What is supply chain management?
All companies have supply chain management including managers: retailers, manufacturers, transport companies, third-party logistics firms, government agencies, service firms, and transportation companies. A supply chain professional could be involved in many areas, including logistics, purchasing, new product development, global sourcing, procurement, quality control, traffic analysis, operations, and supplier relationship management.
Components of a supply chain management
1) Planning
Supply chain managers must be able to anticipate customer needs to respond. Forecasting, planning, and designing the supply chain are crucial to meeting customer demands. It also means determining how the organization will evaluate the supply chain to ensure it meets its efficiency, value for customers, and organizational goals.
2) Sourcing
The supply chain is only complete when suppliers are selected to provide the raw materials or services required to create the product.It includes creating contracts to govern suppliers and managing existing relationships.
Supply chain managers oversee the ordering, receipt, management of inventory, and authorizing invoice payments.
3) Making
The supply chain managers are responsible for coordinating all steps in creating the product.It includes reviewing raw materials and manufacturing, quality testing, packaging, and acceptance. Businesses generally evaluate the quality of production output, employee productivity, and employee productivity to ensure that overall standards get completed.
4) Delivering
Logistics is essential to ensuring that the products reach their customers. It involves coordinating orders, scheduling delivery, invoicing, and receiving payments. A fleet of vehicles is required to transport the products. It includes tankers that bring the product from overseas and trucks and parcel service providers who handle last-mile delivery. Sometimes, companies outsource delivery to organizations that can take special handling or home delivery.
5) Returning
Supplier chain managers must also create a support network for returning products. It could mean returning products to the warehouse or scrapping defective products. This network must be responsive and flexible to meet customer needs.
Benefits of Supply Chain Management with ListTrader
1) Lowered Costs
Organizations can reduce operating costs by integrating suppliers and technology to respond more quickly to customer demands. ListTrader helps the marketplace of buyers that are looking for your goods. Much cleaner way to organize all bids for your need list. Real-time stock availability from different vendors on one platform with real-time updates. It lowers labor and raw material costs and reduces inventory management and transport costs.
2) Higher Revenue
Organizations that use technology to respond faster to customer demands and stay more in touch with customers make it more likely that products will remain available for customers to buy.
Through ListTrader detailed sales and profit data, organize your customers, your bids, and your workflow. Everything you need to trade branded goods in one place. Make quicker decisions, this will help you in buying and selling your goods. Manufacturing can be simplified to produce enough products to allow labor and materials to be used to develop new items for customers and expand the product range. It could also include offering additional services to customers.
3) Asset Utilization
Most capital assets like transportation or production equipment are managed by supply chain management. Businesses can make the most of their manufacturing equipment by reducing unnecessary wear.
ListTrader gives real-time tools and rich insights means you can sell your goods faster and grow your company’s turnover at an exponential level. Organizations can improve their value by controlling the supply chain. They can deliver faster, ensure products are readily available, manage returns easily, and ultimately increase customer satisfaction.
