IMPORTANCE OF SUPPLY CHAIN MANAGEMENT IN INDIA'S INDUSTRY SECTOR - Liladhar Pasoo

1. IMPORTANCEOFSUPPLYCHAIN MANAGEMENTININDIA'S INDUSTRYSECTOR-Liladhar Pasoo SupplyChainisalinkagesectorwhichinvolvesthemanagementofanentireprocessofcreationto consumptionrightfromsupplyingtherawmaterials,theirmovementandprogresstothe work-in-processinventoryanddeliveryofthefinishedgoods.Itfacilitatestheend-to-endorder fulfilmentfrom point oforigin to point ofconsumption. Theprogressof India’s supplychainhasgainedmomentumwiththeintroductionofGoodsand ServicesTaxes(GST),liberalisingForeignDirectInvestment(FDI)andincreasedgovernment spendinginthesector.Alongwiththis,the“MakeinIndia”movementhasfurthergivenanimpetusto thegrowth and development of India’s Supply Chain. An efficient supply chain is extremely essential for the smooth functioning of any industry. The followingpointsputintopicture,thesignificanceandthebenefitsthatacompanycanleverageon throughits supply chain. 1.Boostscustomerexperience 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 holisticSupplyChain,whichincludesfreightforwarding,logistics,consolidationandtransportation,a companycan ensure thesmooth shipment of itsproducts. 2.Scalesdowntheoperatingcost

2. DecreasesPurchasingCost-ThisisspecificallyapplicableforretailerswhodependonsupplychainsDecreasesPurchasingCost-Thisisspecificallyapplicableforretailerswhodependonsupplychains todelivertheirproductstocustomersasandwhenrequiredtoavoidholdinghighlycostly inventories. Decreases Production Cost- Manufacturing companies like that of automobiles and machinery are highlydependentonsupplychainsfortheshipmentofrawmaterialsrequiredattheassemblyplants asan unexpected delayof a singlepart can causea loss of crores. Decreasesoverallcosts-Boththemanufacturersandretailersdesiretomeettheircustomerservice goals in the least cost possible. This is possible by enabling potent supply chains and networks designedfor a cost-efficient process. The financialgainsofaproficientsupplychain aremanyasitdecreasestheuseof largefixed assetssuchasplants,warehousesandtransportation.Italsospeedsupproductflowstocustomers. 3.Acceleratesruralandurbanconsumptiongrowth Byimprovingthefreightforwardingandtransportationservices,themarketaccessiswidenedand the reach increases by many folds. Ocean freight and air freight transport aid international business.Thisincreasesthescopeofaudienceandprofit gainingcapabilitiesofacompany. Liladhar Pasoo was established in 1919 and has since then grown to be one of the top supply chainandlogisticscompaniesinIndiawithaglobalpresence.WithourstrongPANIndianetwork 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 portfolioand customsupply chainsolutions havegiven usan edgeover theothers. We believe in a holistic approach by leveraging on our key competencies which include an unparalleledknowledgeofoperationalhandling,hi-techITsystems,compliancetoqualityandsafety standards, integrated solutions delivered in the given time frame and a presence in over 170+ countries.Thus, living byour motto, “Futuristicsince 1919”, has enabledus to leavea mark in thecontract logistics and supplychain sector ofIndia.