Supply Chain Management - Definition
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What is Supply Chain Management?
A supply chain is the channel for the shipment of raw materials, supplies, and goods between an organization and suppliers, vendors, or end users. The supply chain is comprised of individuals, tasks, firms, and resources with varied forms of information.
Supply chain management concerns management of the specific sequence for getting the final product or service in the hands of the final user.Some functions cover development of a product or service, operations, marketing, finance, distribution, customer support, and a lot more.
There are various entities involved in the supply chain, such as manufacturers, warehouses, vendors, organizations, distribution offices, retailers, etc.
What is Business Logistics Management?
The terms supply chain management and business logistics management (logistics) seem to be synonymous. However, logistics is just one part or element of the entire supply chain process.
Logistics involves following a specific plan to control, transport, and store goods. In simple terms, logistics management begins with the raw materials and ends with the ultimate delivery of the product.
A company will have its logistics management right when there are no time lags during the process, and the customers receive the final product or service in proper condition. Ultimately, this enables the organization in controlling its costs.