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Origin of the term and definitions
The term “supply chain management” entered the business domain when Keith Oliver, a consultant at Booz Allen Hamilton (now Strategy&), used it in an interview for the Financial Times in 1982. The term did not immediately rise to prominence and only gained importance in the mid-1990s. In the late 1990s, it quickly emerged as a management buzzword and rapidly integrated into a company’s strategic, tactical and operational decision making processes.
Supply Chain Management (SCM) can be defined as the management of the flow of goods and services. It includes the movement and storage of raw materials, work-in-process inventory, and finished goods from the point of production to the end consumer. In other words, Supply chain management are the set of steps utilized to efficiently incorporate suppliers, manufacturers, warehouses, logistics and stores, to ensure that the merchandise are produced and distributed at the right quantities, to the right locations, and at the right time. These steps not only help in reducing the overall system costs by maximizing optimization but also fulfill service level requirements by enhancing customer satisfaction.
Supply chain of an organization can vary from simple to complex depending on the size of the business along with the complexity and the number of items being produced. A simple supply chain is made up of a number of elements that are related to the movement of goods along it. The Supply chain process encompasses various entities such as production, accounting, finance, warehouse, logistics, marketing, suppliers, etc.
In order to ensure that the supply chain is facilitating optimum utilization of resources, is being cost effective and will lead to the highest level of customer satisfaction. Companies have executed Supply Chain Management processes along with the associated technologies. If a company wants to maximize the benefits from their supply chain management process, they will be required to make some level of investment in technology. Many large companies have implemented Enterprise Resource Planning (ERP) solutions, such as SAP and Oracle. These enterprise software’s will include the company’s complete supply chain processes, from purchasing of raw materials to the service contracts of items sold. It is crucial that organization choose a suitable ERP solution to fit their overall needs.
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