Supply chain management (SCM) is the management of a network of interconnected businesses involved in the provision of product and service packages required by the end customers in a supply chain. Supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.
Another definition is provided by the APICS Dictionary when it defines SCM as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally."
Read more about Supply Chain Management: Origin of The Term and Definitions, Problems Addressed, Activities/functions, Importance, Historical Developments, Business Process Integration, Theories, Supply Chain Centroids, Tax Efficient Supply Chain Management, Supply Chain Sustainability, Systems and Value, Global Applications, Certification
Famous quotes containing the words supply, chain and/or management:
“If you have great talents, industry will improve them: if you have but moderate abilities, industry will supply their deficiency.”
—Sir Joshua Reynolds (1723–1792)
“Nae living man I’ll love again,
Since that my lovely knight is slain.
Wi ae lock of his yellow hair
I’ll chain my heart for evermair.”
—Unknown. The Lament of the Border Widow (l. 25–28)
“The management of fertility is one of the most important functions of adulthood.”
—Germaine Greer (b. 1939)