MODULE 1: Objectives and Elements of Supply Chain Management

Supply Chain Management (SCM)

"BACKBONE OF THE BUSINESS"

1. Improving Efficiency 2. Improving Quality 3. Optimizing Transportation and Logistics 4. Reducing Costs 5. Enhance Customer Satisfaction 6. Improve Distribution 7. Maintaining Better Coordination

7 Key Objectives of Supply Chain Management (SCM) by Pranjal

Key Objectives of Supply Chain Management (SCM) by Pranjal: 7. Maintaining Better Coordination

A channel is established allowing employees, customers, and suppliers to communicate with the company efficiently; It facilitates information sharing between all stakeholders and contributes to building on organization with exceptional coordination.

Key Objectives of Supply Chain Management (SCM) by Pranjal: 2. Improving Quality

Another key objective is to ensure that the product is of the highest possible quality. This includes adhering to food safety regulations, demonstrating ethical and sustainable practices and other similar actions.

1. Better understanding of customers and better ability to serve them. 2. Most cost effective, with increase ROI and profit margins. 3. Reduce wasted material and time, and redundancy in supplier function. 4. Less risk and enhanced competitiveness. 5. Keep up with demand and be more flexible to changing markets. 6. Better opportunity for investment when operating with collective power. 7. Get early warnings for problems anywhere in supply chain due to information sharing.

Benefits of Supply Chain Integration: (7)

S-P-M-P-I-D-L-R-C 1. Suppliers 2. Procurement 3. Manufacturers 4. Products 5. Inventory 6. Distribution 7. Logistics 8. Retail 9. Customers

Elements of Supply Chain Management: (9)

Key Objectives of Supply Chain Management (SCM) by Pranjal: 6. Improving Distribution

In order to facilitate the speedier movement of goods, it is necessary to achieve proper coordination between various transportation channels and warehouses. SCM enables businesses to reduce overhead costs while also delivering items more quickly. As a result, the entire distribution system is improved, allowing for the delivery of products at the appropriate time and location.

Key Objectives of Supply Chain Management (SCM) by Pranjal: 5. Enhancing Customer Satisfaction

It has two most critical components of client satisfaction: 1. Pricing 2. Delivery

Key Objectives of Supply Chain Management (SCM) by Pranjal: 4. Reducing Cost

It is a goal of SCM to reduce a company's operating expenses. It lowers the cost of all types of business expenses , such as the cost of purchasing, manufacturing , and delivering goods, by establishing an optimized supply chain.

Key Objectives of Supply Chain Management (SCM) by Pranjal: 1. Improving Efficiency

One of the most crucial objectives of SCM. Efficiency is the synonymous with waste minimization.

Key Objectives of Supply Chain Management (SCM) by Pranjal: 5. Enhancing Customer Satisfaction

Providing your customers with what they want, when they want it, and at the lowest price possible is critical to maintaining their satisfaction. The more optimized your supply chain, the better the customer experience , the happier your customer will be, and the more likely they will make another purchase from you.

1. Pricing 2. Delivery

Two (2) most critical components of client satisfaction:

Supply Chain Management (SCM)

is a blend of art and science that focuses on how your business acquires the raw materials necessary to build a product or service, manufactures that product or service, and delivers it to customers

SCM primary goal

is to keep a firm afloat and ultimately drive it to success

Key Objectives of Supply Chain Management (SCM) by Pranjal: 3. Optimizing Transportation and Logistics

is yet another vital goal of SCM . Each company is responsible for its own role in ordering, shipping , and transporting goods. SCM enables you to optimize transportation and logistics activities with any vendors or purchasers with whom you do business.