Supply Chain
A supply chain is a network of organizations and activities that are involved in the process of transforming raw materials into finished products. The supply chain begins with the acquisition of raw materials and ends with the delivery of finished products to the end-user. All vendors, service providers, and customers are links in the supply chain.
The material and informational interchanges in the logistical process form the basis for defining a supply chain. These interchanges include the movement of goods, information, and funds between organizations. A supply chain can be simple or complex, depending on the number of links involved and the geographical scope of the operations.
A typical supply chain includes several different types of organizations, such as:
- suppliers,
- manufacturers,
- distributors,
- retailers,
- and logistics service providers.
Each organization in the supply chain performs a specific function or set of functions to ensure that products move efficiently and effectively from provider to customer.
Ultimately, a well-managed and efficient supply chain is critical for delivering high-quality products and services to customers at competitive prices. Companies that take an integrated approach to manage their supply chains tend to be more successful than those that do not. By working collaboratively across all levels of the supply chain and coordinating efforts between companies, organizations can:
- minimize waste,
- reduce costs,
- shorten lead times,
- improve service quality,
- and achieve greater profitability overall.
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