Abstract
The Institute for Supply Management (ISM) defines Supply Management (SM) as 'The identification, acquisition, access, positioning, and management of resources an organization needs or potentially needs in the attainment of its strategic objectives'. In a more simplified way, supply management can be defined as the ways in which a company gets its goods and raw materials in order to produce its products. Supply management essentially deals with methods and processes of modern corporates or institutional buying or purchasing. This buying or purchasing may be the supplies for internal use, purchasing raw materials for running the manufacturing processes, or it may be the purchasing of goods for inventories to be resold as products in the distribution and retail process. Supply management has always helped organizations in cutting costs by negotiating favorable rates for procuring goods and services. But the need of the hour is sustainability and for that, cutting costs alone will not be enough for companies. Supply managers, in a modern corporate world, are expected to contribute for revenue generation, innovation, collaboration, technology application and strategic management.
