What is supply chain management?

Supply chain management involves a process that focuses on the delivery of products to consumers. It deals with product planning, demand planning, supply planning, supply management, operations planning, and sales planning.

Benefits of supply chain management.

The three major benefits of the supply chain are noted-below.

• It puts a positive effect on cycle time, inventory levels, customer service, and business process.
• It reduces risk and uncertainty in the supply chain.
• Supply chain management contributes to competitive advantages and increases in profitability.

Prime objectives of supply chain management.

The major objectives of supply chain management are as follows.

• Increase in supply surplus.
• Fulfills customer needs and provides satisfaction.
• High supply chain profitability.
• Maximizes the total value gained or generated

Five major drivers of the supply chain.

The five major supply chain drivers are as follows.

• Production -warehouses and factories.
• Inventory -safety inventory, cycle inventory, and seasonal inventory.
• Location -proper places to maximize profit and performance.
• Information - coordination and forecasting.
• Transportation -railways, ships trucks, airways, pipelines, electronic transportations, etc.

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