Q:

What is supply chain management?

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Quick Answer

Supply chain management is the collaboration of manufacturers, wholesalers and retailers to deliver the best value to consumers in a particular trade channel or market. By collaborating on logistics, planning and transportation trade members reduce the cost structure of distribution, which improves profits and minimizes consumer prices.

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Full Answer

One of the ways suppliers and buyers in a supply chain collaborate is to automate inventory replenishment. Retailers integrate electronic inventory data with suppliers so that replenishment is automatic once certain products reach a minimum inventory threshold. Reducing manual steps reduces costs. Greater profit, better value for end customers and environmental protection are core benefits.

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