Supply chain management benefits a business in multiple ways, such as by lowering inventory levels, reducing storage costs, and lowering insurance costs. It has less capital in inventory, which enhances liquidity, and better inventory management helps in a quicker response to market changes.
Different types of supply chain management
1. Based on business strategy
- Lean Supply Chain Management
- Agile Supply Chain Management
- Hybrid Supply Chain Management
2. Based on industry focus
- Manufacturing Supply Chain Management
- Retail Supply Chain Management
- Healthcare Supply Chain Management
- Service Supply Chain Management
3. Based on operational scope
- Global Supply Chain Management
- Regional Supply Chain Management
- Local Supply Chain Management
4. Based on technological integration
- Digital Supply Chain Management
- Traditional Supply Chain Management
5. Based on process focus
- Demand-Driven Supply Chain Management
- Supply-Driven Supply Chain Management
6. Based on relational management
- Collaborative Supply Chain Management
- Transactional Supply Chain Management
7. Based on risk management
- Resilient Supply Chain Management
- Risk-Averse Supply Chain Management