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How to improve turnaround times and reduce costs
The supply chain is a process that starts with the raw materials needed to create a product and ends with the product being delivered to the customer. The objective of scm meaning is to minimize the total cost of ownership of the supply chain while maximizing customer service levels.
There are many factors that contribute to the total cost of ownership, but two of the most important are turnaround time and inventory levels. In order to reduce the total cost of ownership, it is necessary to minimize both of these factors.
Turnaround time is the time it takes to complete one cycle of the supply chain. This includes the time it takes to procure raw materials, manufacture the product, and deliver the product to the customer. The goal is to minimize the total time it takes to complete one cycle.
Inventory levels are another important factor in the total cost of ownership. In order to reduce inventory levels, it is necessary to have an efficient process in place that minimizes the need for inventory and maximizes the utilization of existing inventory.