Supply chain
Supply Chain
The Supply Chain (pronounced: suh-ply cheyn) is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.
Etymology
The term "Supply Chain" comes from the idea that every product or service that reaches an end user represents the cumulative effort of multiple organizations. These organizations are referred to as the links in the supply chain.
Definition
A Supply Chain is a network between a company and its suppliers to produce and distribute a specific product or service. The functions in a supply chain include product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.
Related Terms
- Supply Chain Management: The management of the flow of goods and services, involves the movement and storage of raw materials, of work-in-process inventory, and of finished goods as well as end to end order fulfillment from point of origin to point of consumption.
- Logistics: The detailed coordination of a complex operation involving many people, facilities, or supplies.
- Inventory: A complete list of items such as property, goods in stock, or the contents of a building.
- Procurement: The action of obtaining or procuring something.
- Distribution: The action of sharing something out among a number of recipients.
- Production: The action of making or manufacturing from components or raw materials.
- Sourcing: The practice of locating and selecting businesses or individuals based on set criteria.
- Information Systems: The study of systems with a specific reference to information and the complementary networks of hardware and software that people and organizations use to collect, filter, process, create and distribute data.
External links
- Medical encyclopedia article on Supply chain
- Wikipedia's article - Supply chain
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