Supply Chain Management (SCM) refers to the coordination and management of all activities involved in sourcing, procurement, production, and logistics. It includes the flow of goods, information, and finances from the origin point (like raw material suppliers) to the end consumer.
Key Components:
Planning: Forecasting demand and planning supply accordingly.
Sourcing: Selecting suppliers and managing procurement.
Manufacturing: Producing goods and quality control.
Logistics: Managing warehousing, transportation, and distribution.
Returns: Handling returned goods and customer service.
