Word of the Day: supply chain management

Word of the Day: Daily updates on the latest technology terms

Word of the Day Daily updates on the latest technology terms | January 14, 2019 supply chain management Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product's flow from materials to production to distribution. A supply chain is the network of all resources involved in the creation and sale of a product. The goal of supply chain management is to get the right product to the consumer in the most efficient and cost-effective way possible. The basic version of a supply chain includes a company, its suppliers and the customers of that company and could look like this: raw material producer, manufacturer, distributor, retailer and retail customer. A more complex, or extended, supply chain will likely include a number of suppliers and suppliers' suppliers; a number of customers and customers' customers; and all the organizations that offer services required to get products to customers, including third-party logistics providers (3PLs), financial organizations and supply chain software vendors. The totality of these organizations, which evokes the metaphor of an interrelated web rather than a linear chain, gives insight into why supply chain management is so complex. Continue reading... Quote of the Day "Although the terms logistics and supply chain management are often used interchangeably, when it comes to software, logistics generally focuses on a more narrow area of the supply chain, such as transportation, warehousing and other closely related functions."- Dave Turbide Related Terms supply chain risk management supply chain security service supply chain supply chain analytics supply chain sustainability supply chain execution supply chain visibility SCM Learning Center Amazon supply chain model disrupts entire industry Amazon has conditioned consumers to get goods as quickly as possible, which has affected the global supply chain industry from top to bottom, including inventory management and logistics. How to tackle a supply chain transformation Today's business and supply chain leaders understand they need to transform the supply chain. Here's a look at the tools and strategies they'll need to create success. How to reduce the bullwhip effect: Supply chain partners, data key Understanding the causes of the bullwhip effect is critical to preventing it. Here's a look at why it happens and ways to close the gap between supply and demand. What are the top ways to improve warehouse efficiency? Today's warehouses have different issues than the warehouses of yesteryear, so it's critical to understand the role technology serves. Here's a look. Can modern technology solve demand forecasting problems? Predicting demand has never been easy, but in the age of e-commerce and omnichannel, that difficulty has multiplied. Here is some helpful guidance for organizations. Quiz Yourself Test your knowledge of supply chain management basics and key terms To gain a better understanding of supply chain management, take this 13-question quiz and ensure you have a firm grasp of the key terms and processes it encompasses. Stay in Touch For feedback about any of our definitions or to suggest a new definition, please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2019 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List