Question: Supply chain management ( SCM ) is coordinating and overseeing various activities involved in producing and delivering goods and services to customers. It comprises procurement,
Supply chain management SCM is coordinating and overseeing various activities involved in producing and delivering goods and services to customers. It comprises procurement, inventory management, logistics and demand planning. SCM is critical for a company's international competitiveness due to several reasons. Such as it helps reduce costs by optimizing the flow of goods and services, minimizing inventory levels, and improving logistics operations. This, in turn, makes the company more competitive in the global market where cost efficiency is crucial. It also enables companies to meet customer demands by ensuring timely and accurate delivery of products and services. This results in customer loyalty and increased market share, especially in highly competitive industries. Also, an efficient supply chain helps companies reduce the time it takes to bring products and services to market. This is particularly important in industries where rapid product innovation is necessary to stay ahead of the competition.
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