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Problems addressed
An efficient supply chain gives businesses a competitive advantage in the marketplace and help to eliminate risks linked with obtaining raw materials and distribution of products or services. By putting supply chain management systems into practice, businesses are able eradicate waste, reduce overhead costs, boost sales, decrease lead times and avoid delays in transportation, etc. An effective supply chain also seeks to make suppliers a partner in the firm’s strategy of growth and expansion. There is a competitive advantage in forming a close long-term tactical partnership with the few choice suppliers.
Another problem addressed by supply-chain management is making allowances for Inventory buffers. This is important as in every category of business, there is unpredictability in customer purchase habits. This necessitates companies to manage their stock of goods in a way that minimizes holding costs while providing enough flexibility to meet customer needs. If the stock piles of goods fall too low, businesses may have to suffer from overheads to manufacture products, they may lose out on revenue by making customers wait or may lose them to competition. Supply chain management systems usually include inventory buffer levels that are determined with the techniques of forecasting as well as careful study of past purchasing trends.
As e-commerce is increasing becoming a preferred platform for placing orders, buyers have more alternatives to order products than ever before. It is imperative to keep pace with the demands of the marketplace, which requires companies to streamline their supply chains to meet customer preferences. Whether it is it is a small or a large order, delivering the goods undamaged and on time is vital to a business’s success. Supply chain management systems help companies establish the best possible ways to transport goods while ensuring cost effectiveness.
The business leaders are accountable for managing as well mitigating risks. Supply chain management systems allow for the identification of critical risk factors present in the company or with their suppliers. Supply chain management covers adherence to product quality, operational safety and compliance with applicable laws, etc. Supply chain processes aid the management with organizing risks and identifying potential bottlenecks in both internal and external business processes. Without effective supply chain management systems, many organizations are susceptible to legal risks and liabilities.
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