Internal vs External Logistics Management

Supply Chain Management ensures that processes flow smoothly and that suppliers, manufacturers, wholesalers, and retailers are always on the same ______.

Orders are automatically entered into a system, which notifies other facilities that additional resources are required to fulfill this ______.

It is possible to shorten the holding period of both raw materials and finished items by allowing a smooth flow of raw materials between a supplier and a company and the movement of finished goods between a company and its ______.

Supply Chain Management helps to reduce losses and keep the overall cost of doing business as low as ______.

Having an efficient supply chain enables you to enhance customer ______.

Logistics Management is a small portion of Supply Chain Management which combines the flow of goods, services, information, and capital right from raw materials to its final consumers.

Supply Chain Management is associated with the sourcing of raw materials and procurement of consumer requirements.

Customer satisfaction involves delivering the right product at the right time with all other attributes in place. It involves activities like warehousing, proper packaging, order fulfillment, stock control, and stock management.

One of the most crucial objectives of Supply Chain Management is efficiency. Efficiency is synonymous with waste minimization. Waste can manifest itself in a number of ways, including wasted materials, wasted money, wasted person-hours, wasted delivery time, and many other forms.

SCM tries to reduce waste by managing manufacturing, inventory, transportation, and logistics. It does this by identifying opportunities to improve systems in order to reduce waste.