chain's control tower by collating, coordinating and conducting decisions and actions across the chain. Most of the supply chain is automated and self-learning. Comprehensive: Analytics capabilities must be scaled with data in real time. Insights will be comprehensive and fast. Latency is unacceptable in the supply chain of the future. Many supply chains have begun this process, with participation in cloud-based commerce networks at an all-time high and major efforts underway to bolster analytics capabilities. Explore supply chain management thought leadership articles Evolution of supply chain management . While yesterday’s supply chains were focused on the availability, movement and cost of physical assets, today’s supply chains are about the management of data, services and products bundled into solutions. Modern supply chain management systems are about much more than just where and when. Supply chain management affects product and service quality, delivery, costs, customer experience and ultimately, profitability. As recently as 2017, a typical supply chain accessed 50 times more data than just five years earlier. However, less than a quarter of this data is being analyzed.  That means the value of critical, time-sensitive data — such as information about weather, sudden labor shortages, political unrest and microbursts in demand — can be lost. Modern supply chains take advantage of massive amounts of data generated by the chain process and are curated by analytical experts and data scientists. Future supply chain leaders and the Enterprise Resource Planning (ERP) systems they manage will likely focus on optimizing the usefulness of this data — analyzing it in real time with minimal latency. Supply chain consulting . With IBM Services, you can evolve your supply chain processes into intelligent workflows, to reach new levels of responsiveness and innovation. Challenge siloed processes to uncover efficiencies, enable your teams to execute and deliver, and use emerging technologies like AI and blockchain to unlock opportunities in every step of the value chain — from demand planning to order orchestration and fulfilment. Supply chain consulting services Supply chain management use cases . Chemonics Chemonics and IBM co-created a first-of-its-kind platform called Automatic Requisition Tracking Management Information System (ARTMIS). The ARTMIS platform helps track shipments at every step of the supply chain. This has allowed Chemonics to manage orders up to 24 months out. BASF BASF wanted to make digitalization an integral part of its business to create additional value for customers, grow the business and improve efficiency. Working with IBM, the company’s Nutrition and Health division conducted a proof of concept (PoC) with IBM® Watson™ technology to explore how AI and machine learning can support smarter inventory decisions, helping to ensure that products arrive in the right place at the right time. Farmer Connect Learn how Farmer Connect and IBM Food Trust™ are connecting coffee growers and consumers with blockchain. Explore supply chain topics . Supply chain control tower A supply chain control tower should provide end-to-end visibility across the supply chain — particularly into unforeseen external events. Order management The tracking of orders from inception to fulfillment and managing the people, processes and data connected to the order as it moves through its lifecycle. Inventory management Clear visibility into inventory transactions can positively impact the entire process of ordering, storing and using inventory — from raw materials to finished product. Electronic data interchange EDI is a standard format to exchange business information between two organizations electronically instead of using paper documents. Supply chain analytics Analytics that can affect quality, delivery, the customer experience — and ultimately, profitability. Supply chain optimization Supply chain optimization makes the best use of technology and resources like blockchain, AI and IoT to improve efficiency and performance in a supply network. Blockchain supply chain Enhance trust across your supply chain network with the business and technical expertise of IBM Blockchain. B2B integration Business-to-business (B2B) integration is the automation of business processes and communication between two or more organizations. Managed file transfer Managed file transfer (MFT) is a technology platform that allows organizations to reliably exchange electronic data between systems and people in a secure way to meet compliance needs. Related solutions . Order management . Order management software lets you orchestrate your entire fulfillment network with powerful core capabilities and next-level options. IBM Sterling Order Management Supply chain transparency . Find out why 800,000 trading partners trust IBM for partner network connectivity with market-leading AI and blockchain capabilities. IBM Sterling Supply Chain Business Network Supply chain visibility . IBM Sterling Supply Chain Insights is an AI-enabled solution that delivers real-time intelligence to optimize supply chain performance by quickly correlating data from siloed systems, capturing organizational knowledge and creating digital playbooks. IBM Sterling Supply Chain Insights with Watson Blockchain for food supply . Join an ecosystem of producers, suppliers, manufacturers, retailers and others creating a smarter, safer and more sustainable food system for all. IBM Food Trust Supply chain for retail . Optimize your retail supply chain with the ability to respond to trends at any scale. Retail supply chain Container logistics . Transform your container logistics by freeing it from traditional data systems, manual document handling and poor visibility. Tradelens Supply chain management resources . Blog: IBM Supply Chain Insights on building an intelligent, self-correcting supply chain. Blog: IBM Blockchain Insights on building an intelligent, self-correcting blockchain supply chain. Supply chain solutions Built to be resilient, smarter supply chains adapt when facing disruptions. Smarter supply chains can scale to meet new demands as customer needs change. Smarter supply chains are more reliable and designed to build trust between you and your customers. 1 The Path to a Thinking Supply Chain (PDF, 1.5 MB), Simon Ellis & John Santagate, IDC Technology Spotlight, August 2018
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                            [description] => Explain the Term "Supply Chain" and Its Importance to Cost Management. Your business’ supply chain is the system you use to get your product to end consumers, from obtaining raw materials to delivering the final product. For example, a small bakery’s supply chain might rely on a company-owned truck to take ..
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                            [body] => Explain the Term "Supply Chain" and Its Importance to Cost Management Small Business | Managing Employees | Managers By Leon Teeboom Updated November 05, 2018 Related. Grants for Training Equipment How Outsourcing Project Work Can Alleviate Common Problems The Importance of Inventory Tracking in the Medical Field How to Start a Home-Based Business As a Medical Transcriptionist How to Become a Freight Forwarder The supply chain refers to the resources needed to deliver goods and services to a consumer. Not surprisingly, the importance of supply chain management is an integral part of most businesses and is essential to company success and customer satisfaction, according to the Council of Supply Chain Management Professionals. Indeed, if you operate or own just about any kind of business, you cannot over-stress the importance of supply chain strategy, says Megan Batchelor, executive editor at "The CEOWorld Magazine." In an April 17, 2018, article, aptly named "Supply Chain and Its Importance When It Comes to Cost Management." Batchelor defines supply chain management by noting that a business's supply chain is the system that the irm employs to get its product to consumers, from initial production to delivering the final product. What Is Supply Chain Management and Why Is It Important? Batchelor, in an effort to define supply chain management and summarize the activities it involves, explains that supply chain management essentially means increasing the speed of getting a product from production to market. Batchelor adds: "The most effective type of supply chains are able to deliver products as fast, plus as cheaply, as possible ... without sacrificing quality." Supply chain management helps lower the cost of doing business, says Batchelor, adding that it provides a way for a business to form a competitive advantage without needing to lower its prices while allowing it to deliver orders more quickly to customers. The Council of Supply Chain Management Professionals says that supply chain management is important for a number of specific reasons because it: Boosts customer service: Customers expect products to be delivered quickly and on time. The importance of supply chain strategy is that this process increases customer satisfaction. Reduces operating costs: Supply chain management allows a business to decrease the cost of purchasing and production. Improves financial position: "Firms value supply chain managers because they help control and reduce supply chain costs," says the council, adding that this can result in dramatic increases in a firm's profits.  "For instance," says the council, "U.S. consumers eat 2.7 billion packages of cereal annually, so decreasing U.S. cereal supply chain costs just one cent per cereal box would result in $13 million dollars saved industry-wide as 13 billion boxes of cereal flowed through the improved supply chain over a five year period." What Is Supply Chain Management (SCM)? Supply chain management (SCM) consists of a set of approaches to efficiently integrate the flow of materials, finances and information from suppliers, manufacturers, wholesalers, distributors and retailers to the final customer and back again, according to the University of Kansas School of Business. UK Business school further explains: "Supply chain management involves coordinating and integrating these flows both within and among companies. The primary objective of supply chain management is to improve the service levels to customers while reducing overall supply chain costs." Put another way, supply chain management (SCM) involves the production, shipment and distribution of products. It covers everything from inventory to sales and is crucial to any business that makes and sells products, says Callie Malvik on the Rasmussen College business blog. "Professionals in this field (SCM) must work closely with others to acquire everything they need. More importantly, they need to ensure it’s all completed on time and within budget," Malvik says. Supply chain management (SCM) jobs include purchasing agent, operations manager, logistics analyst, supply chain manager, purchasing manager, logistics manager, production specialist, and planning and expediting clerk.  What Is Supply Chain Management Degree? A supply chain management degree is a business degree with an emphasis in supply chain management, says the Institute for Supply Chain Management. Best Colleges.com explains that bachelor’s degrees in supply chain management "prepare students to tackle such issues how to oversee the flow of products and transportation, lead teams, and facilitate communication and funds between companies, suppliers, and customers." These degrees focus on such topics as managing supply chains, logistics, operations administration, and quality assurance, as well as quality control management, channels of distribution, production forecasting, and global supply chain principals. But there are also supply chain management degrees available at other levels. An associate degree in supply chain management focuses on general business concepts, introductory logistics, operations, inventory management, and, of course, overall supply chain management. By contrast, a graduate degree in supply chain management is generally aimed at professionals looking for career advancement. These degrees focus on: Defining supply chain management and summarizing the activities it involves The importance of supply chain strategy  Helping to define supply chain management The importance of supply chain integration These degrees – which may actually be a certificate a student earns within a wider business degree – also cover expense management, negotiation techniques, performance, administration, e-commerce, production and logistics analysis, and supply chain flow models. As John P. (Pat) MacMonagle notes in "Supply in Demand: Your Career in Supply Chain Management," a publication of the ICM: "In supply chain management, you will master specific direct and indirect categories and learn how each fits into your company’s operating needs. You will gain intrinsic knowledge of specific markets, supply and demand dynamics, emerging trends, potential market disruptions and emerging technologies. You gain market savvy by developing and executing category and commodity strategic sourcing portfolios." Put another way, any of the supply chain management degrees discussed above focus on the importance of supply chain management and how to create the optimum supply chain for any business. What Is Supply Chain Management in Health Care? The supply chain management in healthcare involves the regulation of the flow of medical goods and services from manufacturer to patient, according Jacqueline LaPointe in her article, "Exploring the Role of Supply Chain Management in Healthcare." Health care supply chain management involves obtaining resources, managing supplies, and delivering goods and services to providers and patients, LaPointe explains, adding that in the healthcare supply chain, goods