Seybold Report ISSN: 1533-9211
Dr.B.Rajnarayanan, Dr. R.S.Jeganath, Mr. P. Arulananth, Dr. A.S.Sathish Kumar, Dr. S.Vijay Arun
Vol 18, No 6 ( 2023 ) | Licensing: CC 4.0 | Pg no: 256-274 | Published on: 24-06-2023
Abstract
Supply chain management (SCM) is essential to a company's performance, especially in trying economic times. The purpose of this abstract is to examine the main factors influencing supply chain management within the framework of the Indian economic environment. India's economy, which is renowned for its diversity and quick growth, offers special opportunities and difficulties for supply chain management. This abstract will emphasise important aspects of infrastructure, technology, governmental regulations, market dynamics, and sustainability that have a substantial impact on supply chain management in India.
In India, infrastructure is a key factor in supply chain management. Despite recent major progress, the infrastructure for transportation, logistics, and warehousing remains a problem in the nation. Inadequate infrastructure can cause delays, higher costs, and supply chain inefficiencies. Companies must make investments in creating strong transportation networks, updated warehouses, and effective distribution systems in order to meet these requirements.
Technology is essential to India's supply chain management. Businesses may use tools like cloud computing, big data analytics, artificial intelligence, and the Internet of Things (IoT) to improve visibility, optimise inventories, increase forecasting accuracy, and streamline operations thanks to the rapid evolution of technology. These technologies can be adopted and integrated into supply chain operations to increase efficiency, cut costs, and boost customer satisfaction.
In India, supply chain management is significantly influenced by governmental policies. Government programmes like Make in India, the Goods and Services Tax (GST), and Digital India have been designed to accelerate the digital transition while also simplifying tax systems and promoting domestic manufacturing. These regulations have effects on compliance, distribution, procurement, and supply chain strategy. To be competitive and compliant, businesses must adapt their supply chain procedures to the changing regulatory environment.
Supply chain management in India is significantly influenced by market factors, such as customer behaviour, demand variability, and competitiveness. Diverse preferences, price sensitivity, and shifting purchase patterns define the Indian consumer market. Businesses must comprehend these market dynamics and adapt by deploying demand-driven forecasting models, building flexible distribution networks, and adopting agile supply chain methods.
Globally, supply chain management has become more influenced by sustainability, and India is no exception. Businesses in India are incorporating sustainability practises into their supply chain operations as a result of rising environmental awareness and legislative emphasis on sustainability. This entails lowering carbon emissions, using eco-friendly packaging, implementing the circular economy, and making sure that only ethically sourced goods are used. Sustainable supply chain practises not only improve company reputation and draw eco-aware customers, but also aid to reduce environmental dangers.
In conclusion, infrastructure, technology, governmental regulations, market forces, and sustainability constitute the essential factors influencing supply chain management in the Indian economic context. Businesses operating in India must successfully navigate these dynamics in order to develop effective and durable supply networks. Companies can improve their supply chains and achieve a competitive edge in the Indian market by investing in infrastructure, embracing technology, adhering to government rules, comprehending market dynamics, and embracing sustainability.
Keywords:
Supply chain management, Indian economic conditions, infrastructure, technology, government policies, market dynamics, sustainability, transportation, logistics, warehousing, cloud computing.