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Supply chain management (SCM) involves the planning, coordination, and control of all activities involved in sourcing, procurement, conversion, and logistics. SCM aims to optimize the flow of materials, information, and finances from suppliers to end consumers. Effective SCM enhances efficiency, reduces costs, and improves customer satisfaction by ensuring timely delivery and quality of products.
A SWIFT payment is an international money transfer conducted through the SWIFT network, which uses unique SWIFT codes to identify banks and ensure secure transactions. For example, if a company in the U.S. needs to pay a supplier in France, their bank might send a SWIFT message with the
Learn moreTax exemption refers to the reduction or elimination of taxes granted by the government to encourage specific economic activities or investments. In the context of exports, tax exemptions reduce the tax burden on exporters, thereby lowering costs and increasing the competitiveness of goods and services in international markets, ultimately promoting
Learn moreThird-party logistics (3PL) refers to outsourcing logistics and supply chain management to an external service provider. A third-party logistics provider (3PL) specializes in handling order fulfillment tasks such as storing inventory, selecting and packing items, and dispatching shipments.
Learn moreTrade credit is a financial arrangement where suppliers allow buyers to purchase goods or services on credit, deferring payment to a later date. This arrangement helps businesses manage cash flow and build relationships with suppliers. Trade credit terms vary but typically include a specified period for repayment without interest, providing
Learn moreA transaction fee is a charge levied by financial institutions or service providers for processing a transaction. This fee can apply to various types of transactions, including payments, transfers, and currency exchanges. Fees typically range from $1 to $50 and may include a flat fee, a percentage of the transaction
Learn moreA transport document is a legal document issued by a carrier or freight forwarder that details the terms and conditions of the transportation of goods. It serves as evidence of the contract of carriage, a receipt for the goods, and a document of title, facilitating the movement and transfer of
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