Supply Chain is a network of organizations, individuals, activities, information, and resources involved in the creation and delivery of a product or service from the supplier to the end customer.
The supply chain encompasses all the steps involved in bringing a product or service to market, from sourcing raw materials and manufacturing to distribution and delivery.
Effective supply chain management is critical to ensuring the efficient flow of goods and services, reducing costs, and improving customer satisfaction. It involves the coordination of suppliers, manufacturers, distributors, and retailers to ensure that the right products are delivered to the right place at the right time.
It also requires the effective use of technology and data to optimize processes, minimize waste, and improve transparency and traceability.
Some of the key challenges in supply chain management include inventory management, demand forecasting, transportation and logistics, supplier management, and risk management.
Companies that are able to effectively manage their supply chains can gain a competitive advantage by reducing costs, improving quality, and enhancing customer satisfaction.