What do we mean by the “Age of Supply Chain Management?” What changes have led to this new age, and what has resulted from it?
The answer:
Supply chain management is the field associated with the handling production of products or services from beginning to end, i.e. from sourcing the raw material to deliver products to the customers.
The age of supply chain management refers to the evolution of supply chain management as the key differentiator in determining the profitability and sustainability of an organization.
In other words, the competitive advantage of an organization depends on how efficiently the organizations are managing their supply chains. The organizations having efficient and responsive supply chains win the loyalty of customers.
Due to the new age of supply chain management, different organizations are uniting their efforts for optimal resource utilization, and the supply chain integration is evolved. The organizations integrate supply chain operations so they can provide the products at lower prices without compromising the product or service quality. In the age of supply chain management, the customers have become the center of all the operations. The organizations are not interested in the tradeoff between cost and efficiency, which has resulted in technological development in supply chain management.
What do we mean by the “Age of Supply Chain Management?” What changes have led to...
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