Author(s): Pushparaj Kulkarni, Anand Muley, Dipti Kalkotwar, Atul P Kulkarni, Sarang Jawkhedkar and Vivek Pimplapure
The term supply chain refers to the network of businesses that are engaged in the sourcing, production, and distribution of a retailer's goods. Because there are so many moving parts involved, it is imperative that retail establishments optimize each link in their supply chains in order to maximize their productivity, satisfy the needs of their customers, and keep their costs as low as possible. This is of utmost significance in the modern era, when retail enterprises are under intense pressure to provide more goods to more customers in a shorter amount of time than ever before. A reliable supply chain is critical to the success of modern retail organizations, as is the ability to optimize supply chain processes from the very beginning to the very end. It is absolutely necessary to achieve maximum performance in the retail supply chain in order to reduce costs, boost product availability, and fulfill the requirements of customers. With the assistance of a supply chain that has been completely optimized, retailers have the opportunity to improve their overall efficiency, lower their carrying costs, and reduce the amount of surplus inventory they hold.