Author : Asst. Prof. Meda Karan Venkatesh 1
Date of Publication :7th December 2016
Abstract: Supply Chain Management (SCM) is management of material and information flow in a supply chain to provide the highest degree of customer satisfaction at the lowest possible cost. SCM requires commitment of supply chain partners to work closely to coordinate order generation, order taking and order fulfillment thus, creating an ďextended enterpriseĒ spreading far beyond the producerís location. Supply chains encompass the companies and the business activities needed to design, make, deliver and use a product or service. Businesses depend on their supply chains to provide them with what they need to survive and thrive. Supply chain management is the integration of key business processes from initial raw material extraction to the final or end customer, including intermediate processing, transportation and storage activities and final sale to the end customer. Today, the practice of supply chain management is becoming extremely important to achieve and maintain competitiveness. The paper will aim to improve the Inventory problems which are faced by all types of industry all over the globe, thus making it a kind of universal problem. The primary goal of any company is to minimize the inventory. The improvement which the report suggests can be termed as a kind of practical improvement i.e. usage of improved Kanban Systems resulting in Inventory optimization. This research is expected to help government and private industry in selecting the most influencing problem area and its optimization. It will also help in establishing the relations between various problems areas to that of cost reduction. This increase the prediction accuracy in supply chain thus helping organizations to draft there strategic plans and policy up gradation. With the use of improved Kanban Systems, resulting in more Inventory Optimizing and in turn more cost saving
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