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What is Supply Chain Management? Supply Chain Management (SCM) is an important part of every organization, whether small or large. SCM is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. SCM also deals with the movement and storing of materials needed to create a product, as well as inventory management, and keeping track of finished goods from where they were created to who they go to.  Modern supply change management encompasses the strategic alignment of end-to-end business processes to realize market and econom...

What is Store? Store is an important component of material management.  Store keeps the materials such that the materials are well accounted for, are maintained safe, and are available at the time of requirement. Storage is an essential and vital part of the economic cycle and store management is a specialized function, which can contribute significantly to the overall efficiency and effectiveness of the materials function. The main processes of store are: to receive the incoming materials (receiving), to keep the materials as long as they are required for use (keeping in custody...

History of Materials Management Material management as a discipline was rather slow to evolve as compared to production and marketing function. The growth of Material Management as a field of study and one of great relevance of business performance is of recent origin and have its root in the US economy. Over the years from the simple mechanism of exchange of goods and services it has transformed into a complex system of industrial production and commercial system. The supplies for manufacturing organization got disrupted during WW1, the shortage during the war and heavy inventories build up...

Traditional procurement methods vs IT procurement process Procurement methods involve the process of finding, agreeing to terms & acquiring goods or services. Though this sounds pretty simple and straightforward but only the experienced know how difficult it can get with a multi-layered process that involves tedious steps. A traditional procurement methods starts with the identification of needs followed by an extensive process of exploration of supplier options to finally arrive at finalization of the supplier by fixing the price and all other terms including payment options, delivery...

Importance of Material Management: Material management is directly associated with the operational efficiency of an organization. A good material management system ensures the availability right materials in the production process with minimum wastage so as to cut losses. Here are the few ways which show the importance of material management and how it influences your project performance: - Time Time is widely recognized as a primary criterion for performance measurement. Poor material management can have a negative effect on project time, like the insufficient stock of materials, lead ...