and information about medical products and services usually go through a number of independent stakeholders, including manufacturers, insurance companies, hospitals, providers, group purchasing organizations, and several regulatory agencies. However, by promoting efficiency in the healthcare supply chain, hospitals and physician practices can create substantial cost-reducing opportunities across their organization, she says “Simply stated, (the health care) supply chain is the management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole,” notes James Spann, practice leader of supply chain and logistics at Simpler Healthcare. A well-managed supply chain can, literally, mean the difference between "life and death," states the Council of Supply Chain Professionals. The Council explains: "Medical rescue helicopters can save lives by quickly transporting accident victims to hospitals for emergency medical treatment. In addition, the medicines and equipment necessary for treatment will be available at the hospital as a result of excellent supply chain execution." Without a well managed supply chain, the hospital might not receive the equipment and supplies it needs in time to save a patient, the council notes. But supply chain management in health care may not always involve life-or-death scenarios. The supply chain also helps ensure delivery of seemingly mundane, but still important, supplies, says LaPointe. For example, patients also have a voice in the health care supply chain management process, she says. Healthcare organizations may be able to regularly order the correct sizes of gloves and keep them stocked, but some patients may need more customized medical products, such as latex-free options, depending on their health status. A well-managed health care supply chain can also ensure the timely delivery of those goods. References CEOworld Magazine: Megan Batchelor, Supply Chain and Its Importance When It Comes To Cost Management Council of Supply Chain Management Professionals: The Importance of Supply Chain Management KU School of Business: What is Supply Chain Management? Institute for Supply Chain Management: Institutions Offering Programs and Curriculum in Supply Management Continued Supply Management Education Best Colleges: Best Online Bachelor's in Supply Chain Management Programs Revcycle Intelligence: "Exploring the Role of Supply Chain Management in Healthcare" Writer Bio Leon Teeboom has written for such newspapers as "The Los Angeles Times" and "The Orange County Register." He has also written for/and worked as an editor at "The Press-Enterprise" as well as two business publications and several online media companies. Related Articles. Types of Certifications Related to Accounting. List of Top Business Schools. APICS Basics of Supply Chain Management. The Concept of Supply & Its Uses in Business. Examples of Strategic Management in Health Care. CMA vs. CPA in Accounting. Pros & Cons of Increasing Efficiency in Operating Activities. What Is Manufacturing Operations Management? What Are Some Various Constraints that Firms Face in Maximizing Their Economic Profit? Grants for Training Equipment. How Outsourcing Project Work Can Alleviate Common Problems. The Importance of Inventory Tracking in the Medical Field. Most Popular. 1 Types of Certifications Related to Accounting 2 List of Top Business Schools 3 APICS Basics of Supply Chain Management 4 The Concept of Supply & Its Uses in Business
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                            [title] => What Is Supply Chain Management And Why It’s So Important | Accelerated Analytics
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                            [description] => Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product’s flow from materials to production to distribution in the most economical way possible. SCM focuses on integrated planning and execution of processes needed to optimize the flow of materials, information and capital in functions that broadly include... Read more »
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                            [body] => What Is Supply Chain Management And Why It’s So Important By: Accelerated Analytics Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product’s flow from materials to production to distribution in the most economical way possible. SCM focuses on integrated planning and execution of processes needed to optimize the flow of materials, information and capital in functions that broadly include demand sourcing, planning, production, inventory management and logistics (storage and transportation). Companies use both business strategy and specialized software in supply chain management to create a competitive edge against the competition. Supply chain management is expansive and complex.  Each role relies on your partners, suppliers, manufacturers and others to operate efficiently. Due to this, supply chain efficiency also requires change management, collaboration and risk management to create alignment and communication between all the participants. In addition, supply chain sustainability — which covers environmental, social and legal issues, in addition to sustainable procurement — and the closely related concept of corporate social responsibility — which evaluates a company’s effect on the environment and social well-being — are areas of major concern for today’s companies. Supply Chain Benefits. There’s a number of positive benefits that supply chain management produces, such as; Lower Costs Higher Profits Better Efficiency Ability To Manage Demand Accurate Inventory Increased Collaboration Higher Production SCM enables companies to keep costs low, help manage demand efficiently, carry the right amount of inventory, deal with disruptions and meet customer demand in the most effective way possible. These supply chain management benefits are possible through effective strategies and appropriate software to help you manage the growing complexity of today’s supply chains. Why Supply Chain Management Is Important. SCM has many significant impacts on both sides, the enterprise and the consumer. Customer Service – Supply chain management can help you improve customer service, something every company wants to improve on. When done right, they have the ability to ensure customer satisfaction by making certain the necessary products are available at the correct location at the right time. By increasing customer satisfaction levels, enterprises are able to build and improve customer loyalty. Lower Operating Costs – SCM also provides a major advantage for companies by decreasing operating costs. When done right, efficient supply chain management can help you reduce the cost of purchasing, production and the total supply chain. Lowering costs is going to help your company be in a better financial position, allowing you to increase profit and cash flow. Following supply chain management best practices, you’ll have the opportunity to minimize over using your large fixed assets, such as warehouse.  Supply chain experts can help you redesign parts of your supply chain or your entire supply chain. For example, you may find you only need 3 warehouses versus 4 warehouses, saving you the added costs of a full warehouse. Quality Of Life – You won’t hear this a lot, but SCM plays a vital role in our society. We owe our survival to supply chains. People rely on supply chains to deliver necessities like food and water as well as medicines and healthcare. The supply chain is also vital to the delivery of electricity to homes and businesses, providing the energy needed for light, heat, air conditioning and refrigeration. Job Creation – SCM can also improve quality of life by fostering job creation, providing a foundation for economic growth and improving standards of living. It provides a multitude of job opportunities, since supply chain professionals design and control all of the supply chains in a society as well as manage inventory control, warehousing, packaging and logistics. Furthermore, a common feature of most poor nations is their lack of developed supply chains. Societies with strong, developed supply chain infrastructures — such as large railroad networks, interstate highway systems and an array of airports and seaports — can efficiently exchange goods at lower costs, allowing consumers to buy more products, thus providing economic growth and increasing the standard of living. Supply Chain Processes. Each major phase of a product’s movement through the supply chain, from materials to production and distribution, has its own distinct business processes and disciplines. Most of them began decades ago as paper-based methods but now are usually handled in specialized software. The SCM process starts with figuring out what products customers want — the early stages of supply chain planning, traditionally considered one of the two overarching categories of SCM, along with supply chain execution. Suggested for you  COVID-19 adds to the cart in benefits of DOTCOMSupply chain planning starts with demand planning, this is a process for gathering historical data, such as past sales, and applying analytics and statistical modeling to create a forecast or demand plan that the sales department and operational departments, which is what you see a lot in manufacturing and marketing. The forecast determines the types and quantities of products you’ll have manufactured. Now, some companies perform demand planning as part of a formalized process, this is called sales and operations planning (S&OP). This focuses on an iterative process for gathering data, discussion, reconciling of demand plans with production plans and management approval. Some companies include S&OP in a broader process called integrated business planning (IBP) that incorporates other departments’ to plan a single global company plan. The next step would lead us to production planning, this is when a company drills down the specifics of where and how the products based on the demand plan are going to be manufactured.  You can also take it a step further, which often involves specialized software (advanced planning and scheduling), allowing you to optimize your resources for production and make them more adaptive to changes you see in demand. Production planning is also used in other industries, such as agriculture and oil and gas. Material requirements planning (MRP) is a process that’s been used for the past 80 where manufacturers ensure sufficient materials and components (like subassemblies) are available for use in the manufacturing process by taking inventory of what’s on hand. This allows you to identify gaps so you can buy or produce the remaining items you need. The central document in both MRP and production planning is called a bill of materials (BOM), which is a complete list of the items you’re going to need to make any given product. MRP is sometimes done as part of manufacturing resource planning (MRP II), which builds the MRP concept to other departments such as HR and finance. MRP and MRP II were the predecessors of enterprise resource planning (ERP) software, which is designed to integrate the major business processes of companies within any type of industry. Two complex processes play important roles in most of the major steps of SCM: Inventory Management Logistics Inventory management consists of various techniques and formulas for ensuring adequate supply, from raw materials in a manufacturing plant, perhaps managed in an MRP system, to packaged goods in a retail store, for the least expenditure of time and resources. Manufacturers are faced with a variety of inventory management issues, many of which involve coordinating demand planning with inventory at both ends of the production process. For example, sometimes material requirements planning leads to more inventory, especially when the system is first implemented and the manufacturer must work to synchronize MRP parameters with the inventory already on hand. Logistics focuses on everything you do with transporting and storing goods, from the start of the supply chain with delivery and materials to manufacturers, to delivery of finished products to stores or directly to your consumers. It goes beyond to product servicing, return and recycling too, a process we refer to as reverse logistics. It’s inventory management that’s built into all of your logistical processes. Procurement, which is called sourcing by some, is the process of finding suppliers for goods, managing those relationships, and acquiring the goods at the best economical price. Procurement has a lot of working elements too,  including communication, requests for bids and paperwork, such as purchase orders and invoices. It is a major component of supply chain management, given how much is bought and sold at all points along the chain. Most companies that operate in the supply chain, which include suppliers, manufacturers, distributors and retailers, they have dedicated procurement personnel to handle your supply chain points. Strategic sourcing would refer to an elevated and more sophisticated type of procurement that aims to optimize a company’s sourcing process by taking advantage of its consolidated purchasing power and align it with the business goals of the company. Supplier relationship management (SRM), in contrast, addresses sourcing issues by focusing on the suppliers the company deems most critical to success and systematically strengthening relationships with them while fostering a high level of performance. Infographic: EDI 852 in 2021 & Beyond Stay in the loop with free reports! Default Pre Footer. Learn More. Together, we’ll transform the way you use your POS data. Resources Contact Us This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors both on this website and other media. To find out more about the cookies we use, see our Privacy Policy. Ok, I accept.
