A supply chain is a network of individuals and companies in charge of producing and delivering a product to the consumer. The chain’s first and last connections are the producers of raw materials, who bring the finished product to the client looking for it in the aisle of the supermarket. Simply put, the supply chain is the journey of a product from its genesis to its final destination.
Supply chain Management is important to ensure decreased costs and increased productivity that results from a supply network that is optimized. In order to reduce costs and preserve competitiveness, businesses strive to improve their supply networks.
In contrast to employing a limited supply chain, modern supply chains can span the entire globe, giving firms access to a greater variety of components, goods, and materials at lower prices. These companies are able to expand their revenue and seize possibilities in new markets as a result. The fact that items are frequently sourced from numerous nations makes supply chains highly complicated. Supply chain management, which is the process of making supply chains as efficient as possible while lowering potential hazards within them, has grown into a significant sector as a result.
