Examine the concept of supply chain management in an organization
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Over the past few years, there has been a revolution and adoption of a broader strategic approach to materials and distribution management that replaced the old and traditional purchasing and logistics functions acknowledged as supply chain management. This research examines the concept of supply chain management in an organization.
In an organization, supply chain refers to the activities undertaken to plan, coordinate and control materials or finished goods from a supplier to a final consumer. It includes activities required to design, create, deliver, and use a product or service. Businesses or organizations greatly depend on their supply chains to provide customers with what they need to survive and thrive. It is well recognized that companies that compete effectively in the business environment jointly manage their supply chain as a single entity and ensure appropriate usage of tools and techniques so as to meet and satisfy the needs of the market.
Supply chain management refers to the management of the manufacture of goods and services and all the processes by which raw materials are transformed into the final product to achieve a competitive advantage and efficiency for the markets they serve. This includes the management of different structures of supply relationships such as partnerships, joint ventures, and vertical integration.
The concept of supply chain management primarily focuses on operating all supply chain activities both effectively and efficiently, which is to help an organization or company maintain its operations and increase productivity. It is comprised of all processes from product development to production and management.
This paper examines and aims at understanding the concept of supply chain management putting much emphasis on its various roles, and the processes involved.
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Examine the concept of supply chain management in an organization a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand supply chain management, what it is, and its elements
- Understand how organizations are implementing sustainable supply chain management
- Describe and illustrate aspects of sustainable supply chain management
1.0 INTRODUCTION
In an article titled “Creating world-class suppliers” by Peter Hines, it suggests and holds that the most significant aspect of an organized business is the way it has developed, and how it has acquired its customers and suppliers. Supplier relationship management is the connection that is between the supplier and its customer established on long-term commitments and reliance with the critical aim of maximizing the potential value of their connection. Supplier management includes the managing of different structures of supply relationships such as partnerships, joint ventures, and vertical integration.
Currently, sustainability has become a major focus for many businesses as they recognize how vital it is for them to reduce their environmental impact and promote social responsibility. One particular area where sustainability has become important is in supply chain management whereby companies are ensuring that their operations are not just profitable but environmentally friendly and socially responsible as well. (Sanchez-Flores et al 2020). This paper is going to examine and assess the basic concepts of supply chain management.
Supply chain management refers to the management of the flow of goods and services from when they are raw materials to the final product. It is the dynamic management of supply chain activities such as production, planning, sourcing, logistics, and delivering among others, in order to maximize customer benefit and attain sustainable competitive advantage in the business environment.
This research investigates the various importance of supply chain management and they include;
1) It helps businesses in product development, marketing, operations, distribution, finance, and customer service hence increasing the flow of business resulting in higher and improved performance, greater cost-efficiency, and an increased supply chain efficiency.
2) Effective supply chain management helps to reduce operating costs through optimizing inventions, and improved resource management.
3) It improves an organization’s Financial Position by increasing profit leverage, decreasing fixed assets, and increasing the cash flow.
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