supply chain management

(redirected from CRM)
Also found in: Dictionary, Thesaurus, Medical, Acronyms, Encyclopedia, Wikipedia.

Supply Chain Management

The act or process of ensuring that one's business has the proper supplies in order to continue operations. Supply management involves ensuring that supplies are procured as cheaply as possible. For example, a construction company must procure cement, wood, and nails efficiently and inexpensively; equally, a consulting firm must make sure that research materials are easily available. Large companies often devote whole divisions to supply chain management, giving them budgets of millions of dollars to help the company save money.

There are two basic types of supply chain management: just in time and just in case. A just in time supply chain management strategy involves keeping only enough inventory to meet immediate business needs. This requires constant monitoring but can save a significant amount money. A just in case strategy, on the other hand, keeps a larger inventory to meet unexpected increases in demand. This saves less money (depending on the nature of the business and matters like carrying costs) but can be easier to manage.

supply chain management

a term used to describe the management of inventory (STOCK), not only within a firm but also along the network of suppliers and customers which constitute the SUPPLY CHAIN or VALUE-ADDED CHAIN. Supply chain management employs a variety of methods such as STOCK CONTROL, MATERIALS REQUIREMENT PLANNING and DISTRIBUTED REQUIREMENT PLANNING to both minimize stock-holding costs while maintaining effective distributed levels of servicing customer orders. See SUPPLIER DEVELOPMENT.
References in periodicals archive ?
The benefits of CRM include greater sales efficiency, higher customer satisfaction and enhanced revenue, he added.
Farrell, Linda, CRM You've Got To Be Kidding: Humor as a FUNdamental Management Tool July 1998/Vol.
We are very pleased with the robust growth in customer adoption of Pivotal CRM for Homebuilding and Real Estate," said Bruce Cameron, senior vice president of CRM Solutions for CDC Software.
CRM is not an out of the box software solution that can instantaneously recoup losses due to cutbacks in sales force and media saturation.
Designed to produce meaningful increases in revenues, margins, and customer loyalty, Pivotal CRM is used by more than 2,000 companies around the world including Allianz Dresdner Asset Management, Farm Credit Services of America, Federal Home Loan Bank of Atlanta, Julius Baer Investment Management, Mellon Asset Management, Morgan Keegan & Company, Vantage Credit Union, Visa International Asia Pacific and The Ziegler Companies.
This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, and includes statements relating to the ability of Pivotal CRM to address the needs of financial services clients such as the ability improve efficiencies, improve customer service, drive cost savings and competitive advantage.
This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, and includes statements relating to the ability of Pivotal to address the needs of its financial services customers and the ability to streamline operations, accelerate growth and improve client relationships with Pivotal CRM software.
Chinatrust Commercial Bank, a large Teradata CRM user, reported in the July 2006 edition of DM Review that the Teradata CRM data warehouse environment delivered $479 million in new business over the first 10 campaigns alone - with a return on investment of 168 percent on the total investment.
Wireless technology has also advanced, affording greater access to CRM systems while users are mobile.
Based on insights gained from our first Customer Council meeting, we will continue to add practical functions to Saratoga CRM that make it easier to mine business-critical data in real time from virtually any data platform.
To satisfy customer needs in these situations requires a technological architecture which when utilised properly results in successful CRM practice.
Entellium eDesktop is like iTunes for CRM -- it's about time someone made it this useful and easy for sales professionals," said Mark Cheong, VP of Sales and Marketing, Outclick Media.