Introduction to Supply Chain Management

The Introduction to Supply Chain Management
1.With the coming up of cut-throat competition in the present market framework, an efficient supply chain provides a business with the edge, which requires to sail through such a competitive scenario. Supply chain management integrates into itself every aspect of business operations, including logistics, IT, purchase, and sell. Supply chain management aims to streamline all the materials, manufacturing, finances, wholesalers, retailers, and consumers into a seamless system. The success of every business is related to its supply chain efficiency. It is directly associated with operating expenses and business profit. An effective and efficient supply chain results in profit maximization and minimized product defects.

2.Supply chain management ensures managing costs at every step from production to delivery to consumers. When the supply chain is efficient, the cost of doing business automatically reduces. Like, if you have a grocery shop and you wish to reduce the cost of your product to elevate your product sale, then, in this case, buying raw materials directly from the producer will eliminate third-party interference. Thus, decreasing the cost of obtaining the raw material will lead to a better price for consumers also, and hence there will be customer satisfaction.

3.Through better supply chain management, strategic-planning can also be done for further business expansion, which may be on a global scale. Like, you may tender a trustworthy partnership with farmers early on and keep on scaling it in future. With efficient supply chain management, one can balance the business supply according to market demand. Not only this, customer services are made more customized and localized, with a clear roadmap of the supply chain. Thus, customer experiences are enhanced systematically. Automated and digital supply chains are breaking the new supply and demand barriers, promising customers new-age services.

4.In such a competitive and fast-emerging space, future business leaders, aspiring entrepreneurs, business students, require to equip themselves with a comprehensive understanding of the fundamentals of supply chain management. Also, they need to work upon realizing the future potential of a supply chain, given that there are already disruptive technologies in place.

5.Automated systems and high-speed communication have cleared the way for supply chain management and its elevated demand. For example, Amazon uses drones to reach inaccessible or remote areas. The final goal of efficient supply chain management is gaining more and more profits by improving customer satisfaction and pushing down the cost of doing business. For example, timely delivery tends to increase the sale, and cash flow increases as well. More working capital in hand further helps in business expansion and diversification.

6.Moreover, modern supply chain management encourages the smart alignment of end-to-end business processes to analyze the market and economic value. Also, it gives strategic advancement to a firm over its business rivals.

7.This book specially aims to provide students with a foundational understanding of company supply chain management. It explains not only the localized aspects but views it from a global perspective. It majorly focuses on delving deeper into leveraging the effects of supply chain management on business performance and goals. The book is very detailed and comprehensive. It thoroughly explains the basic terminologies and techniques. It follows the Core as well as Elective Courses of prestigious institutions like Wharton and Harvard Business Schools. It will provide you with a self-motivated way of studying the MBA course, unescorted by lengthy cum costly traditional Courses, thus equipping you with the freedom of space and time. This book is a part of 'The Complete MBA Coursework Series'.