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RISK Management - Introduction admin
1.1 – Introduction
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Chapter Text
Supply chain management is the practice of connecting independent organizations that add value to products and services to deliver them to the end consumer. Understanding the value-added by the supply chain is crucial for business success. Over the last three decades, supply chain management has emerged as a key management approach in response to changes in the business landscape, including globalization, increased competition, higher customer expectations, technological advancements, and geopolitical factors. The competition has shifted from “organization against organization” to “supply chain against supply chain.” Businesses must now cooperate within their supply chains to thrive, as the relationships between organizations in the supply chain have become more interdependent. This change in the competitive landscape necessitates supply chain management.
The importance of supply chain management is underscored by its tangible benefits and business performance improvements. It is a pervasive aspect of business, impacting various areas, including quality management. To enhance the quality of products or services for end-consumers, one must manage and improve relationships with suppliers and buyers in the supply chain. In essence, business value creation is a collective effort from the entire supply chain. Supply chain management is a relatively young and evolving field, but its relevance and necessity in today’s business world are clear.
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