lesson 7 Flashcards
Constitute a complex network of organizations engaged in the creation and delivery of products or services to customers
Supply chain
Entities that furnish raw materials, components, or services to others organizations within the chain.
Suppliers
Business that convert raw materials or components into finished products.
Manufacturers
Company responsible for transporting and storing products to ensure they reach retailers or customers.
Distributors
Businesses that sell products directly to consumers.
Retailers
The end - users of product or service.
Customer
Involves the strategic oversight and coordination of all activities necessary to produce and deliver product or service to customer.
Supply chain management
Cultivating strong partnership with suppliers to guarantee a consistent and cost - effective supply of materials and components
Supplier relationship management
Accurately forecasting future product or service demand to ensure that supply align market needs.
Demand planning
Optimizing inventory levels to strike the right balance between the cost associated with stockouts and excessive inventory.
Inventory management
Organizing and managing resources to achieve specific goals within a defined scope, schedule, and budget.
Project management
Monitoring and assessing key performance indicators (KPIs) to gauge the effectiveness of the supply chain.
Performance measurement
By streamlining processes and minimizing waste, companies can lower expenses throughout the supply chain
Reduced costs
An effectively managed supply chain ensures timely delivery of products in excellent condition, which significantly enhances customer satisfaction.
Improved customer satisfaction
A healthy supply chain allows businesses to stand out from competitors and gain market edge.
Increase competitiveness
