IMPORTANCE OF SUPPLY CHAIN MANAGEMENT IN INDIA'S INDUSTRY SECTOR - LILADHAR PASOO Supply Chain is a linkage sector which involves the management of an entire process of creation to consumption right from supplying the raw materials, their movement and progress to the work-in-process inventory and delivery of the finished goods. It facilitates the end-to-end order fulfillment from point of origin to point of consumption. The progress of India’s supply chain has gained momentum with the introduction of Goods and Services Taxes (GST), liberalizing Foreign Direct Investment (FDI) and increased government spending in the sector. Along with this, the “Make in India” movement has further given an impetus to the growth and development of India’s Supply Chain. An efficient supply chain is extremely essential for the smooth functioning of any industry. The following points put into picture, the significance and the benefits that a company can leverage on through its supply chain.
1.Boosts customer experience For any company, customer satisfaction is of the utmost importance. And this is only possible when the customer receives the correct product assortment at the right time. Through an efficient and holistic Supply Chain, which includes freight forwarding, logistics, consolidation and transportation, a company can ensure the smooth shipment of its products.
2.Scales down the operating cost Decreases Purchasing Cost- This is specifically applicable for retailers who depend on supply chains to deliver their products to customers as and when required to avoid holding highly costly inventories.