Question

All supply management activities have potential for _________________ and hence ________________.

Answer 1

All supply management operations have the ability to reduce costs and raise profits. The act of locating, obtaining, and managing resources and suppliers that are crucial to an organization's operations is referred to as supply management.

Supply management, also referred to as procurement, entails the acquisition of tangible items, data, services, and any other resources required to keep a business working and expanding. Cost control, effective resource allocation, risk management, and the efficient collection of data for strategic business choices are the major objectives of supply management. The majority of people think of supply chain management as the process by which businesses acquire raw materials and finished commodities. However, supply management involves more than just making purchases and signing agreements for services.

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