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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
UHS Public Health Department's head, Prof Dr Shakila Zaman, said that USAID would organize a 3-day orientation session for nominated faculty members of UHS on supply chain management module scheduled from July 18-20 at the varsity campus.
Lee and Corey said that Supply Chain Management contains activities of integration, which take place among a facilities network that procure raw goods, convert it into semi-prepared materials and in the end to finally desired products, and transport the goods to consumers via system of distribution [12].
This study was developed from a bibliometric survey, seeking to expand knowledge regarding publications in Supply chain management from the database J-gate in the period 2010-2014.
Interviews with hospital executives, material managers, group purchasing organization (GPO) executives, distributors and industry experts from 2002 to 2003, found that the barriers to implementing an effective supply chain management process fell into three domains: environmental, organizational and operational.
The goal of the project is for students to apply their newly found knowledge in supply chain management concepts and analytical tools in a real-world setting while providing a positive return on investment for the military and commercial organizations participating.
"I think it's a model that has a lot to offer in supply chain management, where people and companies each have their own individual objectives, and yet all need to cooperate on more than an arm's-length level."
Teny Esper, associate professor and executive director of the Supply Chain Management Research Center, was named an associate editor of the journal of Supply .Chain Management.
The term "supply chain management" is relatively new in the literature, appearing first in 1982 (Oliver & Weber, 1982) to describe connecting logistics with other functions, and by Houlihan (1985, 1988) to describe the connections between logistics and internal functions and external organizations.
HTF MI released a new market study on Global Supply Chain Management Software Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand in depth analysis.
Global tech giant IBM has reportedly announced a new blockchain network to streamline supply chain management.
M2 EQUITYBITES-July 16, 2019-Southwest Airlines promotes senior director to VP of supply chain management
Travel Business Review-July 16, 2019-Southwest Airlines promotes senior director to VP of supply chain management

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