With inflation and increased competition, it is vital to reduce the cost of the final product while maintaining quality. Practically speaking, it’s impossible to cut the cost involved in core technical and non-technical activities. The only thing left to experiment is Supply Chain.
As an entrepreneur or CEO of a company, you should always look for total transportation costs in the final product cost sheet. That’s the area where the focus should be shifted to reduce overall cost and increase the margin. Normally, the supply chain involves processes related to product sourcing and delivery. Supply chain management ensures effective management of product/services distribution with reduced cost and higher efficiency. It involves procurement, logistics, operations, and delivery.
For successful management, it is essential to have an optimum flow of products/services and you need to make sure that the correct product reaches the user at the right time and the right location as per his convenience.
Then,
What is Global Supply Chain Management?
What is the global supply chain management?
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Global supply chain management can be defined as an inter-nation transfer of raw materials, finished goods, and services while reducing final cost and ensuring optimum product quality. The difference between normal supply chain and global one is not only related to import/export but it is more connected to a strategic partnership with suppliers, warehouses, and logistics-related firms of other countries to make the supply chain as smooth as possible. While opting for global supply chain management, you need to follow all the global trade compliances set by a particular host country and WTO (World Trade Organization).
Importance of Technology in Global Supply Chain
The importance of technology in any field is paramount. Managing a supply chain is a complex task and the number of manual errors will be quite high. In such a situation, integration of technologies like AI (Artificial Intelligence), Big Data, IoT (Internet Of Things) can transform your logistics and operations.
By integrating AI to the supply chain, companies will be gaining $1.3tr to $2tr a year in economic value – Mckinsey
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