With our new Supply Chain Management (SCM) courses recently uploaded to our site, we took a look at why SCM is so relevant to almost all industries today.
Due to the increasing effects that COVID-19 has had on businesses, understanding and optimization of SCM are crucial. COVID-19 restrictions like restricting the movement of goods and the movement of people, but more so the virus had an impact on people; being ill and not being able to work had a massive effect on the productivity of businesses. Not being able to produce goods and having a difficult time to transport goods had a lasting effect on the SCM of businesses.
17 STUNNING SUPPLY CHAIN STATISTICS : FACTS, FIGURES, AND TRENDS is an article on Zippia.com written by Chris Kolmar, that provides a great insight into the various aspects of SCM.
Follow this link to read this article;
Here are two key concepts to understand when reading this article;
Supply Chain Management
Supply chain management (SCM) is the centralized management of the flow of goods and services and includes all processes that transform raw materials into final products.
CAGR (Compound Annual Growth Rate)
The compound annual growth rate (CAGR) is the rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
For more info regarding our SCM course, follow the link below.