Cost minimization in supply chain management is one of the main KPIs for every manager in a business. It constitutes a huge danger to the finances and growth of any company if done incorrectly. So, what factors drive supply chain costing and how can companies effectively monitor, manage, and minimize these costs to preserve the company’s financial health? Let’s look at some of them below: 1. Investments It is essential to make strategic decisions when it comes to investing in today’s highly globalized economy as most businesses are multisite networks of multiple vendors, distributors, and manufacturers. Businesses must invest in the right place at the right time as doing otherwise can harm the business. To make sound strategic investments, companies must have an end-to-end view of their supply chain, access to accurate data for demand forecasts, a clear market strategy, and the capability to assess current and potential investment costs. 2. Procurement Choosing the right suppliers wh
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