Supply Chain Management
Supply chain management (SCM) encompasses the design, planning, sourcing, execution, control and monitoring and end-to-end oversight of materials, information, and finances as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer. Supply chain management involves coordinating and integrating these flows both within and among companies. All of these factors are managed in order to ensure accurate and efficient material and information flow in a supply chain to provide the highest degree of customer satisfaction at the lowest possible cost.
Key to any effective Supply chain management system is the Source/Supplier selection and effective management process. Supplier selection is a cross-functional activity that considers factors such as technical requirements, effective quality management systems, and Total Cost of Ownership.