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Supply Chain Management
Best Practices
Elements of Supply Chain Management
Introduction
A supply chain is a network of facilities and distribution operations that perform various functions such as, procurement of materials, management of inventory, production or transformation of these materials into finished goods, and the distribution of these finished goods to customers. ...
The goal of supply chain management is to supply products consistent with demand in order to reduce costs, minimize financial risks and better meet customers’ expectations for performance and quality. With a fast-paced global economy, many companies have recognized the need to find a better approach to supply chain management. The solution is perhaps linked to better communication and cooperation, internally and externally, within all levels of the supply chain. ... Presented below are some of the “best practices” companies have adopted to improve their supply chain management.
The Evolution of the Supply Chain
In order to fully understand the latest trends and best practices of supply chain management today, it is helpful to take a look at the transformation of the supply chain. Historically, supply chain management was not viewed as the first place to look to cut costs. However, many executives are now looking at the opportunities for controlling costs that can be found in procurement, inventory, and transportation – all elements of the supply chain.
For example, beginning in the 1970’s management information systems provided different functions within the organization with better information to make decisions. ... The concept of Total Quality Management (TQM) was adopted by many companies during this decade. ...
Information technology, in particular the Internet, has played a key role in improving supply chain integration.
Approximate Word count = 1323
Approximate Pages = 5.3
(250 words per page double spaced)
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