Supply chain management (SCM) refers to the coordination and optimization of the flow of goods, services, information, and finances from raw material suppliers to end customers. It involves various interconnected activities, including sourcing, procurement, production, inventory management, logistics, and distribution. Effective supply chain management aims to minimize costs, enhance efficiency, and maximize customer value and satisfaction. By leveraging technology, data analytics, and strategic partnerships, organizations can streamline operations, reduce lead times, mitigate risk, and respond swiftly to changes in demand or market conditions, thereby gaining a competitive advantage in the marketplace. Question: How does effective supply chain management contribute to the overall success and competitiveness of organizations in today's globalized and interconnected business environment?
Supply chain management (SCM) refers to the coordination and optimization of the flow of goods, services, information, and finances from raw material suppliers to end customers. It involves various interconnected activities, including sourcing, procurement, production, inventory management, logistics, and distribution. Effective supply chain management aims to minimize costs, enhance efficiency, and maximize customer value and satisfaction. By leveraging technology, data analytics, and strategic
Question: How does effective supply chain management contribute to the overall success and competitiveness of organizations in today's globalized and interconnected business environment?
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