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                            [body] => What is Supply Chain Management, and Why is it Important?Getting supply chain management right is a make or break for any business.April 11, 2021Daniel DochertyAdvancedChaay_tee - stock.adobe.comSupply chain management (SCM) connects the entire manufacturing process, from sourcing and procurement of raw materials, through efficient production, delivery mechanisms to move products to distributors and customers and even the systems for returning unwanted or defective products. Getting this right is make or break for any business.This highly complex ecosystem of processes is influenced by external factors beyond the control of the manufacturing business. It is essential to understand that customers see the supply chain and the manufacturer as one and the same. Failure to deliver the right goods on time will be perceived as your responsibility. Customers generally won’t care if the problem originated with your supplier, or in the transportation mechanisms. If you can’t fulfill their order when they want it, you may lose their business for good.Marketplaces and supply chains are global. Brexit has highlighted the issues of UK manufacturers relying upon external suppliers when circumstances change. Previously harmonious relationships between suppliers and manufacturers have been tested by the change in rules following Brexit. In one case, a UK-based chemicals company found themselves unable to ship their own orders, not because they couldn’t produce the chemical, or even bottle it, but because the bottle tops were held up in transit from the supplier in Germany. Another UK producer who had previously always sourced their main raw material from Europe is now encountering problems with receiving it, as haulers were reluctant to take the job and risk-bearing the costs of significant border delays. Eventually, the service was secured at double the usual shipping rate but unfortunately, the goods are now stuck in queues with no arrival information available. In both cases, these UK manufacturers’ production lines are stalled and their customers may well be looking to take their future business elsewhere.Consumers are increasingly aware of ethical, environmental and sustainability issues, highlighting the need for traceability and transparency around the source and sourcing processes of components and raw materials. A well-managed supply chain allows easy traceability with evidence data immediately available if required. Traceability is also important in maintaining efficient quality control. If defective goods are produced, quickly identifying and rectifying the problem can save the manufacturer substantial financial and reputational costs. Whether the problem lies with a faulty component or sub-standard raw material; a malfunctioning machine or inexperienced machine operator; even careless storage and handling issues in the warehouse or in transit; a digital cloud-based SCM solution connects all of the processes and can quickly identify where problems occur. Customer confidence can be managed more effectively if occasional faults are seen to be dealt with immediately and decisively.Begin with establishing good relationships with key suppliers, treating it as a two-way street. Their business relies on satisfying their customers, so even if you’re not their biggest customer at the moment, you should still be very important to them. Communicate, give feedback and keep them updated with changes in your business needs so they can continue to meet them. Tell your suppliers if a particular market is growing, or if you are starting a new production line that will need additional supply. It’s important to carry out due diligence when identifying prospective suppliers, for example finding out who else they supply to and if possible, what their experience is. If your supplier fails to deliver on time, you will fail to deliver on time. Throughout the relationship, it pays to be mindful of potential issues that could also impact your business. A change such as reducing credit terms may indicate cash flow problems that might cause problems for you down the line.Efficient SCM is also reliant on your delivery mechanisms where again, it pays to research and identify the most reliable and suitable services for your own business and product. Price isn’t always the main consideration here, particularly if your product has a short shelf life or specific storage requirements. As next-day delivery becomes ever-more common, getting goods to the customer quickly is an increasingly competitive business, so the location of the hauler or delivery service and the speed at which it can get goods from A to B might be worth paying more for. A digital SCM solution can help by modelling different scenarios depending on the data input, so you can make fully informed decisions.Digital SCM software helps with managing materials in the warehouse and facilitates cost and time-saving processes, including just-in-time ordering and first-in/first-out inventory management. These are critical in helping eliminate problems with out-of-date stock or obsolete components and to maintain cash flow. The entire supply chain can be automated end-to-end. Traditional spreadsheets are difficult to update or use to pinpoint specific information quickly. Cloud-based solutions allow multiple users across the supply chain process to have visibility up and down the chain and model different scenarios and outcomes according to small changes.Another growing field in the supply chain is returns management and how to absorb the costs of returned goods. The restrictions created by the Coronavirus disease (COVID-19) pandemic have driven an increase in online retail, and a subsequent increase in unwanted, defective or damaged in transit goods returned. An efficient and easy returns process has a significant influence on customer satisfaction and loyalty. Businesses using designed-for-purpose SCM software can reduce the time and cost impact of returns, making the most of in-built workflows to simplify the process. Even small and medium-sized businesses should choose digital solutions that can grow with evolving needs, integrating automated systems for material requirements planning (MRP); inventory management and stock control; management and distribution; together with the accounts department; order fulfillment; customer relationship management (CRM); and HR to optimize staffing levels in line with production. Seamless solutions that are designed to complement and work together provide intuitive and uncomplicated workflows and systems for speed and efficiency. Optimized SCM means processes are managed at every step, resulting in reduced costs and risks and increased profits, reputation and competitive advantage.RecommendedE-Commerce SolutionsThe Direct-to-Consumer’s Impact on Supply Chains and Its FutureThe L.I.N.K. podcast kicks of the new year with a deep look at the direct-to-consumer industry and its future. But first, the managing editor offers a refresher in the subject in today's column.Brielle JaekelJanuary 6, 2022AutomationPartner Roundtable: Warehouse AutomationFebruary 24, 2022RegisterFrom forecasting and inventory refill to visibility and end-to-end traceability, today’s warehouse solutions are designed to improve the way companies track and trace product. But, how else do these solutions optimize the warehouse?SustainabilityWhat Will the Supply Chain Look Like in 2022?This past year pushed the supply chain to its brink, which is heavily detailed in this December issue of SDCE. As managing editor of the magazine, I'm proud to see what we have overcome as an industry but I'm cautious on what the future holds.Brielle JaekelDecember 23, 2021LatestEmerging TechnologiesSupply Chain Predictions for 2022Winning companies are taking steps to look beyond traditional data sources for greater visibility and control.Google Inc.January 7, 2022Project Management SoftwareOrder Management: The Often-Overlooked Piece of the CX PuzzleTo win their loyalty and additional revenue, brands and retailers must integrate their order management data with the rest of their systems and ensure that customer-facing employees have easy access to that data when they need it.CapgeminiJanuary 6, 2022Sourcing SolutionsHow to Overcome Supply Chain Disturbances with Predictive Weather AnalyticsThe insight and real-time data provided through a weatherized supply chain enables flexibility and easy problem resolution, setting organizations up for greater success as they attempt to navigate climate change-driven unpredictability.SAPJanuary 6, 2022Sourcing & ProcurementStrong Supplier Partnerships Are Key to Sustainable ProcurementAt the end of the day, putting suppliers at the heart of your organization will establish a culture whereby suppliers can provide their best information, while doing their best work.HICX Solutions Ltd.January 2, 2022AutomationHow Logistics Teams Can Up Their Game When Shipping Sensitive ItemsTech advances are improving what the service logistics companies can offer to those shipping sensitive items, even in a time of crisis.LogmoreJanuary 1, 2022Sourcing SolutionsThe Outsourcing Conundrum – Insource, Outsource or Both?The decision to outsource indirect procurement is not all-or-nothing. The key is to understand how to derive the most value from the outsourcing relationship.4C AssociatesJanuary 1, 2022Supply Chain VisibilityThe Keys to a Resilient Supply ChainIt’s never too late to make the necessary investments in people, process, technology and information to enhance supply chain visibility and resilience.Univar SolutionsDecember 29, 2021RetailAddressing Global Supply Chain Disruptions by Improving Returns ManagementBy fully integrating with other supply chain solutions, a single, purpose-built platform gives supply chain leaders and retail executives a way to streamline their workflows, manage complexities and provide more end-to-end visibility.ReverseLogixDecember 28, 2021RetailReverse Logistics: The Return RushReverse logistics will remain an increased area of focus around the globe as e-commerce continues to grow and demands heighten.SeegridDecember 27, 2021ManufacturingHow Retailers Can Use Returns to Soften the Blow from Supply Chain DelaysBy investing in efficient returns processes, retailers can tackle today’s fulfillment frustrations while also setting themselves, and the planet, up for future success.OptoroDecember 24, 2021SustainabilityWhat Will the Supply Chain Look Like in 2022?This past year pushed the supply chain to its brink, which is heavily detailed in this December issue of SDCE. As managing editor of the magazine, I'm proud to see what we have overcome as an industry but I'm cautious on what the future holds.Brielle JaekelDecember 23, 2021Software & TechnologyTechnology Trends Not Happening in 2022A combination of factors will take until 2023 to resolve shortage issues through additional capacity, verification of real demand and the inflationary impact on consumer spending on products.ABI ResearchDecember 20, 2021ManufacturingHow to Reduce Supply Chain Risk with 3D Printing3D printing can transform production and be an integral part of the supply chain that many manufacturers don’t realize yet.FormlabsDecember 20, 2021Sourcing & ProcurementAutomating Procurement ContractsAutomated contract tools can speed up these inefficient, risky and time-consuming processes, eliminating hours, weeks or even months off the time it takes to procure goods and services. And, it’s this automation that can help restock shelves.BlackBoilerDecember 19, 2021RetailHow Retailers Can Thrive Amid Post-Holiday ReturnsPost-holidays are one of the biggest returns moments each year. Here's what retailers can do to shift gears and appeal to the 2021 shopper.parcelLabDecember 18, 2021Supply Chain VisibilityThe Wireless Technology Behind On-Time Holiday ShipmentsRAIN RFID tag attached to packages, crates or pallets can identify and track shipments as they move through a distribution chain.ImpinjDecember 17, 2021Sourcing & ProcurementNominations Close SUNDAY for Supply & Demand Chain Executive's 2022 Pros to Know AwardThis award recognizes outstanding executives whose accomplishments offer a roadmap for other leaders looking to leverage supply chain for competitive advantage.Hannah GoochBrielle JaekelMarina MayerOctober 25, 2021Financial Management SoftwareDigital Trade Finance: A Solution for SMBs’ Supply Chain ChallengesDigital trade finance gives access to financing, liquidity, cutting red tape in imports and exports and visibility with shipping.MODIFIDecember 16, 2021Supply Chain EducationL.I.N.K. Educate | Supply Chain Disruptions Transform EducationIn this week’s episode a professor and department chair comes on to discuss how the current supply chain crisis changes how professors educate about the supply chain.Brielle JaekelDecember 16, 2021Emerging Technologies3 Smart Factory Trends for Manufacturers to EmbraceCompanies who make the choice to invest in smart factories will enable workforces to function more effectively in their environments.Deloitte Consulting LLPDecember 14, 2021Visibility SoftwareContinuous Global Risk Monitoring for Supply Chain DisruptionsOrganizations that lack these systems completely will only be able to react to disruptions once they have occurred, and even those with systems that provide basic monitoring (but no information on impact) may lose valuable response time.APQCDecember 13, 2021Sourcing SolutionsNetworking Platform Provides Nearshore Sourcing SolutionsThis AI-powered solution matches sourcing partners based on product lines, territory, services offered and business relationships.FactreesDecember 13, 2021ManufacturingEmbracing On-Demand ManufacturingBusinesses need to ensure their supply chain requirements can deliver on speed, complexity and efficiency.GootenDecember 12, 2021Manufacturing7 Things Manufacturers Can Do Now to Mitigate Supply Chain ChallengesWhile the manufacturing and logistics industries adapt for the long term, here are seven best practices to help manage the chaos, prepare for the future and stay focused on customers.Minnesota Rubber & PlasticsDecember 11, 2021
