Abstract
This chapter reviews the perspectives of fostering supply chain management (SCM) in global business, thus describing the theoretical and practical concept of SCM; the applications of SCM; fostering SCM through knowledge management (KM) in global business; the strategic success factors of SCM; and the significance of SCM in global business. The utilization of SCM is necessary for modern organizations that seek to serve suppliers and customers, increase business performance, strengthen competitiveness, and achieve continuous success in global business. Therefore, it is essential for modern organizations to examine their SCM applications, develop a strategic plan to regularly check their practical advancements, and immediately respond to the SCM needs of customers in global business. Applying SCM will extremely improve organizational performance and reach business goals in global business.
TopFostering Supply Chain Management In Global Business
This section describes the theoretical and practical concept of SCM; the applications of SCM; fostering SCM through KM in global business; the strategic success factors of SCM; and the significance of SCM in global business.
Key Terms in this Chapter
Innovation: The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
Knowledge Management: The strategies and processes designed to identify, capture, structure, value, leverage, and share an organization's intellectual assets to enhance its performance and competitiveness.
Supply Chain: The entire network of entities, directly or indirectly interlinked and interdependent in serving the same customer.
Organizational Performance: An analysis of a company's performance as compared to goals and objectives.
Logistics: The planning, execution, and control of the procurement, movement, and stationing of personnel, material, and other resources to achieve the objectives of a campaign, plan, project, or strategy.
Supply Chain Management: The management of material and information flow in a supply chain to provide the highest degree of customer satisfaction at the lowest possible cost.
Business: An organization or economic system where goods and services are exchanged for one another or for money.
Competitive advantage: A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation.