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View attached explanation and answer. Let me know if you have any questions.1MGT 311 Supply Chain ManagementNameInstitutionCourseDate21. Significant challenges in Supply Chain ManagementSupply chain management incorporates activities that businesses undertake to gaincompetitive advantages against their competition. Supply chain management, therefore, relates toproduct development, and as such, companies thrive for the sustainable supply chain management.However, there are possible challenges that businesses expect to encounter under supply chainmanagement, and these include;a) Quality customer serviceA significant aspect of supply chain management is its focus on consumer needs. And as such,businesses have to ensure they provide the right quality to consumers for the right amount ofmoney. To address this challenge, companies must be able to offer unique solutions that addressthe quality aspect of the products and services distributed (Lans, 2019).b) CostingThe costs of products such as raw materials and labor have increased due to economicchanges. Therefore, adjustments must be made to keep supply chain operations flowing to ensurecontinual production and better quality to consumers at affordable prices. To address this secondproblem under supply chain management, businesses must implement cost control measures thatassist in motioning financial usage.c) Risk ManagementAs a result of the constant market changes in aspects such as consumer needs and legalrequirements, businesses have to address the element of risk management under supply chainmanagement. Companies are always urged to prepare a risk management plan to address this3challenge. This outlines all possible ways to establish a solution in case they face a riskmanagement challenge (Lans, 2019).d) Supplier relationsOne of the main parties in the supply chain is suppliers. Businesses have a problemmaintaining good supplier relationships, and as such, this affects supply chain management.Businesses can address this challenge by establishing reliable supplier relationships, ensuring asmooth flow of goods to consumers, thus ensuring better operations in supply chain management.Businesses are therefore encouraged to have a strong working relationship with suppliers.e) Qualified personnel…
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