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                            [body] => What is Supply Chain Management? - Definition & Importance Lesson Transcript Instructor Kimberly Winston Kimberly has a MBA in Logistics & Supply Chain Management View bio Expert Contributor Sean Harrington Sean has two master's degrees from the University of Arkansas in Operations Management and Engineering. He has ten years of teaching experience. View bio Supply chain management is the maintenance of the pathways of supply routes and product delivery in large-scale logistical projects or delivery services. Learn more about what a supply chain is, how it works, and its importance in logistics. Updated: 12/08/2021 What's Supply Chain Management?At some point in your life someone has asked you this very important question: 'What's for dinner?' There must be a million possible answers to that question. Pizza? Tacos? Lamb chops? No matter what your answer is, none of these foods will just appear out of nowhere. They have to first move from their original raw state into the packaged products you buy in the store. In other words, they have to go along a supply chain. In fact, everything you've ever purchased has been available to you because it was a part of a supply chain. A supply chain is the network of businesses and people that work together to move raw materials into finished goods and eventually to the end-user. The supply chain is directly or indirectly responsible for fulfilling your needs. Supply chain management (SCM) is the active integration and coordination of all supply chain activities to provide you, the customer, with the best value. Providing you with the best value means providing you with a quality product for a reasonable price. Companies are able to provide customer value by coordinating the efforts of every activity involved in their supply chains internally as well as externally among supply chain members. An error occurred trying to load this video. Try refreshing the page, or contact customer support. You must cCreate an account to continue watching. Register to view this lesson. Are you a student or a teacher? I am a student I am a teacher Create Your Account To Continue Watching As a member, you'll also get unlimited access to over 84,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. Get unlimited access to over 84,000 lessons. Try it now It only takes a few minutes to setup and you can cancel any time. Already registered? Log in here for access  Back What teachers are saying about Study.com Try it now Already registered? Log in here for access Coming up next: Supply Chain Management - Benefits & Best Practices You're on a roll. Keep up the good work! Take Quiz Watch Next Lesson  Replay Just checking in. Are you still watching? Yes! Keep playing. Your next lesson will play in 10 seconds 0:05 What's Supply Chain… 1:18 How a Supply Chain Works 2:46 Why Is SCM Important? 3:31 Lesson Summary Save Save Save Want to watch this again later? Log in or sign up to add this lesson to a Custom Course. Log in or Sign up Timeline Autoplay Autoplay Speed Speed 82K views Video Quiz Course How a Supply Chain Works. Believe it or not, the supply chain starts with you. Let's imagine, for instance, that you love shoes. Your desire to acquire shoes sets off a chain reaction. You either go to the store or shop online to get the shoes you want. The retailer obtains the shoes from the distributor. The distributor gets the shoes from the manufacturer. The manufacturer gets the raw material from someone else. So all these people, businesses, and processes are linked together. They are part of a supply chain that begins with you. There is a constant flow of information, money, and products throughout the supply chain. This information, money, and products can be likened to the lubricant used to protect gears. Without the lubricant as protection, gears cease to function properly. The same is true for a supply chain; without information, money, or products acting as lubrication for its gears, a supply chain ceases to function properly. When you purchase the shoes, you exchange information, money, and products with the retailer. The retailer, in turn, does the same thing with the distributor, and so it goes. Money flows upstream, from the customer to supply chain members. Products flow downstream, from supply chain members to the end-user. Information, however, moves both upstream and downstream. Why Is SCM Important?SCM is important because it increases competitiveness and customer satisfaction. In this day and age, SCM plays an integral part of a firm's success. Efficiently running supply chains allow firms to quickly deliver products to the end-user for a low cost. Firms are able to sell more products and thus increase their competitiveness. Firms are able to better compete against other firms. Consumers have higher expectations than they have had in the past. They want better products, faster service, and lower prices. When firms have efficiently run supply chains, customers benefit from product availability and lower cost. Consumers are happy because they're able to get the products they want for the prices they want. Lesson Summary. A supply chain is a network of businesses and people that are directly or indirectly responsible for fulfilling your needs. Supply chain management, or SCM, is the active integration and coordination of all supply chain activities with the objective of providing you with the best value. The customer is the beginning of the supply chain. A supply chain has three flows: Money flows upstream from the customer to the supply chain members Information flows both ways Products flow downstream from supply chain members to the end user SCM is important because it increases a firm's competitiveness by providing fast service to customers and lower prices. This, in turn, leads to increased customer satisfaction. To unlock this lesson you must be a Study.com Member. Create your account Additional Activities Supply Chain Management Exercise. In this lesson, we learned the definition of a supply chain and of both the upstream and downstream flows involved. Additionally, we learned of both the importance and complexities of supply chain systems. Answer the following questions to demonstrate your mastery of this subject. Section 1: What is Supply Chain Management? Define what a supply chain is. What are the different parties involved in a supply chain? What are the different types of materials and products involved in a supply chain? Define supply chain management. Why is supply chain management important? What is the benefit of an efficient supply chain management? Section 2: How the Supply Chain Works. Where does a supply chain start? What are the upstream and downstream flows within a supply chain? Where does information fall in the supply chain system flows? Section 3: Why is Supply Chain Management Important? Why do supply chain efficiencies reduce both consumer and manufacturing prices? What are some of the driving factors for a manufacturer to improve its supply chain? Section 4: Supply Chain Example Exercise. Consider a product you purchase through the internet and have delivered to your door. Answer the following questions regarding the supply chain in delivering the product to your door. Does the company you order from manufacture the product for you or have finished products already in inventory? What are some of the raw materials required to create the product you purchased? How complex is the process to turn all of the raw materials into a finished product? Approximately how many organizations do you believe are involved in this process? How do you believe the supply chain for purchasing this product was different 30 years ago? Could you even purchase this product or a similar one 30 years ago with supply chain limitations? Have improvements in technology and supply chain management reduce the total cost and/or improve the quality of the product? If so, how? Register to view this lesson. Are you a student or a teacher? I am a student I am a teacher Unlock Your Education. See for yourself why 30 million people use Study.com. Become a Study.com member and start learning now. Become a Member Already a member? Log In  Back What teachers are saying about Study.com Try it now Already registered? Log in here for access What is Supply Chain Management? - Definition & Importance Related Study Materials. Recommended Lessons and Courses for You. Related Lessons Related Courses Related Lessons . 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LSAT Study Schedule Bristol, CT Adult Education Math Math - Videos Math - Quizzes Math - Questions & Answers Social Sciences Social Sciences - Videos Social Sciences - Quizzes Social Sciences - Questions & Answers Science Science - Videos Science - Quizzes Science - Questions & Answers Business Business - Videos Business - Quizzes Business - Questions & Answers Humanities Humanities - Videos Humanities - Quizzes Humanities - Questions & Answers Education Education - Videos Education - Quizzes Education - Questions & Answers History History - Videos History - Quizzes History - Questions & Answers Art and Design Art and Design - Videos Art and Design - Quizzes Art and Design - Questions & Answers Tech and Engineering Tech and Engineering - Videos Tech and Engineering - Quizzes Tech and Engineering - Questions & Answers Health and Medicine Health and Medicine - Videos Health and Medicine - Quizzes Health and Medicine - Questions & Answers Consider a basic economic order quantity (EOQ) model with the following characteristics: Item cost: $15 Item selling price: $20 Monthly demand: 500 units (constant) Annual holding cost: 9% of purc Why would a firm want to measure supplier performance? Describe the kinds of measures that can be used to measure supplier performance. Hau Lee Furniture, Inc., described in Example 1 of this chapter, finds its current profit of $10,000 inadequate. The bank is insisting on an improved profit picture prior to approval of a loan for som It is sometimes useful to view each step in the supply chain as a(n) a. vertical process b. integrated process c. single market d. horizontal process In terms of SCM, a forecast is an estimate of future demand. true or falseIn terms of SCM, a forecast is an estimate of future demand; True or False. What type of supply management structure is required for a company that has two separate locations in one industrial park located two blocks apart, compared to a company that has locations in two citi Identify ways a company can move from a "commodity" position to one of a cost and/or value advantage. Is a commodity position always bad and how can companies differentiate themselves in this positio Specific assets can create problems for a company. If a supplier invests in new machinery to deliver a part useful only to its biggest and best customers, it can find itself with: a) significant exter Select a brand and describe the marketing channel the brand will pass through on the way to the end user. How does this add value and costs? Discuss the career possibilities available to Supply Management professionals in first ten years of this century. What, in your judgment, is the basic difference between career potentials for Purchasi Create an account to start this course today Used by over 30 million students worldwide Create an account Like this lesson Share Explore our library of over 84,000 lessons. 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                                    [3] => Now you know importance of Supply chain management. Read how Dell used Supply Chain Management the right way to overcome there problems in the article Role of technology in inventory management
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                            [body] => Supply Chain and it’s impact on profit and growth in today’s business Posted on May 14, 2018April 23, 2019 by forceintellect What is Supply Chain Management? Supply Chain Management (SCM) is an important part of every organization, whether small or large. SCM is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. SCM also deals with the movement and storing of materials needed to create a product, as well as inventory management, and keeping track of finished goods from where they were created to who they go to.  Modern supply change management encompasses the strategic alignment of end-to-end business processes to realize market and economic value, as well as giving a firm the competitive advantage over their business rivals. Better Supply Chain Better Business Supply chain management has a huge impact on business. Good SCM can directly improve customer service. The right product and the correct quantity must be delivered in a timely manner, to appease both producers and distributors. Consumers want to be able to know the location they must go to obtain the goods that they want. Consumers also want a high standard of customer support. If goods are not distributed on time, supply chain management branches of a company have to assure them that they will get their products as soon as possible. SCM also has a huge impact on the bottom line of a company. A good supply chain management can improve the efficiency of plants, warehouses, and transportation vehicles. Cash flow is directly increased because the delivery of a product is in a timely manner, and consumers can purchase their goods. Importance of Supply Chain Management It is well known that supply chain management is an integral part of most businesses and is essential to company success and customer satisfaction. The main importance of Supply Chain Management are:- REDUCE OPERATING COSTS. Decreases Purchasing Cost – Organizations generally prefer quick distributions of costly products and raw materials to avoid expensive inventory Decrease Production Cost –  A reliable supply chain delivers materials to assembly plants and avoid any costs that may occur due to delays. IMPROVE CUSTOMER SERVICES. Right quantity and quality – Customer expects delivery of right quantity and quality of products. On-time delivery –  Customers expect to receive the correct product mix and quantity to be delivered on time. A reliable supply chain can help in avoiding any bottlenecks and ensure customers get their products in the promised time frame Services – After sales services is one of the important aspects in any business. If any kind of problem occur in the product, customer expects it to be fixed quickly. A right supply chain ensures that customers get the service they want. Forward Momentum. Supply chain management streamlines everything from product flow to unexpected natural disasters. With an effective SCM, organizations can diagnose problems and disruptions correctly. SCM plays an important role in moving items quickly and efficiently to destination. With the emergence of competition in current market scenario, an efficient supply chain can give a business the edge that it needs. Now you know importance of Supply chain management. Read how Dell used Supply Chain Management the right way to overcome there problems in the article Role of technology in inventory management. Write to us
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                            [title] => Why Is Supply Chain Management So Important to Industry? | Norwich University Online
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                            [description] => Machine learning and other artificial intelligence (AI) approaches improve the accuracy and timeliness of business demand forecasts; yet, the tools most manufacturers use to manage the delivery of goods to meet demand are not as innovative. The growing gap between enhanced forecasting and faster, more efficient delivery is a major reason why supply chain management is so
