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 materials into a saleable product and delivering it to the end customer. Supply chain management addresses important issues related to business growth, partnerships, global brand expansion and outsourcing. Finally, supply chain management solutions need advanced analytics to measure and manage performance. Because the supply chain does not operate in a vacuum, decisions and strategies must align with corporate philosophy and be presented in the same financial language.
In other words, supply chain management (SCM) involves the production, shipping and distribution of products. The importance of the supply chain to business success tends to be consistent across all companies, large and small. In reality, procurement is often a collection of disparate suppliers selected almost at random based on a perceived ability to deliver products at a price that seems right. GBSB Global Business School's Masters in Operations Management and Supply Chain Management courses aim for a high level of integration between management techniques and the technologies they control, with an emphasis on strategic decision making and international supply chain management across borders.
It is assumed that every product for sale exists because of the various participants in the supply chain. Each stage of the supply chain is essentially a different industry, e.g. extraction of raw materials and manufacturing. The management team focuses on improving its efficiency, and the result is a high-performing supply chain, which allows it to negotiate better prices with suppliers of the raw materials needed to produce goods.
But the most powerful analytics are those that harness the wealth of information provided by organisational data, diagnostic analytics and prescriptive analytics to determine optimal supply chain management decisions. According to SCM experts, it is 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 global logistics, synchronising supply with demand and measuring performance globally. A well-organised supply chain management system means optimising the functionality of operations for speed and efficiency. Today, more than ever, supply chain management has become an integral part of the business and is essential to any company's success and customer satisfaction.
Implementing automation and integrating best practices in your industry will improve your supply chain. Conversely, New Image Tech is a company that pays too little attention to its supply chain, resulting in reduced efficiency.