Switch to previous version of Magzter

Try GOLD

SUPPLY CHAIN MANAGEMENT IN SMALL AND MEDIUM-SIZED ENTERPRISES
Every organizational system, big or small, aims to control operations and execute projects in the most effective and efficient manner. Supply chain management is the apt system to integrate and connect a product’s workflow, right from acquiring raw materials to production and then distributing the products to customers in a highly systematic and streamlined manner.
Amareta Rodrigues

By implementing this system, businesses can earn good profits as well as lower losses and business failure risks. A supply chain management system is an integration of three main phases: Supply – process of procuring raw materials Manufacturing – involves the production process during which raw material is converted into a product. Distribution – process involved in shipping goods to warehouses, customers and other places of distribution.

Small and medium-sized enterprises play an important role in the economic growth and development of a country. Innovation, versatility and perseverance that comes with these type of enterprises makes them highly important for both, developed as well as developing nations. However, the growth and survival of small and medium-sized enterprises can be quite challenging. One of the main reasons for the high failure rate of SMEs is lack of financial resources, management proficiency and the right technology. For businesses to function properly and make profits, a good supply chain management system is highly essential. This system helps improve productivity, quality, customer base and profits.

Low costs

Continue Reading with Magzter GOLD

GoldLogo

Get unlimited access to thousands of curated premium stories and 5,000+ magazines

READ THE ENTIRE ISSUE

October - November 2019

MORE STORIES FROM SMALL ENTERPRISEView All
Financial Schemes To Promote Women Entrepreneurship
Small Enterprise
4 mins read
How Are Digital Payments Helping Transform The SME Industry?
Small Enterprise
3 mins read
Logistics In The E-Commerce Era
Small Enterprise
4 mins read
SUPPLY CHAIN MANAGEMENT IN SMALL AND MEDIUM-SIZED ENTERPRISES
Small Enterprise
2 mins read
KANIKA TEKRIWAL - FROM BATTLING CANCER TO FLYING HIGH IN THE AVIATION INDUSTRY!
Small Enterprise
4 mins read
Corporate Tax Cut: The Long And Short Term Implications
Small Enterprise
3 mins read
How Small And Medium Businesses Can Go Global
Small Enterprise
3 mins read
BYJU Raveendran: The Fascinating Story Of A Visionary
Small Enterprise
3 mins read
Upasana Taku's Mobikwik Journey
Small Enterprise
3 mins read
5 Top Technology Trends For Small Businesses
Small Enterprise
3 mins read
RELATED STORIES
Amazon's About-Face On Hardware
Bloomberg Businessweek
6 mins read
WORLD'S MOST VALUABLE Private Companies
Industry Leaders
3 mins read
The Best Tech Products Of 2019
PC Magazine
10+ mins read
Smart Speakers: Smart Choice?
Carolina Parent
4 mins read
Providing A Unique Experience Is Retailers' Holiday Strategy
AppleMagazine
4 mins read
Ad Business A Boon For Amazon But A Turn-Off For Shoppers
AppleMagazine
4 mins read
Amazon Echo Studio: An Excellent Value
PC Magazine
7 mins read
Getting Away From It All
Mystery Scene
4 mins read
Jonah Peretti
New York magazine
10+ mins read
THE 1,200-HORSEPOWER PUSSYCAT
Automobile
9 mins read