What is the role of supply chain management in business?

What is the role of supply chain management in business?

Supply chain management (SCM) oversees the flow of goods, information, and finances from suppliers to customers, ensuring efficiency.

Why is it important for companies to focus on supply chain management?

Focusing on SCM helps companies reduce costs, improve quality, enhance customer satisfaction, and gain a competitive advantage.

Can you give examples of effective supply chain management practices?

Sure! Effective practices include demand forecasting, inventory management, supplier collaboration, and using technology for tracking.

How does technology impact supply chain management?

Technology enhances SCM through automation, data analytics, real-time tracking, and improved communication among stakeholders.

What challenges do companies face in supply chain management?

Challenges include supply chain disruptions, fluctuating demand, regulatory compliance, and managing supplier relationships.