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 A supply chain management typically consists of supply chain management software, hardware that uses the systems, design, implementation, and many other things. Generally, companies use Supply Chain Management software that allows companies to manage their inventory and plan their production accordingly, monitor their sales records, process payments efficiently and also track the location of shipments in real time. The Company may then use this information to communicate with other parties. In addition, a key part of SCM software is inventory or demand forecasting, which is derived from inventory management practices. However, understanding supply chain development is an important aspect, but it is quite different from implementing it. Successfully executing SCM, on the other hand, can help you create a huge advantage over your competitors. This application mainly focuses on system analysis, strategic planning, supply chain implementation and coordination.

The global supply chain market is estimated at approximately US$ 18,700 million in 2020, which is expected to grow at a CAGR of 11.2% and reach up to US$ 50,000 million by 2027. However, the actual numbers could be much higher due to increased demand for SCM due to supply chain disruptions caused by the COVID 19 pandemic. The pandemic was expected to affect the supply chain, but it in turn fueled the growth of the SCM industry.

Objectives of Supply Chain Management

Today, a supply chain management system is often referred to as the backbone of any business organization. Companies that follow supply chain management principles are likely to bring much more value to their customers than those that have not integrated supply chain management concepts into their operations. Some of the most common objectives of supply chain management are:

1. Improve overall company performance
   With efficiency, supply chain management focuses on reducing waste of company resources, which in turn improves overall company performance. . This waste of resources can include wasted money, materials; individual working hours, delivery times and more. A supply chain management system focuses on minimizing waste by controlling production, inventory, transportation and logistics based on the nature of the business. This helps to improve the systems and remove all the leakages from the existing work systems. Keeping track of inventory and updating it in real time against suppliers can be a difficult task. But it can be very useful for your organization.
2. Quality improvement
   Another important part of the supply chain management system is product quality improvement. Quality assurance follows various quality parameters related to customers, which can range from performance to other attributes. In some companies, it is important to be actively involved in the process so that changes can be quickly processed in real time. A supply chain management system makes it easier for a company to move goods through the supply chain. In addition, supply chain quality management helps to gain a competitive advantage over other companies and also helps to reduce operating costs.

Original Source: Supply Chain As The Backbone of Any Business