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.
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October - November 2019