What process involves managing the flow of goods and services from raw materials to finished product to enhance competitiveness?

Supply chain management is the process that includes the comprehensive management of the flow of goods and services, encompassing every stage from the acquisition of raw materials to the delivery of finished products. This process is essential for enhancing competitiveness because it involves optimizing operations, reducing costs, and increasing efficiency throughout the entire supply chain.

By effectively coordinating and managing the various components—such as sourcing raw materials, manufacturing, warehousing, and distribution—businesses can ensure that they meet customer demand promptly and at minimal costs. Moreover, sound supply chain management allows for better responses to market changes and consumer needs, which can provide a significant competitive advantage.

While inventory management focuses specifically on overseeing and controlling stock levels within a business, quality control is concerned with maintaining the standards of products and services. Product lifecycle management revolves around managing a product's lifecycle from its conception to its retirement. These aspects are important but do not encapsulate the holistic approach of supply chain management, which integrates all these elements into a streamlined process.