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Revolutionize Operational Processes Adopt Predictive Procurement: Use AI-driven forecasting tools for demandplanning and market trend analysis. Explore alternative sourcing models , such as consortium buying or globalsourcing hubs. Action: Develop a procurement cost-avoidance tracker for proactive budget control.
Source: [link] ). SCM is the management of a network of all business processes and activities involving procurement of raw materials, manufacturing and distribution management of Finished Goods. Source: [link] ). Both businessstrategy and specialized software are used in these endeavors to create a competitive advantage.
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