Supply chain management is the careful attention paid to the process that sees materials, information, and finances move from supplier to manufacturer to wholesaler to retailer to consumer. Supply chain management focuses on efficiently and effectively coordinating the flows of the supply chain process both within and between companies. Often, the main goal of supply chain management is to reduce inventory, thus resulting in better efficiency and reduced costs. Here are a couple of general descriptions of the inventory control problem:
Almyta Systems (2009) Overview of inventory control. Retrieved Feb. 21, 2009, fromhttp://systems.almyta.com/Inventory_1.asp and http://systems.almyta.com/Inventory_2.asp
Since 1986, the Voluntary Interindustry Commerce Solutions Association (VICS) has worked to improve the efficiency and effectiveness of the entire supply chain. … VICS is made up of companies who have proven that a timely and accurate flow of product and information between trading partners significantly improves their competitive position. It has been demonstrated that cross-industry commerce standards facilitate better customer service while reducing costs. VICS’ participation with hundreds of small and large companies has established that the implementation of VICS’ business processes and standards achieve excellent returns that go far beyond initial expectations.”
The VICS Collaborative Planning, Forecasting & Replenishment (CPFR®) Committee has had as its mission:
“To develop business guidelines and roadmaps for various collaborative scenarios, which include upstream suppliers, suppliers of finished goods and retailers, which integrate demand and supply planning and execution.”
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