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Supply chains, traditionally associated with manufacturing and distribution, are a crucial aspect of modern business practices. However, the concept of supply chains can also be applied to service-based industries, albeit in a more abstract form. Implementing supply chain principles in service industries can lead to significant improvements in efficiency and customer satisfaction.Understanding the Service Supply ChainThe service supply chain is fundamentally different from the traditional supply …

When it comes to the supply chain management, one critical issue that industry professionals often face is low inventory. Shortages in supply can lead to delays in production and distribution, which can have a detrimental impact on business operations and ultimately, customer satisfaction.To overcome these challenges, it is crucial to implement effective strategies that can help manage and mitigate supply chain shortages. Here are some key approaches to consider:Demand forecasting: Accurately pr …