Supply chain management also called the SCM serves as an important aspect in the modern business operations, the process includes the components like planning, execution, and control the activities which includes the functions like sourcing, procurement, conversion, and logistics management.  

Supply chain management integrates the core business processes across the supply chain and helps the user to create value for their customers and stakeholders while regularly optimizing the flow of goods, association of information, and the finances from raw material sourcing to actually delivering the finished products. 

Key Components of Supply Chain Management 

1. Planning: Supply chain management process starts with an effective planning that helps the user to align their supply and demand. This process also involves the proper forecasting of the customer demand, planning their inventory levels, and scheduling a proper production activities that goes with the market standard.  

1. Sourcing: This phase of Supply chain management involves the selecting of suppliers from different areas that provide the necessary raw materials or the raw components. The phase generally includes the negotiating of the contracts, managing their supplier relationships, and providing the best quality that met the brand standards and satisfy the customer. 

1. Production: The Production process helps the user to transform the raw materials sourced by the suppliers into a finished products as per the client requirement. This stage often requires the user to have an efficient operations management which can optimize the production processes, minimize the wastage production and maintains the quality control and check for an effective Supply chain management.  

Future Trends in Supply Chain Management 

The future trends that goes with the Supply Chain Management: 

• Digital Transformation: The integration of advanced technologies like the artificial intelligence (AI), machine learning, and the advanced Internet of Things (IoT) will help the user to enhance the components like visibility and efficiency that goes across supply chains. 

• Sustainability Initiatives: In the future the companies will focus more on the sustainable sourcing practices which will also reduce their carbon footprint that will work towards the corporate social responsibility efforts.