This video on Supply Chain Management in 6 Minutes will enable you to comprehend supply chain management in detail. This video will equip you with a good understanding of What Is Supply Chain Management using Apple INC’s case study. The case study will emphasize the iPhone 13 pro’s supply delays and production cut. You will also learn about the reasons behind the production cut and how a sleek supply chain management strategy can be created. So, let’s get started!
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✅What Is Supply Chain Management?
The term supply chain is a connected network of individuals, organizations, resources, activities, technologies involved in the manufacturing and sales of a product or service. Companies develop supply chains so that they can reduce their costs and remain competitive in the business landscape. Typically, supply chain management attempts to control or link the production, shipment, and distribution of a product.
✅What Are The Stages of Supply Chain Management?
Five stages altogether formulate a supply chain management strategy. You will now discover them in brief:
⏩ Planning Operational Strategy: The main focus at this stage is to focus on designing a strategy that yields maximum profit.
⏩ Sourcing: Following the planning, the next phase is to develop or source. At this stage, you are primarily concerned with developing strong relationships with raw material suppliers.
⏩ Manufacturing (Making): The products are created, manufactured, tested, packaged, and synchronized for delivery at this step. The supply chain managers are tasked with arranging all manufacturing, testing, packaging, and delivery preparation activities.
⏩ Delivery: This phase deals with product sales and distribution of products across all retail stores. It is a logistics phase, where consumer orders are approved, and product delivery is set into motion.
⏩ Returns: This last phase controls the return of defective or damaged products by consumers. This level of the supply chain is frequently a source of contention for many businesses. Supply chain planners must devise a responsive and adaptable network for receiving damaged, faulty, and additional items from consumers and expediting the return procedure for customers concerned with supplied products.
✅Why Supply Chain Management Is Important?
Supply chain management is critical for any organization. The following are some of the advantages that a well-managed supply chain can provide:
-An adequate supply chain can enhance product quality by regulating manufacturing processes.
-A well-managed supply chain can lower the risk of recalls and litigation by enhancing customer satisfaction.
-Control over shipping methods will remove the possibility of inventory overstock.
-Helps organizations in enhancing their profit margins.
-It can help attain a wide range of organizational objectives.
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