Operations and Supply Chain Management - Supply Chain Characteristics I

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Supply Chain Main Function
The effectiveness of your production and delivery processes depends on the efficiency, quality, and structure of your supply chain. An effective supply chain can reduce your costs and help you streamline your business processes.
Although there have been many interpretations of what supply chain management does, its central function is to optimize every step in the procurement, production, and delivery processes.
Supply Chain Management Concepts
Supply chain management concepts don't apply only to suppliers, producers, and customers in the manufacturing industry. These concepts are very relevant to organizations in the service industry also.
Modern economies have many service industries, including banking and finance, healthcare, government, aviation, shipping, retail, telecommunications, and IT.
Manufacturing and Service Industries
Service companies have increasingly adopted supply chain management concepts to optimize their processes, reduce costs, and increase customer satisfaction.
Manufacturing and service industries have their own characteristics. They've also developed different supply chain management strategies. This topic focuses on supply chain management principles in the service industry.
Example - Supply Chain for a Service Company
Consider a financial transaction for a loan. First an application must be completed. Then the completed application must be turned in.
Once those steps are complete, the loan company checks the prospective candidate's personal information against its loan criteria. It then accepts or rejects the loan request.
Every step of the transaction adds value to the overall process. The loan company provides quality service for the customers at each step. A supply chain for the service industry is able to operate at an effective and efficient level without sacrificing quality.
Exercise - Why Adopting Supply Chain Management Strategies
So, why would service organizations adopt supply chain management strategies?
1 - To improve their processes.
2 - To reduce costs. (...)

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