Supply chain management, also known as SCM plays a crucial role in the retail cycle. It facilitates companies to maintain a long-term fruitful association with customers and provide them the right product. An efficient supply chain ensures a smooth transition of a product in the stages ranging from manufacturing to the point-of-sale. Slight distortion in the SCM can impact the customer's satisfaction level and increase the risk of losses for companies.
At SpendEdge, we understand that managing the supply chain is crucial for companies to make the best of the opportunities at hand. Therefore, we have highlighted the role of SCM in the retail sector.
Role of SCM in the Retail Landscape
Reduces operating cost
An effective supply chain strategy helps companies to reduce operating costs in numerous ways. It reduces time to market and minimizes the inventory holding cost. Improving supply chain management also helps companies to meet their sourcing needs and timely deliver materials to production or assembly plants.
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Withstand market competition
Rising competition in the retail market makes it imperative for companies to improve customer satisfaction levels more efficiently than their competitors. With effective SCM, companies can deliver the products from the point of production to the point of purchase with minimum cost and time. They can analyze supply chain strategies of their peers to adopt better measures to reach their customers faster. To better analyze your peers’ supply chain strategies, get in touch with our experts now!
Improve customer service levels
With numerous options available in the market, customers expect their demands to be met on time. This creates a challenge for businesses to retain their customers. Companies having good supply chains can ensure the delivery of products when their customers need it.
To know in detail about challenges for strategic sourcing, read the complete article here!
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