The ability to respond quickly to customers' needs and reduce operating costs has become a necessity in today's increasingly competitive business environment. Companies need to work closer than ever with their business partners to help ensure timely delivery and optimal use of resources. Many companies are using electronic tools like E-Commerce and Information Systems to manage their supply chains efficiently. This article highlights several initiatives, principles, measurements and models that exist in the development of an efficient supply chain management strategy.
Supply Chain is
the entire process of accepting a customer order through to the delivery of
the product to the customer inclusive of supply procurement and production of
the product. A supply chain is a collection of interdependent steps and when
thoroughly followed gives rise to a certain objective of meeting customer requirements.
The convergence
of these functions became mandatory for providing better customer services and
the organizations have started practicing Supply Chain Management. During the
last five to 10 years, practices in Supply Chain Management have changed dramatically
due to better management practices (e.g.:- customer relationship management,
business process innovation, quality) Information Technology (e.g.: communications,
data warehousing, data mining, DSS, Knowledge Management) and global competition.
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