**1.1 Definition of supply chain and supply chain management**

A supply chain is a system consists of people, material, transformation activities, organizations, information and resources used in fulfilling the demand for a product or service by a customer. Supply chain management deals with transformation of raw materials and components into a finished product/service that is delivered to the end customer [2]. **Figure 1** shows a typical supply chain which consists

**Figure 1.** *A typical supply chain network [2].*

#### *Supply Chain Management and Restart of Economy in Post COVID-19 DOI: http://dx.doi.org/10.5772/intechopen.94207*

of suppliers, manufacturers, distributors and final customer. These entities are connected through suitable transportation, warehousing and information sharing across the supply network.

A supply chain is a network between a company and its suppliers to produce and distribute a specific product to the final buyer. Generally, supply chains deal with different activities, people, material, information, financial resource, knowledge & skills. **Figure 2** shows various flows that need to be managed in a supply chain. Three important aspects of supply chains include adaptability, alignment and agility. The best supply chains identify structural shifts, sometimes before they occur, by capturing the latest data, filtering out noise, and tracking key patterns [3]. The supply chain also represents the steps it takes to get the product or service from its original state to the customer [2, 3]. Supply chain management is a crucial process because an optimized supply chain results in lower costs and a faster production cycle which helps companies to remain competitive in the business landscape. Some of the important areas that requires attention in supply chains include flow optimization, coordination, risk management, sustainability, safety and security. The best supply chains aren't just fast and cost effective. They are also agile and adaptable, and they ensure that all their companies' interests are aligned [3, 4].

Supply chain management uses different approaches for efficient integration of its stakeholders like suppliers, manufacturers, warehouses, retailers such that the merchandise is manufactured and supplied to the right customer on time at correct location at correct time at minimal cost and optimal service level [2, 3]. According to Institute for supply management, the supply chain management is defined as "the design and management of seamless, value-added process across organizational boundaries to meet the real needs of the end customer. The development and integration of people and technological resources are critical to successful supply chain integration". Similarly, Supply Chain Council defines it as "Managing supply and demand, sourcing raw materials and parts, manufacturing and assembly, warehousing and inventory tracking, order entry and order management, distribution across all channels, and delivery to the customer". Council of Supply Chain Management Professionals defined it as "the planning and management of sourcing and procurement, conversion, and all logistics management activities".

**Figure 2.** *Various flows in supply chain [3].*

Also includes coordination with channel partners, which can be suppliers, intermediaries, third party service providers, and customers.
