Supply Chain Management (SCM) is a vital part of many modern businesses as it covers key processes like inventory, orders, product lifecycle, procurement, and IoT technology. Efficient inventory management optimizes supply chain performance by ensuring accurate stock levels, cost control, and timely customer satisfaction.
Streamlining order fulfillment enhances customer satisfaction, reduces lead times, and boosts operational efficiency. Product lifecycle management improves product quality, minimizes waste, and enables informed decisions for portfolio optimization. Strategic procurement practices save costs, manage supplier relationships, and mitigate supply chain risks. IoT technology provides real-time visibility and connectivity, optimizing logistics and decision-making. And supply chain planning ensures the strategic coordination of resources to meet customer demand. Integrating these SCM processes streamlines operations, reduces costs, enhances satisfaction, and boosts competitiveness.