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Components of Supply-Chain-Management

best Aviation Institute in Kochi
November 7, 2019

When we talk about supply chain management, there are many steps to consider starting from the initial step until the last step.  If we take the case of simple bread and butter that we eat each day, it actually reaches us through several processes. In this instance, bread begins its initial journey with the farmer who sows the seeds and sells the wheat to the second party or any businessman, who in turn sells it to the baker who bakes the bread. This is how we describe supply chain management in a nutshell. In other words, supply chain management is a network of many businesses that are interconnected with each other in either the manufacturing of products or delivering services that are required by consumers. There has been a great increase in the number of students who choose Supply Chain Management Courses in Kochi, Kerala. And hence, it is very important to know what the supply chain is and how it is managed effectively before you start thinking of a career in supply chain management. In a world of business, businesses need to ensure two things for their supply chain to be effective, one is the supply chain should be cost-effective and second it should deliver the required results on time.

Supply chain management is related to every stage of business in many different ways. It operates like a chain.

 Any break in this chain can result in the disruption of the entire system. So the one who handles this role has a very critical role in the system. Knowing this right from the beginning helps the students in a few, but great ways.

There are many Supply Chain Management Courses in Kerala for the students to choose from. Selecting which is apt depends completely on a student’s choice.

Below given are the components of a supply chain management process.

1. Planning

This is the initial and most important stage. Before the beginning of the entire supply chain, it is essential to finalize the strategies that perfectly suit and put them into place. As this is a very critical phase, enough time has to be devoted to this phase.

2. Information

Today, everything is managed by a continuous flow of information. To be successful, a business must stay up-to-date with all the latest information about the various aspects of its production. That is the second stage of supply chain management.

3. Source

Suppliers have a very crucial role in supply chain management. Products and services sold to the consumers are created with the help of different sets of raw materials. It is hence necessary that suitable quality raw materials are procured at cost-effective rates. If a supplier who is connected to this chain is unable to supply on time, and within the specified budget, the business is bound to suffer losses and gain a negative reputation.

And thus, there is a strong role for suppliers in the supply chain management system.

4. Inventory

For a highly effective supply chain management system an inventory must be kept and thoroughly maintained. An inventory means the ready list of items, raw materials and other essentials required for a particular product or service. This list has to be regularly updated to separately available stock and required stock. Inventory management is critical to the smooth function of supply chain management, because without proper inventory management the production, as well as sale of the product, is not possible.

5. Production

Production is one of the most important aspects of this supply chain management system. It is only possible when all the other components of the supply chain are in alignment with each other. For the process of production to initiate, it is essential that proper planning and supply of goods, as well as the inventory, are well maintained. If you get to know about the pain points and ways to solve it, handling your role as a supply chain management professional would be easy.

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