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Many organizations make use of advanced statistical methods and intelligent machine-learning models to conduct accurate predictive analyses on future demand patterns. All of this leads to more effective demandplanning which will ultimately benefit the business. There are challenges, however.
SCM encompasses the integrated planning and execution of processes required to optimize the flow of materials, information, and capital in functions that broadly include demandplanning, sourcing, production, inventory management and logistics. Tools used here include supplier scorecards, audits, and performance tracking.
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