What do you understand by supply chain management ? What are potential

benefits of managing the supply chain ?

Supply Chain Management (SCM) involves the coordination and integration of various activities, processes, resources, and stakeholders across the entire supply chain to ensure the efficient and effective flow of goods, services, information, and funds from the point of origin (e.g., raw material suppliers) to the point of consumption (e.g., end customers). It encompasses the planning, sourcing, manufacturing, logistics, distribution, and return processes required to deliver products or services to customers in a timely, cost-effective, and sustainable manner.

Key elements and components of supply chain management include:

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