March 12, What Is Information Technology Information technology is simple the processing of data via computer: Information Technology, or IT, is the study, design, creation, utilization, support, and management of computer-based information systems, especially software applications and computer hardware. IT is not limited solely to computers though.
The fact of the matter is that retailers are a critical partner in supply-chain management. In many cases, the collaborative relationship concept has been considered the essence of supply chain management.
Your questions asks about the role of a retailer in supply-chain management.
Yet, why is this relationship so important? This can be answered in one word. This is what joins, unites, and creates the two. Without inventory, neither the retailer or vendor would have anything to sell. So the role of the retailer in supply-chain management is to manage their inventory in such a manner that the vendor can effectively respond to their need.
This puts an organization in the position of trying to strike a balance between fulfilling the demands of customers, which is often difficult to forecast with precision or accuracy, and maintaining adequate supply of materials and goods. This balance is often achieved through inventory. And, inventory is the key to the balance of the reciprocal relationship between retailers and vendors.The benefits of applying HRM practices to Supply Chain Management A review of research reveals that little has been done on the relation between Human Resource Management (HRM) and Supply Chain Management (SCM).
Supply-chain management provides a way to develop a competitive advantage without having to lower your prices.
For instance, by developing a more efficient supply chain, you can deliver orders.
The goal of financial supply chain management is to obtain visibility over these processes so that efficiencies and cost savings can be achieved throughout the chain.
It can be said that working capital management is the part that sits between the purchase to pay and order to cash cycles. Ajmal is a Supply Chain Consultant at Arkieva.
Ajmal is a huge movie buff, sci-fi geek, and loves fast cars. In his spare time, Ajmal enjoys, writing, traveling and exploring his surroundings.
The concept of "supply chain management" is fairly simple, but the practice can be enormously complex depending upon the size and nature of the company.
Simply, "supply chain management. The Importance of Supply Chain Management It is well known that supply chain management is an integral part of most businesses and is essential to company success and customer satisfaction. Boost Customer Service. Customers expect the correct product assortment and quantity to be delivered.