Answered Essay: 3. Please explain importance of Supply Chain. 250 words (Minimum) 4. Please explain Supply Chain principles. 250 words (Minimum)

3. Please explain importance of Supply Chain. 250 words (Minimum)

4. Please explain Supply Chain principles. 250 words (Minimum)

5. How to measure Supply Chain performance? 250 words (Minimum)

6. How to manage your team involved in the supply chain? 250 words (Minimum)

Expert Answer

3. Supply management involves an integration of various functions, such as manufacturing, operations, purchasing, transportation and physical distribution. The main aim of supply chain management is to make on-time delivery of products to customers through a coordinated flow of physical goods and associated information. Supply chain management leads to the profitable growth of organisations by timely processing of customer orders and supporting after-sales services. The most commonly observed benefit of supply chain management is reduced costs in various areas, such as inventory management, transportation, warehousing and packaging, which directly leads to an increase in revenue. Supply chain management also improves the relationship between various parties involved in the value chain of an organisation, such as suppliers, retailers, wholesalers and customers.

Supply management plays an important role in the success of an organisation by improving its operational efficiency, thereby maximizing customer satisfaction. It also provides a competitive edge to the organisation by ensuring smooth flow of its products and services to the market. The following points explain the importance of supply management:

• It helps an organisation reduce its inventory costs by ensuring proper handling of inventory.

• It helps an organisation in achieving maximum customer satisfaction by ensuring timely delivery of products.

• It helps in building trust among various partners of an organisation as they work together to reduce costs and improve quality.

• It improves the profit of an organisation as it increases the efficiency of supply chain operations.

• It helps an organisation in identifying discrepancies in its supply chain network and resolving them.

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