Briefly explain the steps involved in Supply Chain Management (SCM).
Briefly explain the steps involved in Supply Chain Management (SCM).
Supply chain management is a business mechanism used for ensuring the reliability and cost competitiveness of their supply chain. A supply chain is a series of actions taken by a business to turn raw products into a finished product. Below are the five core elements of supply chain management.
Plan Plan
The preparation phase is the first step in the supply chain process. To discuss how goods and services meet the consumers' expectations and requirements, we must build a roadmap or approach. The planning should concentrate mainly on creating an approach to increase income in this process.
A policy has to be built by the organizations to handle all the tools needed to design goods and deliver services. Management of the supply chain depends largely on the preparation and implementation of a series of steps.
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