How do businesses synchronize supply and demand on a global scale?
The supply and demand will be synchronized with the efficient supply chain management.
Supply chain management is the process of planning, implementing, and controlling the operations of the supply chain with the purpose to satisfy customer requirements as efficiently as possible. Supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point-of-origin to point-of-consumption (Wikipedia, 2006).
This concept has become increasingly popular and those organizations who are recognizing the importance of effective supply chain management are gaining significant competitive advantage over their competitors because of way they are configuring and managing their supply chain. It has got following three components:
(1) Demand Fulfillment?The objective of the demand fulfillment process is to provide fast, accurate, and reliable delivery-date responses to customer orders. Demand Fulfillment is ...
The solution discusses how businesses synchronize supply and demand on a global scale.