SUPCH 1

Supply Chain

The network of all individuals, organizations, resources, activities, and technology involved in the creation and sale of a product.

Supply Chain Management

The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost.

Logistics

A part of the supply chain that plans, implements, and controls the storage and forward and reverse flow of goods, services, and related information.

Efficiency

The degree to which resources have been used economically.

Effectiveness

The extent to which an objective has been achieved.

The 7 R’s of Logistics

The right product, in the right quantity, in the right condition, at the right place, at the right time, for the right customer, at the right cost.

Inventory

The raw materials, work-in-progress goods, and completely finished goods that are considered to be part of a business's assets.

Customer Satisfaction

The measure of how products and services supplied by a company meet or surpass customer expectations.

Interrelation of Supply Chain and Marketing

Logistics facilitates the four P's of marketing: Place, Price, Product, and Promotion.

Trends in Supply Chain Management

Innovations such as self-driving vehicles, IoT, AI, and Big Data that are shaping the future of logistics.

Call Button Data

Data collected from call requests in health care settings to support staffing and operational decisions.

Understanding Supply Chain

Essential for effective management, communication, and function within a company.

Downstream

The part of the supply chain that deals with delivering product to the end customer.

Upstream

The part of the supply chain that involves the suppliers and the supply of raw materials.

First Tier Supplier

An immediate supplier to a company that is directly linked in the supply chain.

Second Tier Customer

Customers that are two steps removed from the focal company in the supply chain.

Logistics Performance

A measure of how well logistics activities are performed in terms of effectiveness and efficiency.