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                            [body] => Why Is Supply Chain Management Important to Industry? Academic Programs » Resources » Why Is Supply Chain Management Important to Industry? Business Administration by Norwich University Online November 26th, 2019 Machine learning and other artificial intelligence (AI) approaches improve the accuracy and timeliness of business demand forecasts; yet, the tools most manufacturers use to manage the delivery of goods to meet demand are not as innovative. The growing gap between enhanced forecasting and faster, more efficient delivery is a major reason why supply chain management is so important to the industry.The logistic management of goods from manufacturers to consumers is one function affected by business digital transformation.  Unified, end-to-end business management processes supported by cloud technology are replacing manual tools such as spreadsheets.  As pressure builds on companies to reimagine supply chain operations, the roles of logisticians and other supply chain managers become even more vital to a company’s success.The evolving roles of supply chain managers in addressing future logistic needs of organizations require training focused on new methodologies. Master of Business Administration programs are helping professionals meet the demand for unified supply chain management in an all-digital environment by focusing on a broad range of practical business process expertise grounded in critical thinking, creativity, and communication skills. What Does Supply Chain Management Involve?One reason why supply chain management is important to industry is the need to reduce expenses by operating more efficiently as operations become more complex.  Accomplishing this goal requires substantial changes to four important components of the supply chain, as Fortune explains:Reducing energy consumption during transportationLowering labor costs via automationMeeting consumer demand for a more diverse inventoryManaging increases in real estate rents as inventory is stored closer to population centersDigitizing supply chain management, in particular, presents four key opportunities to improve business planning, as Gartner explains:Variability is decreased.Bias is identified and addressed.The quality of data is improved.More accurate business models can be developed.A primary characteristic of digital supply chain management is pushing the edge of the network beyond the warehouse via smart sensors and other internet of things (IoT) technologies. According to Logistics Management magazine, “digital edge technologies” include advanced warehouse controls, or warehouse execution systems, that can respond in near real time to alerts from sensors with deliberate programmed actions. Sensors integrated to the network extend beyond reporting on warehouse assets to weather, social, and news feeds in near-constant communication with truck fleets and other components of transportation networks.The first step in implementing a digital supply chain management system is understanding how logistics fits in the company’s comprehensive digital vision. Gartner states that companies must first decide on the digital experience to provide to their customers, and, then, determine the most effective way of delivering that experience. For example, digital supply chain management enables continuous monitoring of equipment at diverse locations, which improves maintenance, troubleshooting, and response times. It also supports the collection of valuable data for analysis to improve the speed and efficiency of the supply chain.Gaining the Knowledge for Effective Supply Chain Management. Mastering the intricacies of the modern business supply chain requires diverse management skills that encompass material handling techniques, logistics,  monitoring technology, communication, and team building. Supply chain managers move beyond the traditional core competencies of supply chain management — negotiating skills, sourcing material, and determining cost-price ratios —to think about the supply chain in strategic terms that align with the organization’s overall goals, explains Inbound Logistics Magazine.Canadian logistics firm Argentus lists the skills that supply chain managers will require in the future:Application of IoT, AI, and other technologies to strategic supply chain planning.Collaboration, relationship management, and change leadership to implement end-to-end supply chain management.Analytics for making faster decisions based on complete, up-to-date data.Problem-solving and risk management within a dynamic decision-making environment.The ability to lead the reengineering of business processes within and outside the supply chain.Implementation of best practices across knowledge areas within the company and spanning industries.The core competencies associated with the supply chain management role, such as advanced project management, leadership skills, and strong technical and economic knowledge, are the foundation of the Supply Chain Management concentration in Norwich University’s online Master of Business Administration program. The core and concentration courses in the program help prepare students for success in all aspects of managing supply and demand within organizations.The following are among the core courses in the program:Strategic Resources Management. The focus of this course is the management of a company’s intangible assets, such as human motivation and organizational behavior.Managerial Finance. Challenges related to financial efficiency, cash flow, and other matters falling under the duties of the chief financial officer are covered in this course. Topics include capital budgets, valuation models, and risk and return analysis.Strategic Marketing and Operations Management. This course studies the smooth integration of marketing and operations management, presenting the product life cycle model to illustrate approaches to combining marketing and operations in ways that support the natural evolution of products.The courses in the Supply Chain Management concentration teach the skills required to capitalize on the modernization of business processes within and outside the supply chain:Supply Chain Management Strategy, Planning and Operations. Strategies are studied in terms of the supply chain’s scope, performance, and suitability to the organization’s needs. Topics include supplier management, inventory strategies, demand forecasting, dealing with uncertainty, and technologies that improve supply chain speed and flexibility.Supply Chain Management Logistics, Design and Execution. This course covers warehouse design, capacity management, logistics metrics for costs and performance, and how to create a responsive supply chain. The focus is on delivering customer value while managing complexity and risk by applying advanced supply chain analytics.Supply Chain Management Assessment, Integration, and Optimization. This class focuses on techniques that help companies optimize their supply chains, including value assessment, supply chain baseline and optimization, capacity management, project management, constraint optimization, time estimation, and quantitative risk assessment.Supply Chain Manager Responsibilities, Salaries & Job Growth. Supply chain managers are responsible for five distinct areas of the logistics operation explains Investopedia:Devising strategies and plans.Finding sources for all required raw materials and services.Ensuring the productivity and efficiency of manufacturing.Ensuring the timely delivery of required materials to all locations (logistics).Supporting the return of faulty or unwanted parts and products.Supply chain managers also must recommend improvements to address inefficiencies in business processes. The globalization of business makes it more likely that supply chain managers will travel to remote locations, which requires an understanding of international finance, business ethics, and cultural differences.Among the duties of logisticians listed by the U.S. Bureau of Labor Statistics (BLS) are managing the product life cycle from inception to recycling; monitoring the provision of equipment, materials, and supplies; nurturing business relationships with suppliers, and identifying improvements that save the company time and money while enhancing customer experiences.The BLS reports that the median annual salary for logisticians was $74,600 in 2018, while November 2019 PayScale data lists the median annual salary for supply chain managers as $81,641. The BLS forecasts that the number of jobs for logisticians will increase by 5% between 2018 and 2028, which equals the growth rate for all jobs in the period. However, Harvard Business Review points out that the U.S. supply chain economy represents 37% of all jobs and offers “significantly higher than average wages” because it’s responsible for “much of the innovative activity in the economy.”Learn More About a Master of Business Administration. Why is supply chain management so important to the industry? Modern supply chains are the engines that drive advances in the design, manufacture, and distribution of products and services, spurring economic growth. Supply chain managers are at the core of this exciting area, serving as collaborators, innovators, advisors, and leaders in their organizations. Preparing for a career in supply chain management begins by acquiring the skills that tie together the many business processes involved in the design, manufacture, marketing, and distribution of products and services.Learn more about how the Norwich University online Master of Business Administration program’s Supply Chain Management concentration that provides professionals with the knowledge and skills needed to thrive in a career as a supply chain manager. Recommended ReadingsWhat Is an MBA? Seven Different Concentrations Support Greater Career OpportunitiesA Look into the Future of Project ManagementMBA vs. Master’s in Finance: Which Works Better for Your Future Career Path?SourcesThe 7 Dimensions of Digital Supply Chain Planning, GartnerThe Evolution of the Digital Supply Chain, Logistics Management3 Steps to a Digital Supply Chain, GartnerDelivery Is Getting More Complex, but Will Soon Be Faster and Cheaper, FortuneCore Competencies Every Supply Chain Manager Needs, Inbound LogisticsThe Top 10 Supply Chain Skills of the Future, ArgentusMaster of Business Administration, Norwich UniversityJob Description and Salary: Supply Chain Management, InvestopediaLogisticians, U.S. Bureau of Labor StatisticsAverage Supply Chain Manager Salary, PayScaleThe Supply Chain Economy and the Future of Good Jobs in America, Harvard Business Review Learn More Today. Complete the form on the next page to request more information about our online programs. Request Info Related Posts. Article Comprehensive Guide to Veteran Scholarships: Grants, Benefits, Family Endowments & More. Article Nurse Manager: 6 Key Skills . Nursing Article Promoting Workplace Safety in Nursing . Nursing Explore this Program. Business Administration Find out more. Request Info
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                            [body] => Why Is Supply Chain Management Necessary in the Current Market? June 1, 2017May 25, 2021 Share Supply chain management (SCM) is a very important part of any organization as it deals with the effective management of supply chain activities to ensure and maximize customer value and achieve a competitive advantage. Companies who use strategic SCM are able to function at their best capacity to provide and distribute their products and materials efficiently. What Is Supply Chain Management? Supply chain management refers to the management of supplying goods and products required by the end customer. In other words, it refers to an organization that manages products that reach an end user. SCM deals with the management of a network of business processes and activities such as raw material procurement, logistics, and manufacturing and distribution of finished goods. Ensuring that the right product is supplied to a customer at the right time and place, as well as with the right cost is the mission of a good SCM provider. The Importance of Supply Chain Management. There are various reasons that SCM is important to retailers and businesses alike. SCM can boost customer service, reduce operating costs, and improve a company’s financial position. Other benefits include reduced inventory costs, better information sharing between partners, improved process integration, and improved quality. Here is a breakdown of the benefits of SCM. Boosts Customer Service. One of the most important aspects of a business is its customer service. The correct product assortment and quantity needs to be delivered to the customer on time and efficiently in order to ensure they are satisfied. Customers also expect products to be serviced quickly if repairs or replacement products are requested/needed. SCM can help ensure that customers are satisfied at all times, which can improve your business’s bottom line. Reduces Operating Costs. Supply chain management decreases overall supply chain costs since retailers and manufacturers often rely on supply chain managers to create networks that meet customer service goals at the most affordable rate. Retailers also require supply chains to quickly deliver expensive products in a timely manner in order to limit inventory holds longer than necessary. SCM further reduces production costs because manufactures require supply chains to deliver materials to assembly plants to ensure proper material supply at all times. Improves Financial Position. SCM increases profit leverage since supply chain managers help control and reduce the cost of the supply chain, which provides drastic increases in firm profits. Supply chain managers also decrease the use of plants, warehouses, and transportation vehicles within the chain so that fixed assets can be reduced. Lastly, SCM can increase your business’s cash flow given that customers can receive their products faster thanks to supply chain managers. Why Choose Cannon Hill Logistics?   If you’re looking for supply chain management on the East Coast, Cannon Hill Logistics can help you. We provide a variety of flexible and efficient warehouse solutions, fulfillment operations, inventory management, and other third-party logistics services. For over three decades we have committed and dedicated ourselves to ensuring our customers are getting the most out of their operations and that each aspect of their supply chain is streamlined and set up for success. If you require advice to move forward with your operations, or want to work with us, please contact us at 1-(800) 822-4747. Call today. tel:1.800.822.4747. Let us customize a plan to help your business thrive. Online project planner. Fill out the form to get started! Contact Us Home About Why Choose Cannon Hill Logistics? Why Work with a 3PL Company? Services Product Distribution and Fulfillment Warehouse Management E-Commerce Order Fulfillment in Maryland Customer Service Management Custom Packaging Cross-Docking Services in Maryland Clients Testimonials Blog Contact
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                            [body] => What Is Supply Chain Management? Supply chain management integrates, synchronizes and orchestrates all physical, financial and information flows that organizations and their value chain partners need to fulfill demand for their goods and services. Table of Contents. What does cybersecurity mean for your business? What is a cyber attack? What are cybersecurity controls and cyberdefense? Why does cybersecurity fail? What is the future of cybersecurity? Who is responsible for managing cybersecurity? What cybersecurity metrics do I need? How much should I spend on cybersecurity? Recommended Cybersecurity Content Related Priorities for Security Operations Cybersecurity Executive Resources Connect With Peers What are the key elements of supply chain management? Why is supply chain management important? What is supply chain management strategy? What role do logistics play in supply chain management? What is supply chain resilience? What is supply chain risk management? What is a supply chain network? What is a digital supply chain? What is supply chain technology? What are supply chain analytics? Latest Supply Chain Management Insights Supply Chain Management Initiatives Resources for Supply Chain Management Leaders Connect With Peers What are the key elements of supply chain management? . Supply chain organizations aim to plan the resources and capacity they will need to meet customer needs, while optimizing for cost, service, inventory, resilience, sustainability or other objectives. The key supply chain processes are: Sourcing and procurement Supply chain planning, which includes production planning, demand forecasting, network modeling, and supply and demand optimization Transportation (inbound and outbound), which spans importing, cross-border and exporting (global trade management (GTM)) falls under importing or exporting) Warehousing and distribution, which includes receiving, stocking, picking, packing and shipping inventory Manufacturing (some enterprises include production in their supply chain scope) Store operations Services such as aftermarket, returns, repair and upgrades of physical and digital products Through these processes, supply chain organizations manage demand forecasting, choose and manage suppliers (including contract manufacturers), plan for and manufacture products (having acquired the raw materials), store and deliver finished goods (using logistics or third-party logistics providers (3PLs) to coordinate and schedule orders and deliveries), and manage products that are returned, defective or excess to needs. SC Activity Map Why is supply chain management important? . Supply chains get the right goods and services to the right customers at the right time via a network of linked activities. As such, they are a powerful engine of economic activity. When supply chains falter, economic activity and business results can suffer. The COVID-19 crisis exposed the fragility of global supply chains that have long been optimized solely for cost efficiency. To contain cost and improve efficiency, supply chain management has historically focused on lean and just-in-time principles, which means placing new orders only when inventory gets low. This reduces the so-called waste of spare capacity and stocks on hand, but it also eliminates the buffer against unforeseen shortages.  