| | May, 202287 WAYS THE FURNITURE SUPPLY CHAIN IS DIFFERENT FROM OTHER INDUSTRIESThe Supply Chain of every company is summarized by 7 R's ­ Right Product, Right Place, Right Price, Right Customer, Right Condition, Right Time & Right Quantity. The company which understands the im-portance of supply chain management in their strategy of business makes them differentiate from their existing com-petitor market. IntroductionIn 1982, Keith Oliver first witnessed the term 'supply chain management' in a public interview conducted by Financial times. Subsequently, in today's modern and dynamic world of business, supply chain management is crucial to meet the demands of customers. In simple words, the supply chain is defined as the entire process of manufacturing and selling commercial goods, in-cluding the identification and supply of raw materials, manu-facturing, distribution, retail location and customer delivery. Thereafter, the management of this flow of operations is termed as 'Supply Chain Management'.Generic Supply Chain System The generic supply chain begins with the consumer demands, sourcing and extraction of raw materials. Then, through the logistics provider, it is sent to the supplier, which majorly works as the wholesaler. The raw materials are taken to the manufacturers for refining and processing into a finished product. After this, the finished product is sent to the dis-tributor that wholesales the finalized product and then it is provided to retailers. Then, the retailers sell the product to consumers. Once the consumers buy the product, it completes the cycle but it may continue due to an increase in the demand by consumers. According to the type of business, every supply chain pro-cess is different from others. In this article, we are going to discuss seven different ways in which how furniture supply chain industry is distinct as compared to other industries. How the Furniture Supply Chain is like chalk and cheese as compared to other Industries? Here are a few key differ-ences on the basis of a comparison on the following factors mentioned below. Keep on reading to get inspired. 1. In terms of ManufacturingThe furniture industry is like where customers demand and they command. Therefore, the manufacturing cycle is not that simple as compared to the other industries like automobiles, electronics and others. For instance, in the bulk manufac-turing of cars, the size, style and shape are the same for the particular brand and it becomes easier to satisfy the consum-er's demand. On the contrary to the furniture business, the consumer's demands get change according to their personal choices. Hence, the design and construction of bulk furniture products become complicated. Moreover, the manufacturing industry depends upon the fact that 'a great product most often sells itself and the cus-tomer's contentment is the topmost priority'. With this, the furniture industry sells tangible products that customers can feel and touch, whereas, in service-based industries, products are intangible. By Lokendra Ranwat, Co-Founder & CEO, WoodenStreet Lokendra Ranwat, Co-Founder & CEOVANTAGE POINT
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