Supply Chain Management (SCM) is an integrated approach to the process of planning, sourcing, producing and delivering products or services. It involves managing the flows of materials, information and funds between supplier, manufacturer, wholesaler, retailer, customer and other stakeholders. By using effective SCM techniques, businesses can increase efficiency and competitiveness while improving customer satisfaction. These techniques include strategic partnering, inventory management, transportation management and logistics optimization. Additionally, SCM techniques involve risk mitigation and conflict resolution—both vital components for successful business operations.