The pandemic pushed supply and demand patterns far from what organizations had predicted or planned for. Global supply chains have traditionally suffered other disruptions from factors such as trade wars and inflation, but the size and extent of pandemic shocks created extensive delays and shortages within them — rendering them unable to meet customer demand.  Responding effectively to disruption and managing trade-offs between cost-efficiency and resilience will be key to the future of supply chains as organizations strive to protect their brands and retain a competitive edge with customers. (Also see “What is supply chain resilience?” and “What is a digital supply chain?”) Future of Supply Chain What is supply chain management strategy? . The ultimate goal of supply chain management strategy is to contribute to enterprise goals, drive enterprise ambitions and create competitive advantage. This involves more than optimizing end-to-end supply chain processes; it also means adapting to and potentially transforming business and operating models.  In 2022 and beyond, supply chain management strategy must account for ongoing and as-yet-unimagined disruption to global networks, operating models and stakeholder demands.  Recent drivers of supply chain change include expanding digital business models, the shift to selling solutions rather than just products, diverse customer expectations and the increasing rate of disruptions. In this volatile environment, supply chain strategy can contribute value by making it easier, faster, safer and less costly for the enterprise to change its operating model. Some supply chains may adopt modular operating models that can assemble and rearrange components and capabilities to pivot as conditions dictate. Gartner describes this evolution to greater flexibility as becoming more composable. Other supply chain managers may focus on developing an integrated, end-to-end digital roadmap (also see “What is a digital supply chain?”)  Supply chain management contributes to a number of enterprise goals, such as sustainability and diversity, equity and inclusion. But regardless of the specific initiatives — and their breadth — organizations need to assess the current and future state of their supply chains and prioritize the actions needed to close the gaps. SCM Strategic Plan What role do logistics play in supply chain management? . Logistics plans and manages transportation from sources of supply to manufacturing sites, distribution centers, stores or other points in the supply chain where materials will be processed further and advanced down the supply chain to the enterprise's ultimate customer. Increasingly, logistics is integrated with customer fulfillment as both together form the part of supply chain management most directly impacted by shifting customer expectations. But logistics cannot simply deliver to meet all customer service expectations irrespective of how much it costs to do so.  Logistics costs include the costs to deliver, such as transportation and warehousing, staff productivity, process efficiency, inventory holding, assets, and resource utilization costs across the logistics network. But logistics must also account for today’s more complicated product portfolios, challenging routes to market, growing network complexity and disruptions to the supply chain overall.  Measuring logistics performance, then, becomes a balancing act of delivering perfect order performance and maintaining sufficient resilience while optimizing the cost to do so — or consistently and profitably delivering to meet customer expectations. Logistics Activity Map What is supply chain resilience? . A resilient supply chain is able to avoid, absorb and recover from the business impact of major disruptions and continue to operate under stress.  To ensure resilience, supply chain leaders must balance the risks and costs across supply chain strategy, product and network design to ensure the system can function under stress and bounce back from disruption.  Gartner argues that supply chain resilience can be achieved in six ways: Inventory and capacity buffers. Add production facilities or surge capacity with external manufacturing partners and warehoused stockpiles. Manufacturing network diversification. Achieve agility with nearshoring or regional strategies that add suppliers or factories in new locations, and conduct make vs. buy evaluations.  Optimize the sourcing network. Expand the network to include alternative qualified suppliers or secondary locations used by existing suppliers or add regional sources.  Optimize distribution networks. Balance the warehousing footprint and transportation alternatives to achieve agility and flexibility. Product portfolio design. Design the manufacturing process using standard parts or platforms across a product range to simplify sourcing without losing the benefits of scale. Ecosystem partnerships. Coordinate data sharing, risk monitoring, crisis response and diversification measures with contract manufacturers and logistics providers.  Build SCM Resilience What is supply chain risk management? . Supply chain management must account for a range of risks, from those created internally, such as workforce and enterprise operational dynamics, to those created externally, such as social and demographic shifts, and environment and climate dynamics.  These disruptions can have a significant impact on organizational performance, cause reputational and financial damage, and threaten organizational viability. Supply chain risk management has typically relied on visibility, resilience and agility to improve the response to disruptions, but during the pandemic, volatility overwhelmed many such strategies. And even before that, supply chains were under stress.  In evolving to become innovative and responsive to customer needs, most supply chains also increased massively in size, complexity and globality. This has left organizations vulnerable to an even wider range of risks, including those over which they have very little control. The rate and types of disruption have also increased, so supply chains can barely recover from one shock (such as a trade dispute) before being hit by another (such as a natural disaster). Gartner argues that a more effective supply chain management approach is to reduce the size of the risk target that the supply chain organization has become — its “surface area.” Supply chains that do this are likely to experience less than one-third of the disruptions their response-focused peers experience. Mitigate Risk What is a supply chain network? . A supply chain network comprises the organizations and facilities that conduct supply chain activities — from the upstream sourcing of components to the distribution of final products. The network may therefore include locations and product flows across a single or multiple entities.  A critical goal of supply chain management is to optimize the location of sites and the flow of products through this network to achieve the right balance of cost, customer experience, resilience and other objectives. Advanced analytics may be deployed to achieve this balance. Gartner argues that supply chain networks will need to integrate many trading partners within a broader (and less linear) ecosystem and at the same time, have to optimize the total surface area in the network to be resilient. This ecosystem goes beyond direct suppliers to Tier 2 suppliers and beyond, direct and indirect logistics partners, end customers, government agencies and industry organizations.  A supply chain ecosystem shares and combines capabilities among participants in the supply chain network and develops equitable relationships to generate and exchange value to all participants. Digital connections are key to ecosystems. (Also see “What is digital supply chain?”) Gartner predicts that by 2026, more than 50% of large organizations will compete as collaborative digital ecosystems rather than discrete firms, sharing inputs, assets and innovations. This will help create supply chain resilience, especially during disruption. What is a digital supply chain? . Digital supply chains leverage digital capabilities, information technology, analytics and web-enabled processes to improve visibility (ideally in real time) and efficiency across all the activities and organizations in the supply chain — and ultimately create value for the business..  Digitalization is revolutionizing the level and intensity of connections among trading partners in the supply chain, making it easier for organizations to create and participate in value-creating supply chain ecosystems. (Also see “What is a supply chain network?”)  But digital supply chains also need to serve a growing range of digital products — and machine customers. Supply chains must, for example, be prepared to replenish digital orders directly from printers that sense low ink, as well as an increasing number of “equipment as a service” and “product as a service” offerings. The more autonomous the world becomes, the more supply chains will need to mature digitally and be connected end to end. All internal functions, including research and development (R&D) and procurement, through manufacturing, logistics, marketing and sales, as well as all trading partners, will use a common data platform.  To capture the opportunities of digitalization, supply chain leaders must understand and prioritize the technologies that can speed supply chain transformation. Digital initiatives should be prioritized to create value for the business, which will likely require supply chain leaders to get the CEO’s buy-in for digitalization efforts. (Also see “What is supply chain technology?”) Some organizations are also creating a digital supply chain — a digital representation of their real-world supply chain built from granular data. This digital twin can reflect real-world activities and connections in near real time to improve planning and decision making.  Supply chain analytics are essential to all supply chain management decisions (e.g., What will I sell? What do I need to make? How much? When? Where?), but especially to digital twins. (Also see “What are supply chain analytics?”) Digital Supply Chain Plan What is supply chain technology? . Supply chain technologies and solutions include established applications, such as supply chain planning and transportation management tools, but also extend to emerging and evolving technologies such as artificial intelligence, machine learning and robotics. Technology is especially critical to the future of digital supply chains and ecosystems, where innovation and collaboration drive competitive advantage. As supply chain leaders look to identify, evaluate, select and deploy technology investments that further transform their supply chains, they must focus their choices on the potential impact to their organizations.  Certain sets of technologies help organizations reach out to new customers or markets, for example, while also maturing the supply chain organization itself. But overall supply chain maturity, organizational risk culture, industry sector and other factors will influence the role of technologies in a given organization’s transformation journey. That is what should drive investment priorities. The key is to bundle innovative technologies together to solve specific problems and improve outcomes in a way that differentiates your organization from competitors. Emerging technologies will play an important role. For example, AI is becoming a foundational catalyst for advanced process automation and human augmentation and engagement. Other relevant technology trends include hyperautomation and digital twins of the supply chain. Ultimately, though, supply chain technology requirements must align with the company’s overall enterprise IT and business strategy to ensure that chosen technology investments fuel growth and improve profitability while managing risk and cost. SCM Tech Trends What are supply chain analytics? . Supply chain analytics generate data-driven insights that can be descriptive (what is happening or has happened), diagnostic (the why), predictive (for future scenarios) and prescriptive (actionable insights).  The overarching benefit of supply chain analytics is that they provide the insight required to make better decisions and can therefore create a powerful competitive advantage. By improving the quality of their decisions, supply chain managers create more value for the business, because executable plans use resources more effectively to support corporate goals.  Showing financial improvements, such as growth in market share, revenue and return on assets or a reduction in working capital, is typically the most compelling way to demonstrate the success of analytics initiatives to business leaders. But there are other benefits. These include: Supply chain improvements, such as shorter order cycle times that provide customers with more timely service. Improved forecast accuracy can also demonstrate benefits to capacity utilization, changeovers, production schedule changes and inventory turns. Process improvements. Analytics, by increasing the speed and accuracy of decisions, can reduce the time needed to generate reports, prepare for business reviews or provide customers with order updates. Supply chain management leaders will need to work with data and analytics leaders across the business to ensure alignment on both data strategy and platforms, and with IT leaders to ensure the right technologies are in place. Optimization and simulation capabilities can enable what-if scenario planning while AI capabilities can enhance or replace human decision making through machine learning and natural language techniques in all areas of analytics. (Also see “What is supply chain technology?”) SCM Analytics For executives and their teams . Latest Supply Chain Management Insights. Strategies to Drive Purpose-Driven Outcomes for a Fractured World . Read Now Reshape the Future Workforce to Support Smart Manufacturing . Watch Now Optimize Supply Chain Cash Flow and Costs Using 3 Performance Lenses . Read Now Strategies to Drive Purpose-Driven Outcomes for a Fractured World . Read Now Supply Chain Management Initiatives. Develop the Supply Chain Professional of 2025 . Download Now Four Steps to a Customer-Centric Supply Chain . Download Now From Automation to Autonomy: The Supply Chain 2035 Roadmap . Download Now Develop the Supply Chain Professional of 2025 . Download Now Resources for Supply Chain Management Leaders. Leadership Vision for 2022: Chief Supply Chain Officer . Download Now CEOs Expect Supply Chain Leaders to Balance Optimization and Business Growth . Watch Now Lessons Learned From The Gartner Supply Chain Top 25 . Download Now Leadership Vision for 2022: Chief Supply Chain Officer . Download Now Gartner Supply Chain Symposium/Xpo™ . Join the world's most important gathering of CSCOs, supply chain executives along with Gartner experts to transform and innovate your supply chain strategy. View Conference Experience IT Security and Risk Management conferences . Join your peers for the unveiling of the latest insights at Gartner conferences. View Conferences Drive stronger performance on your most critical priorities. . Become a Client
