What is Supply Chain Management ?
‘Supply Chain Management’ refers to the process of planning and optimizing the chain of supplies that a company procures as raw material and resources to engineer into the finished product. It also includes the services that the company procures in order to build the final product or service that the company is offering.
Supply chain management is concerned with removing any kind of redundancy in the traditional methods adopted by the company in procuring, storing and processing of the resources as well as removing all kinds of inventory issues.
Supply chain management becomes extremely important in cases where an organization is expanding and is trying to procure additional raw resources and services, especially when it is expanding to new territories.