Challenges and Opportunities
What is the Supply Chain:
The supply chain follows the product from the raw materials through purchasing, inventory, fabrication, conversion and/or assembly to warehousing, distribution and delivery to the end customer. It includes sourcing, procurement, logistics, outsourcing, sub-contracting, as well as production planning, warehousing and inventory management.
Keys to successfully managing the supply chain:
- Realize that it is vital to profitability, return on assets and customer service.
- Measure the costs in each area of the supply chain
- Develop long-term partnerships with suppliers of both goods and services
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