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                            [body] => 8 key benefits of effective supply chain managementJohn Gomez July 9th, 2019Today’s global supply chains are increasingly complex, making a data-driven approach to supply chain management a must. Data-driven SCM provides visibility from end to end for monitoring the flow of information, services and goods from procurement to manufacturing and delivery to the end consumer. Data isn’t the only driver of effective supply chain management; other factors such as good vendor and supplier relationships, effective cost control, securing the right logistics partners and adopting innovative supply chain technologies make a big impact, too.Supply chain optimization isn’t a simple undertaking, but effective SCM offers numerous benefits that improve the bottom line. Here’s a look at eight of the most important benefits of effective supply chain management.Better collaboration. Information flow is a prominent challenge for companies. According to Oracle, 76% of companies lack an automated flow of information across the supply chain, and half of companies say fragmented information results in lost sales opportunities. Integrated software solutions remove bottlenecks and allow for the seamless sharing of information, providing a big-picture view of the supply chain from end to end. Thanks to improved access to data, supply chain leaders have the information they need, in context, to make more informed decisions.Improved quality control. Quality control issues follow the rule of 10, explains Arshad Hafeez, Global Expert for Supply Chain Management and Quality Control, SCM-Group Function (GF) in an article for CIO Review. According to the rule of 10, the cost to replace or repair an item increases by tenfold at each step of the progression, resulting in significant costs for companies when quality issues arise.Companies that have greater control over not only their direct suppliers but also their suppliers’ suppliers benefit from improved quality control. Implementing standard minimum quality criteria, for instance, enables direct suppliers to identify and partner with secondary suppliers that meet those requirements. Likewise, process guidelines can help suppliers comply with your company’s quality requirements. Some companies go beyond simply providing criteria, conducting periodic audits or requesting documentation verifying suppliers’ compliance steps. Hafeez recommends implementing a Management Operating System (MOS) for monitoring key performance indicators including:On-time deliveryScrap rates, reworks and similar issues at suppliersFinal product quality (as received by end customers)Time for complaint resolutionFindings from supplier quality assessmentsBy analyzing performance data, companies can partner with the highest-performing vendors and suppliers to maintain strict quality control.Higher efficiency rate. Having real-time data on the availability of raw materials and manufacturing delays allows companies to implement backup plans, such as sourcing materials from a backup supplier, preventing further delays. Without real-time data, companies often don’t have time to initiate plan B, resulting in issues such as out-of-stock inventory or late shipments to end consumers.Implementing smart automation solutions also results in higher efficiency. Healing Hands Scrubs, for example, implemented 6 River Systems’ collaborative mobile robots, doubling productivity and reducing unnecessary walking by 75%. Investing in the right automation solutions and leveraging data to minimize delays supports a positive customer experience and boosts your company’s reputation.Keeping up with demand. “If consumer sales increase by 5 percent in a given week, a retailer could end up ordering 7 percent more product in response to the increase and a feeling that demand will continue,” according to a report by VISA. “The next link in the chain, observing what appears to be a 7 percent increase in demand, then orders a larger increase on his supplier. Eventually the factory may observe an inflated 20 percent increase in orders.”Known as the bullwhip effect, this phenomenon often results from delays in communicating supply and demand changes. Supply chain leaders with access to real-time, accurate information and integrated data can better predict demand and readily respond to changing market conditions to avoid challenges like the bullwhip effect.Shipping optimization. According to Logistics Management’s The State of Logistics Report, freight transportation costs increased by 7% from 2016 to 2017, while private and dedicated trucking costs increased by 9.5%. Less-than-truckload costs rose by 6.6%, and full truckload costs rose by 6.4%. Due to rising costs, shipping optimization is a priority for supply chain leaders. Identifying the most efficient shipping methods for small parcels, large bulk orders and other shipping scenarios helps companies get orders to customers faster while minimizing costs. Not only do those cost savings boost the company’s bottom line, but savings can be passed on to consumers as well to improve customer satisfaction.Reduced overhead costs. With more accurate demand predictions, companies can reduce the overhead costs associated with storing slow-moving inventory by stocking less low-velocity inventory to make room for higher-velocity, revenue-producing inventory. Warehouse fulfillment costs contribute significantly to overhead. Reduce these costs by optimizing your warehouse layout, adopting the right automation solutions to improve productivity and implementing a better inventory management system.Identifying unnecessary spend is another way to achieve leaner operations. If you’re facing high logistics costs, for instance, switching to another provider offering the same service level and quality at a lower cost is a quick win.Improved risk mitigation. Analyzing big-picture and granular supply chain data can reveal potential risks, enabling companies to put backup plans in place to readily respond to unexpected circumstances. By taking proactive action, rather than reacting to supply chain disruptions, quality control issues or other concerns as they arise, companies can avoid negative impacts. Understanding risks also helps companies achieve leaner operations. For instance, 87% of companies believe they could reduce inventory by 22% if they had a better understanding of risks in their supply chains.Improved cash flow. The importance and benefits of supply chain management systems discussed above allow companies to make smarter decisions, choose the right partners, accurately predict and respond to market and demand changes and reduce supply chain disruptions, but that’s not all: they also improve the company’s bottom line. For example, working with reliable suppliers not only means fewer disruptions and more satisfied customers, but it also improves cash flow by allowing you to invoice (and get paid for products and services) sooner. Implementing more cost-effective solutions to eliminate wasteful spend and reducing overhead costs also contribute to positive cash flow.Supply chain disruptions have a domino effect, impacting every juncture throughout the supply chain, but the same is true for the positives: effective supply chain management has direct and secondary effects that support the efficient, seamless flow of information, goods and services from procurement through final delivery.Learn about the benefit of flexible warehouse automation in your operation: read our white paper The Business Case for Collaborative Mobile Robotics. Interested in more? Let’s discuss the solution that’s right for you. Contact us today.Related posts. 6 River Systems Enters 2021 with Strong Momentum Led by Award and Customer Wins. Through the second half of 2020, 6 River Systems continued its momentum during a truly unpredictable year. Even with the …Read More 3 Common Problems Canadian 3PL NLS Doesn’t Need to Worry About. As a leading third-party logistics company in Canada serving top-name retail customers, National Logistics Services (NLS) could easily fall victim …Read More How 6 River Systems is Solving the Challenges of Traditional Zoning Methods. Ask any pick-and-pack warehouse operator: there are pros and cons for each of the picking methodologies they choose for their …Read MoreMeet Chuck← BackMeet ChuckChuck ConfigurationsPick with Chuck [Interactive]Actionable InsightsDeploymentHealth & SafetyWALL-TO-WALL FULFILLMENT← BackDirected PickingSortationPackoutCase ReplenishmentReturns PutawayCustomersCareersResources← BackThe Fulfillment BlogThe Engineering BlogNewsWhite PapersCase StudiesWebinarsFLOW 2021Contact Us
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                            [body] => Supply Chain An entire system of producing and delivering a product or service, from sourcing the raw materials to the final delivery of the product or service to end users Home › Resources › Knowledge › Strategy › Supply Chain What is a Supply Chain?A supply chain is an entire system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery of the product or service to end-users. The supply chain lays out all aspects of the production process, including the activities involved at each stage, information that is being communicated, natural resources that are transformed into useful materials, human resources, and other components that go into the finished product or service.  Why Should A Company Understand Its Supply Chain?Mapping out a supply chain is one of the critical steps in performing an external analysisExternal AnalysisExternal analysis means examining the industry environment of the company, including factors such as competitive structure, competitive position, dynamics in a strategic planning processStrategic AnalysisStrategic analysis refers to the process of conducting research on a company and its operating environment to formulate a strategy. The definition. The importance of clearly laying out the supply chain is that it helps a company define its own market and decide where it wants to be in the future. In developing corporate-level strategiesCorporate StrategyCorporate Strategy focuses on how to manage resources, risk and return across a firm, as opposed to looking at competitive advantages in business strategy, a company often needs to make decisions on whether to operate a single line of business or enter into other related or unrelated industries.Each stage of a supply chain is essentially a different industry, for example, raw material extraction and manufacturing. The supply chain enables a company to understand others that are involved in each of the stages, and thereby provides some insights on the attractiveness or competitiveness in industries the company might want to enter in the future. Supply Chain Examples. Let’s look at two different examples of a supply chain. Generic Supply Chain. The generic supply chain begins with the sourcing and extraction of raw materials. The raw materials are then taken by a logistics provider to a supplier, which acts as the wholesaler. The materials are taken to a manufacturer, or probably to various manufacturers that refine and process them into a finished product.Afterward, it goes to a distributor that wholesales the finished product, which is next delivered to a retailer. The retailer sells the product in a store to consumers. Once the consumer buys it, this completes the cycle, but it’s the demand that then goes back and drives the production of more raw materials, and the cycle continues.  Supply Chain for an e-Commerce Company. In this example, the e-commerce company operates a website, and that website sells various products. When a customer places an order for a product, the product order is being processed by technology such as a checkout cart, an order system, or a third-party product such as Shopify. The payment processors then come in and deal with payment transactions for the order, which actually opens up a new supply chain.The payment processors use their own systems but, in most cases, third parties such as PayPalPayPal HoldingsPayPal Holdings, Inc. is one of the largest online payments companies that allow parties to make payments through online funds transfers. The online payment system offers electronic alternatives to traditional payment methods such as money order and checks. PayPal provides a platform for online vendors, auction sites, and Stripe are employed, and they involve banks and other providers. When a product order is placed, the warehouse receives the order and ensures the product is ready for delivery. The warehousing company can be either in-house or a third-party logistics provider.The order then goes from the warehouse to the shipping company. Once again, the shipping may be in-house or a third-party shipping company. After shipping, the package arrives at the customer’s door and the customer receives it.  More Related Resources. Thank you for visiting our resource on supply chains. To learn more about external analysis and how to perform strategic analysis, enroll in our Corporate & Business Strategy course today!Additional relevant CFI resources include:Bargaining Power of BuyersBargaining Power of BuyersThe bargaining power of buyers, one of the forces in Porter’s Five Force Industry Analysis framework, refers to the pressure that customers/consumers canBargaining Power of SuppliersBargaining Power of SuppliersThe Bargaining Power of Suppliers, one of the forces in Porter’s Five Forces Industry Analysis Framework, is the mirror image of the bargaining powerExternal AnalysisExternal AnalysisExternal analysis means examining the industry environment of the company, including factors such as competitive structure, competitive position, dynamicsAll Strategy ResourcesStrategyCorporate and business strategy guides. Read all CFI articles and resources on business and corporate strategy, important concepts for financial analysts to incorporate in their financial modeling and analysis. First mover advantage, Porter's 5 Forces, SWOT, competitive advantage, bargaining power of suppliers CFI's Corporate & Business Strategy Course. Learn to perform Strategic Analysis in CFI’s online Business Strategy Course! The comprehensive course covers all the most important topics in corporate strategy! Corporate Finance Institute Back to Website 0 search results for ‘’ People also search for: excel Free free courses Balance sheet accounting IRR wacc Explore Our Certifications Financial Modeling & Valuation Analyst (FMVA)®Learn more Commercial Banking & Credit Analyst (CBCA)™Learn more Capital Markets & Securities Analyst (CMSA)®Learn more Certified Business Intelligence & Data Analyst (BIDA)™Learn more Resources Excel Shortcuts PC Mac List of Excel Shortcuts Excel shortcuts - It may seem slower at first if you're used to the mouse, but it's worth the investment to take the time and... Free Financial Modeling Guide A Complete Guide to Financial Modeling This resource is designed to be the best free guide to financial modeling!  We will break down the most important... SQL Data Types What are SQL Data Types? The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information... Structured Query Language (SQL) What is Structured Query Language (SQL)? Structured Query Language (SQL) is a specialized programming language designed for interacting with a database.... See All Resources See All Popular Courses Free! FMVA® - Prep Courses 3.5h Excel Crash Course - Spreadsheet Formulas for Finance FMVA® - Required 5.5h Building a 3 Statement Financial Model FMVA® - Required 7.5h Business Valuation Modeling Part I FMVA® - Required 2.5h Scenario & Sensitivity Analysis in Excel FMVA® - Required 6h Dashboards & Data Visualization FMVA® - Electives 11h Leveraged Buyout LBO Modeling See All Courses See All Recent Searches Suggestions Free Courses Excel Courses Financial Modeling & Valuation Analyst (FMVA)® Test Your Skills Create an account to take the assessment.
