Overview of supply and value chain management

The concept of the supply chain has been a relatively recent business topic, especially when compared to the broader history of industry and commerce. Yet, the actual practice of supply chain management has been occurring for many decades, if not centuries. Using the supply chain for competitive advantage can easily be traced to Henry Ford who vertically integrated his vendors and materials supply chains to more effectively and efficiently manage his operations. Thus, competitive advantages of the supply chain were noticed in the early stages of the US's rise to world prominence as an industrial and commercial power.