IMPORTANCE OF SUPPLY CHAIN MANAGEMENT IN INDIA'S INDUSTRY SECTOR

1. IMPORTANCE OF SUPPLY CHAIN MANAGEMENT IN INDIA'S INDUSTRY SECTOR Supply Chain is a linkage sector which involves the management of an entire process of creation to consumption right from supplying the raw materials, their movement and progress to the work-in-process inventory and delivery of the finished goods. It facilitates the end-to-end order fulfilment from point of origin to point of consumption. The progress of India’s supply chain has gained momentum with the introduction of Goods and Services Taxes (GST), liberalising Foreign Direct Investment (FDI) and increased government spending in the sector. Along with this, the “Make in India” movement has further given an impetus to the growth and development of India’s Supply Chain. An efficient supply chain is extremely essential for the smooth functioning of any industry. The following points put into picture, the significance and the benefits that a company can leverage on through its supply chain. 1.Boosts customer experience For any company, customer satisfaction is of the utmost importance. And this is only possible when the customer receives the correct product assortment at the right time. Through an efficient and holistic Supply Chain, which includes freight forwarding, logistics, consolidation and transportation, a company can ensure the smooth shipment of its products. 2.Scales down the operating cost Decreases Purchasing Cost- This is specifically applicable for retailers who depend on supply chains to deliver their products to customers as and when required to avoid holding highly costly inventories.

2. Decreases Production Cost- Manufacturing companies like that of automobiles and machinery are highly dependent on supply chains for the shipment of raw materials required at the assembly plants as an unexpected delay of a single part can cause a loss of crores. Decreases overall costs- Both the manufacturers and retailers desire to meet their customer service goals in the least cost possible. This is possible by enabling potent supply chains and networks designed for a cost-efficient process. The financial gains of a proficient supply chain are many as it decreases the use of large fixed assets such as plants, warehouses and transportation. It also speeds up product flows to customers. 3.Accelerates rural and urban consumption growth By improving the freight forwarding and transportation services, the market access is widened and the reach increases by many folds. Ocean freight and air freight transport aid international business. This increases the scope of audience and profit gaining capabilities of a company. Liladhar Pasoo was established in 1919 and has since then grown to be one of the top supply chain and logistics companies in India with a global presence. With our strong PAN India network and integrated logistics and supply chain solutions, we provide specialised and customised logistics solutions for different industry sectors ranging from chemicals, cosmetics, healthcare and pharmaceutical, agro and food, machinery and equipment, oil gas and a few more. A diverse portfolio and custom supply chain solutions have given us an edge over the others. We believe in a holistic approach by leveraging on our key competencies which include an unparalleled knowledge of operational handling, hi-tech IT systems, compliance to quality and safety standards, integrated solutions delivered in the given time frame and a presence in over 170+ countries. Thus, living by our motto, “Futuristic since 1919”, has enabled us to leave a mark in the contract logistics and supply chain sector of India.