Operations and Supply Chain Management - Advantages of Supply Chain Management

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Effective Supply Chain Management
Effective supply chain management can have a positive ripple effect through all areas of business, from procurement of raw material to delivery of products and services to customers. It also enables companies to meet customers' individual needs efficiently and effectively.
By incorporating the principles of supply chain management, companies are able to increase customer satisfaction while lowering the costs of inventory and business operations.
When implemented properly, the principles of supply chain management can lead to improved customer relationships, increased coordination between your suppliers, partners, and distributors, and a reduction in operational costs.
Exercise - Effective Chain Management
So, what are the advantages of the effective supply chain management?
1 - A reduction in operational costs.
2 - Coordination between suppliers, distributors, and partners.
3 - Stable customer demand.
4 - Customer satisfaction.
5 - Isolation of business and business operations.
Stop again the video for a minute to reflect on  the right answer. Of course, as in the previous video I will present the correct answers. But - this simple exercise - if you choose to take it, will increase your retention.
Option 1: This option is correct. Having an effective supply chain that enables quicker production and distribution will lead to higher efficiency. Having a high rate of efficiency will ultimately lead to cost savings.
Option 2: This option is correct. Faster and more efficient communication and the sharing of information between supply chain components enable improved coordination between suppliers, distributors, and partners.
Option 3: This option is incorrect. Changes in customer demand are often caused by macroeconomic factors that are beyond the organization's control. An effective supply chain may result in meeting a changing customer demand efficiently and in a cost-effective manner. However, it doesn't have much control over customer demand.
Option 4: This option is correct. Organizations that manage their supply chain effectively are able to minimize delays in the delivery process and maximize the availability of their products and services. This leads to increased customer satisfaction.
Option 5: This option is incorrect. On the contrary, effective supply chain management usually results in integrated and cohesive businesses and business operations.

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