9) Coordinating and Managing Supply Chains Evaluate the economic impacts of supply chain management (SCM) and how the development of supply sources, vendors, and logistics builds overall company...

Running Head: COORDINATING AND MANAGING SUPPLY CHAINS    1
COORDINATING AND MANAGING SUPPLY CHAINS    2
COORDINATING AND MANAGING SUPPLY CHAINS
Table of Contents
Introduction    4
Evaluating Economic Effects of SCM    4
Development of Supply Sources, Logistics and Vendors Building Company Value.    4
Comparing Benefits and Loopholes of SCM    5
Benefits    5
Loopholes    6
Aspects of SCM Most Important to —    6
Global Company B2B    6
Domestic B2C Service Provider    6
Web Supplier of Automotive Parts    6
Consulting Services Offered World Wide    6
Construction Company    7
Mineral Commodity Exporter    7
Import Jewelry Reseller    7
Role of the Following in Creating SCM    7
Engineering    7
Marketing    7
Customer Service    8
Finance, Operations and Legal Aspects    8
Selection Criteria for Best Overall Vendor Selections    9
Vendor Ranking    9
Raw Material Supplier    10
Electronic Sub-Contractor    10
Machinery Manufacturer for Resale    10
Appliance Provider for Resale    10
Service Resource for Systems Support    10
Educational Institution    10
Specialty Hardware IT Provider    10
Conclusion    10
References    12
Introduction
Supply chain is the connection between a company and its supplier in order to sell the products to the customers. Supply chains are developed by companies in order to reduce the product cost, and to achieve maximum profits. Supply chains help companies to achieve new heights, and supply chain management (SCM) allows management of the goods and services along with storage for future use.
Evaluating Economic Effects of SCM
Supply chains affect the business, and economy in both positive as well as negative aspects. This is majorly because SC includes numerous processes and operations, malfunctioning at any level can lead to huge loss. Evidently, it can be explained with the example of process outsourcing to nations where labor may be cheap. Further, continuous supply of raw materials would be an essential requirement in order to keep the manufacturing at exponential phase.
However, under certain circumstances, vendors or suppliers may fail to provide raw material and this will negatively impact SC. SCM not only looks at the risks associated with business, rather it also include the management of individuals involved form manufacturing to till the product teachers customer (Copacino, 2019).
Development of Supply Sources, Logistics and Vendors Building Company Value.
Development of a SC is a difficult take because it involves numerous processes and operation, and all of them need to be managed accordingly. Copacino (2019) suggested that supply sources plays a major role in building of a SC because the cost and timely delivery will be dependent upon the suppliers. Source supplier can be the company or organization that will provide the supply of raw materials for the manufacturing of products. Logistics on the other hand refer to the SC processes involved with the movement and storage of goods.
Vendor building involves building strong and trustworthy relationships with the vendors because they will be the platform for the product to be delivered in market. All of the prior mentioned operations are essential in building company value (Choi, Wallace & Wang, 2016). This is because of the fact that supply of raw materials will directly affect the manufacturing. However, logistics indirectly affect the company value through product delivery. Strong vendor relationship allows positive brand presentation in front of consumers; therefore, may help with building brand value.
Comparing Benefits and Loopholes of SCM
Benefits
High Efficiency Rate:
When a company is able to incorporate supply chains and innovation plans, the demand of that company in market will increase and company would be able to supply products accordingly. It will also help the company to survive vicissitudes in economy without any issues (Kumar & Singh, 2017).
Decreased Cost:
SCM can help with the improvement in the inventory system of the company. This will also help in reduction of damaged goods percentage, which will provide more space to store the finished goods. SCM can help in improving the relationship between the vendors and product distributors.
Increased Output:
SCM can help the company to collaborate better, which will result into a streamlined production, and it will help company to improve distribution process (Mehralian, Moosivand, Emadi & Asgharian, 2017). Due to this, the demand will increase and company will able to receive maximum profits.
Loopholes
Heavy Investment:
The biggest disadvantage of Supply Chain Management is the heavy investment of time, money, and resources. In order to establish a business and to supply chain, huge amount of money may be required, along with...