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                            [body] => What is supply chain management? Mastering logistics end to end Supply chain management enables enterprises to source the materials necessary to create a product or service and deliver that product or service to customers. Here’s how to make the most of your SCM strategy. By Bart Perkins, Sarah K. White and Thomas Wailgum CIO Oct 28, 2021 2:00 am PDT Thinkstock Supply chain management definition. Supply chain management (SCM) is the process by which an enterprise manages the sourcing of raw materials to create a product or service and deliver that product or service to customers. The goal of SCM software is to improve supply chain performance. Timely and accurate supply chain information allows manufacturers to make and ship only as much product as can be sold. Effective supply chain systems help both manufacturers and retailers reduce excess inventory. This decreases the cost of producing, shipping, insuring, and storing products that cannot be sold. Supply chain management process. The supply chain management process comprises five components essential to creating and delivering quality products and services on-time and within established budgets. SCM helps enterprises establish clear blueprints for procuring resources, building and delivering final products, and maintaining positive relationships with consumers. The main five steps of the SCM process are: Plan: Companies must first develop a plan to ensure inventory is available for all manufacturing process. A key issue to be aware of here is demand variation, which can impact what resources are available to your enterprise. Most companies use an analytical tool, such as material requirement planning software, to help predict supply and to determine the required raw materials. Source: Companies must also identify vendors who can supply required materials on budget and in the most efficient way possible. Here, the focus is on finding the right resources and ensuring they will arrive in the correct time frame, all without losing any revenue during the process. Make: In developing the final product for the customer, companies must be sure to follow requirements as close as possible. In this phase, companies assemble, test, and pack products, and then improve the production operation process based on feedback from the customer. Products might go through numerous iterations before the final version is delivered. Deliver: In delivering final products to customers, companies focus on brand image, customer expectations, and ensuring that the product arrives seamlessly. It’s important to ensure products are high-quality and can be delivered to customers as efficiently as possible. Return: Post-delivery, companies focus on customer support, especially with regard to returned goods and products. Also known as “reverse logistics,” this phase is important for ensuring relationship with customers are not negatively impacted. Ensuring a smooth and seamless return or exchange process is just as important as the delivery process, as it is key to maintaining a positive customer experience. Organizations will approach SCM differently based on their goals, market, and the products they deliver. Each the five phases can also be enhanced by reliance on strategies specific to any given phase, including resource-based view (RBV), transaction cost analysis (TCA), knowledge-based view (KBV), strategic choice theory (SCT), materials logistics management (MLM), just-in-time (JIT), materials requirements planning (MRP), theory of constraints (TOC), total quality management (TQM), agile manufacturing, time-based competition (TBC), customer relationship management (CRM), requirements chain management (RCM), and available-to-promise (ATP). Supply chain management systems and vendors. Supply chain management systems, tools, and software offer key elements for helping you manage the SCM process. Popular software typically includes the ability to track demand, your supply network, and production planning. You’ll also find features for detailed scheduling, sourcing, and supplier management, along with robust analytics to help monitor the logistics of the supply chain. These tools can help track suppliers, transporters, returns, warehousers, retailers, manufacturers, and customers all in one place. SCM requires many moving parts, and SCM systems promise to help streamline the SCM process by improving efficiency, transparency, and accuracy.  Some of the more popular SCM tools currently available include: Basware Descartes Systems Group E1open Elementum Epicor Infoplus Infor SCM Jaggaer JDA Software Logility NetSuite Oracle SCM Quickbase SAP SCM Supply chain management examples. Over the past twenty years, the supply chains of manufacturers and retailers have become ever more tightly linked. In many industries, retail sales trigger replenishment orders to manufacturers. Manufacturers with a well-tuned, just-in-time supply chain can automatically restock retail shelves as products are sold. As collaboration has increased, additional data from supply chain partners has enabled companies to use advanced analytics to further improve results. Examples include: Identifying potential problems before they occur. When a customer orders more product than the manufacturer can deliver, the traditional response has been to short the order. This leaves the buyer feeling unimportant and convinced the manufacturer’s service is poor. Manufacturers who anticipate the shortage before the buyer is disappointed may be able to offer a substitute product or other incentive to keep the buyer happy. Optimizing price dynamically. Seasonal products, particularly fashion products, have a limited shelf life. Any that don’t sell by the end of the season are scrapped or sold at deep discounts to empty the warehouse. Airlines, hotels, and other companies with a limited, but perishable product, adjust prices dynamically to meet demand. While this is more difficult with clothing and other products where the supply can vary widely, similar forecasting techniques can improve margins. Improving the allocation of available to promise (ATP) inventory. Today’s tools dynamically allocate resources and schedule work based on the sales forecast, actual orders, and promised delivery of raw materials. Manufacturers are able to confirm a product delivery date when the order is placed, significantly reducing incorrectly filled orders. Supply chain management metrics. Well-run supply chains are measured in a variety of ways. Metrics can help organizations focus on the most important activities and improve existing processes. Critical metrics support regulatory compliance, safety, or contractual obligations. Other metrics monitor and improve efficiency, improve service, and produce greater profits. Common metrics include: Perfect orders: The percentage of error-free orders Cash to cash cycle time: Number of days between paying for raw materials and getting paid for the final product Order cycle time: The time from order receipt to product delivery Fill rate: The percentage of orders delivered as ordered on the first shipment. In reality there are hundreds of supply chain metrics. The art is to find the right ones for your industry and your business. See also: “5 ways big data will shake up the supply chain.” Supply chain management master’s degrees. You can start a career in supply chain management (SCM) with a bachelor’s degree, but if you’re looking to climb the ladder and push your career forward, you will want to explore a master’s degree in the field. SCM is becoming an important role in multiple industries, including retail, manufacturing, technology, and the federal government. Here are ten supply chain management programs worth a look: USC Online — Master of Science in Global Supply Chain Management University of Washington — Online Master of Supply Chain Transportation & Logistics Boston University — MS in Supply Chain Management The University of Maryland – College Park (UMCP) —  Management Master’s Degree with Acquisition and Supply Chain Management Specialization University of San Diego — Master’s in Supply Chain Management Michigan State University — Master of Science in Supply Chain Management Air Force Institute of Technology — Distance Learning Master of Science in Logistics Rutgers University Business School — Master of Science in Supply Chain Management (Online) Florida Institute of Technology — Master’s in Supply Chain Management Embry-Riddle Aeronautical University — Master of Science in Logistics and Supply Chain Management  To learn more about each of these programs, including the length of the program, who they’re for, whether they’re offered online, and tuition rates, see “10 best graduate programs for supply chain management.” Supply chain management certifications. SCM pros with at least one certification get paid on average 19% more than those who aren’t certified, and those with two or three certifications earn salaries that are 39% and 50% higher than the median, respectively. Whether you’re already making a career in supply chain management, or want to break into the field, here are eight supply chain management certifications that can round out your resume and give you a leg up against the competition. APICS Certified Supply Chain Professional certification (CSCP) APICS Certified in Production and Inventory Management (CPIM) APICS Supply Chain Operations Reference (SCOR-P) Endorsement ISM Certified Professional in Supply Management (CPSM) ISM Certified Professional in Supplier Diversity (CPSD) NCMA Certified Professional Contract Manager (CPCM) SCPro Council of Supply Chain Management Professionals (CSCMP) SOLE Certified Professional Logistician (CPL) To learn more about these certifications, including requirements and fees, see “The top 8 supply chain management certifications.” SCM salary. According to data from Payscale, the average salary for a supply chain manager is $84,020 per year with a reported range from $56,000 to $188,000. Entry-level supply chain managers with less than one year of experience report earning an average of $62,664, which jumps to $73,461 for those with an average one to four years of experience. Midcareer SCM professionals report earning an average annual salary of $86,036, while experienced SCM professionals with 10-19 years of experience report earning an average salary of $92,299 per year. Those with more than 20 years of experience report an average annual salary of $94,880. According to data from PayScale, there are also several skills associated with higher pay for SCM professionals. These include program management (40%), manufacturing process engineering (31%), financial analysis (21%), product development (18%), change management (17%), vendor management (15%), business analysis (13%), scheduling (13%), SAP Sales and Distribution (SAP SD) (12%), and strategic planning (10%). SCM jobs. Supply chain management jobs are typically listed under the title of supply chain manager, but there are similar roles that fall under the same category. You’ll find plenty of roles that require SCM skills, whether it’s in operations, product, or analytics. Maintaining an efficient supply chain will require several different professionals who help create, manage, evaluate, and monitor supply chains within the organization. You may see SCM jobs listed under titles such as: Connected supply chain manager Customer delivery manager Director of logistics Director of supply chain Global supply manager Lead analyst, SCM Purchasing manager Senior ERP analyst Supply chain analyst Supply chain engineer Supply chain integrations manager Supply chain management consultant Supply chain and operations manager Supply chain project manager Supply chain technician Supply planning manager Next read this. 10 IT resolutions for 2022 11 lies CIOs will tell themselves in 2022 IT leaders’ top 15 takeaways from 2021 7 hot IT budget investments — and 4 going cold 7 enterprise architecture mistakes to avoid 13 most difficult-to-fill IT jobs 7 hot digital transformation trends — and 3 going cold 7 IT metrics that matter most 7 toxic team behaviors IT leaders must root out 10 key skills for a successful cloud strategy Related: Supply Chain Management SoftwareEnterprise Applications Sarah White is a senior writer for CIO.com, covering IT careers, hiring & staffing, and diversity. Download the Winter 2021 digital issue: Supercharging IT innovation Sponsored Links HPE InfoSight – The Power of the Global Intelligence Engine Lightboard Unsure of how your website ranks in terms of visual media performance? Request your free custom web performance report and learn how you can start optimizing for user experience. Modernize your security operations with Cisco's XDR approach. Reinvent business with Automation- Learn how RPA is transforming the future of work The Akamai Future of Life Online Challenge celebrates innovators and visionaries. Plus, each winner receives an equal share of up to $1 million worth of Akamai solutions. Enter to win here: Lenovo Late Night I.T. - Baratunde Thurston hosts a new show where tech insiders tell us what they tell their therapists. Watch now. NETSCOUT Visibility Without Borders keeps you one step ahead by helping you to quickly mitigate cyberattacks and resolve network performance issues. Get started with AWS AppConfig The Transformative CIO: How People, Technology, and Innovation Fuel the Modern Enterprise
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                            [h1] => Supply chain management
                            [h2] => Array
                                (
                                    [0] => Contents
                                    [1] => Mission[edit]
                                    [2] => Origin of the term and definitions[edit]
                                    [3] => Functions[edit]
                                    [4] => Importance[edit]
                                    [5] => Supply chain resilience[edit]
                                    [6] => Historical developments[edit]
                                    [7] => Business-process integration[edit]
                                    [8] => Theories[edit]
                                    [9] => Organization and governance[edit]
                                    [10] => Supply chain centroids[edit]
                                    [11] => Tax-efficient supply-chain management[edit]
                                    [12] => Sustainability and social responsibility in supply chains[edit]
                                    [13] => Circular supply-chain management[edit]
                                    [14] => Components[edit]
                                    [15] => Digitizing supply chains[edit]
                                    [16] => Systems and value[edit]
                                    [17] => Global applications[edit]
                                    [18] => Roles and responsibilities[edit]
                                    [19] => Skills and competencies[edit]
                                    [20] => See also[edit]
                                    [21] => References[edit]
                                    [22] => Further reading[edit]
                                    [23] => Navigation menu
                                )

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                                    [0] => Creation era[edit]
                                    [1] => Integration era[edit]
                                    [2] => Globalization era[edit]
                                    [3] => Specialization era (phase I): outsourced manufacturing and distribution[edit]
                                    [4] => Specialization era (phase II): supply-chain management as a service[edit]
                                    [5] => Supply-chain management 2.0 (SCM 2.0)[edit]
                                    [6] => Wal-Mart strategic sourcing approaches[edit]
                                    [7] => Management components[edit]
                                    [8] => Reverse supply chain[edit]
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