Understanding Supply Chain Management
Hello You all, today we are going to talk about Supply Chain Management (SCM) which is the coordination and integration of activities involved in sourcing, production, distribution, and delivery of goods and services. Its first objective is to create value for both businesses and customers by ensuring efficiency, resilience, and sustainability across the entire value chain and also to reduce time, waste and cost. The Rise of the Digital Supply Chain Yes, there is also technology in supply chain and the technological advancements have transformed it into digital ecosystems . A digital supply chain leverages enterprise resource planning (ERP) systems such as SAP, advanced analytics, artificial intelligence, and automation tools. These technologies make us able to take great decisions in real time, predictive forecasting, and more efficient operations, which are critical in a highly competitive environment. Methods and Approaches in SCM Supply chain strategies are a combination of analyti...