7 R’s of Supply Chain Management explained in Brief | Distance Learning Courses | MIT school of distance Management

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7 Rs of Supply Chain Management explained in
Brief - MIT School of Distance Education

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7 Rs of Supply Chain Management explained in
Brief

• The management of goods and services from point
  of manufacture to the point of consumption refers
  to Supply Chain Management. It involves effectual
  planning, design, execution, control, and
  monitoring of supply chain activities.  
• Effective supply chain management facilitates
  optimization of resources, proper flow of
  materials, information and capital thereby
  reducing operational cost and avoiding delays.
  Organizations rely on its supply chain team for
  the entire process of logistics.
• The role of supply chain manages is integral in
  every industry. In order to become a supply chain
  manager, the candidates should know how to take
  care of all the supply chain activities. The main
  aim of SCM deals with taking care of 7 Rs these
  are as follows

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1.Right Product

• The basic constituent of supply activities are
  the products that are transported from the
  manufacturer to the consumers.
• Supply chain managers should know what kind of
  product needs to be manufactured, handled and
  transported.
• The best strategy is to choose a product that is
  in demand and that can guarantee profits. Having
  right knowledge and using the right product will
  facilitate in efficaciously managing the time and
  resources.

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2.Right Place

• Next important factor is that the right product
  should be sent to the right place. The supply
  chain managers should ensure that they have
  efficient and experienced delivery staff so that
  the product is delivered to the right place. The
  managers can develop a robust delivery system
  with location tracking so that both the customers
  and the providers can track the exact location of
  the product and get it delivered to the right
  place.

3.Right Price

• Pricing is imperative for the businesses as it is
  the factor that decides whether it has incurred
  profit or loss. The supply chain manager should
  research market trends and set competitive prices
  for the goods and services. Furthermore, there
  should be a system that keeps a record of the
  prices and updates it regularly so that the
  products are sold at the right price.

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4. Right Customer

• Customers are the core component of supply chain
  processes. The managers must have knowledge about
  their target market. If the products are sold in
  the right market then the company gains more
  leads and they get the right customers that can
  stay with them life-long.

5.Right Condition

• The quality of deliverables is of utmost
  importance. It is the duty of the supply team to
  ensure that the goods are stored properly and
  delivered to the customers in the right condition.

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6. Right Time

• Time is a crucial factor in logistics. Customers
  satisfaction and long-term relationship are only
  possible if the products are delivered to the
  customers at the right time. It is the task of
  managers to develop a tracking system and
  coordinate with the delivery team to get the
  items delivered before the deadline.

7.Right Quantity

• Sending right amount of products is also
  important in logistics. It is the task of the
  supply chain managers to find the right quantity
  of deliverables and to coordinate with the
  manufacturing and delivery team to get the right
  quantity of products delivered to the customers.

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Summary

• These are the seven Rs of supply chain
  management that ensure that the whole process of
  logistics is carried out effectively.
• A Post Graduate Diploma in Supply Chain
  Management from MIT School of Distance Learning
  provides extensive knowledge of the field so that
  the successful candidates are immediately
  absorbed in the industry.
• Since it is a distance learning program, so the
  interested candidates can pursue the course at
  their convenience.