supply chain management

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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 ?
Verano's supply chain event management solution provides the capability to monitor alarms, exception conditions and data acquisition in real time.
Continuously striving to improve global trade, TradeBeam will release the latest version of its Supply Chain Event Management application next month.
The acquisition fits into CDC Software's strategy to address a high-growth market called Complex Event Processing (CEP) with products that offer functionality in supply chain event management, security, advanced business intelligence and fraud detection handling.
TradeBeam's solutions provide import and export compliance, inventory management, shipment tracking, supply chain event management and global trade finance solutions such as open account and letter
This Supply Chain Event Management (SCEM) capability enables proactive management of disruptions in the transportation network, in order to meet respective delivery deadlines and keep supply chain partners more informed.
Royal Mail is implementing Yantra Distributed Order Management, Yantra Product Management and Yantra Supply Chain Event Management to streamline distribution of consumables, spare parts and other products to all Royal Mail sites and its network of approximately 16,500 Post Office(R) branches.
Vigilance is the leader in the supply chain event management space and provider of the only business process management software that enables real-time detection, analysis, collaboration and resolution of key business drivers that can impact bottom line results.
Yantra was selected because of its ability to provide an integrated solution, the flexibility of its applications and product depth in Order Fulfillment, Reverse Logistics and Supply Chain Event Management.
a leading provider of supply chain event management and business activity monitoring (BAM) solutions that helps enterprises improve their supply chain visibility and support their governance, risk and compliance requirements.
the leading provider of Supply Chain Event Management (SCEM) solutions, today announced a strategic technology partnership to deliver an integrated, real-time event management solution specifically tailored to the needs of global manufacturers.

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