SCM

• Supply chain management in the hospitality industry is crucial for adding value to properties
• The hospitality business includes hotels, restaurants, event organizing, theme parks, transportation, cruise lines, and other tourism-related professions
• The supply chain in the hotel and catering industries requires consistent connections with suppliers and a solid ordering system to enhance customer service
• Innovative hospitality chains are moving towards spending intelligence solutions to collect, rationalize, and analyze historical and real-time buying data
• The development of a supply chain leads to better understanding of the whole chain, making the adoption of common standards easier
• A supply chain is a network of suppliers, manufacturers, assemblers, supply and delivery centers, and logistics installations that perform functions such as material sourcing, processing, and shipment to buyers of intermediate or finished products
• All stages involved in fulfilling a consumer order are part of the supply chain, including manufacturers, shipping providers, warehouses, dealers, and consumers
• Essential features of supply chain management include integrated behavior, sharing information, sharing risks and rewards, cooperation, focus on serving customers, integration processes, and building and maintaining long-term relationships
• Benefits of supply chain management include building stronger partnerships with clients, better distribution processes, increased efficiency, lower costs, improved asset management, and the ability to respond to global dynamics and market preferences
• Functions of supply chain management include strategic, tactical, and operational levels with tasks such as strategic network optimization, sourcing decisions, production planning, transportation strategy, customer demand focus, and coordination of daily output and inbound/outbound operations
• Factors affecting the supply chain in the hospitality industry include customer satisfaction, management systems, and current market trends impacting computerized property management systems
• Challenges in the hospitality industry related to the supply chain include high raw material costs, material ordering costs, inventory handling issues, and emergency purchases
• Supply chain management involves managing the flow of goods and services from origin to consumption, including the movement and storing of raw materials and inventory
• The principal purpose of supply chain management is to track and link product and service production, delivery, and shipping to improve financial performance
• Important aspects of supply chain management include integrated behavior, information exchange, risk and reward sharing, cooperation, customer service focus, integration processes, and building and maintaining long-term relationships
• The strategic, tactical, and operational levels are the three major roles of supply chain management in the hospitality industry
• Supply Chain Management (SCM) involves managing all activities related to sourcing, procurement, conversion, and logistics management across business networks so that end-customer value is added.
• The main goal of SCM is to satisfy customers with quality products at competitive prices while minimizing costs throughout the entire supply chain.
• SCM is the process by which an organization manages its supply chain to meet customer requirements.
• Logistics refers to the process of planning, implementing, and controlling the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customers' requirements.
• Inventory management is an important aspect of SCM as it helps reduce waste by ensuring that only necessary items are ordered and stored.
• Logistics management involves planning, implementing, and controlling the efficient transportation and storage of goods within the supply chain.
• Warehousing plays a crucial role in logistics by providing temporary storage facilities for products during transportation or distribution.
• Procurement refers to the process of acquiring goods or services needed by a company through negotiation and agreement between buyers and sellers.
• Inventory management is an important aspect of logistics, as it helps businesses maintain optimal stock levels while minimizing holding costs.
• SCM aims to reduce waste, increase efficiency, and minimize cost throughout the supply chain.
• SCM focuses on optimizing the flow of goods and services from suppliers through manufacturers or producers to distributors and finally to consumers.