KEY ELEMENTS OF SUPPLY CHAIN
Elements of Supply Chain Management:- These are the basic Elements of a typical Supply Chain Management :- * Planning * Sourcing * Manufacturing * Delivery, * Returns. The planning phase refers to developing an overall strategy for the supply chain, while the other elements for executing that plan. Now let's discuss each element in detail for your understanding. 1- Planning:- SCM usually begins with planning to match supply with customer and manufacturing demands. Firms must predict what their future needs will be and act accordingly. This relates to raw materials needed during each stage of manufacturing, equipment capacity and limitations, and staffing needs along the SCM process. Large entities often rely on ERP system modules to aggregate information and compile plans. 2- Procurement:-(Sourcing, Purchasing & Inbound logistics) Procurement entails working with vendors to supply the raw materials needed throughout the manufacturing process. A company may be able ...