ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Business Overview Supply Technologies, a subsidiary of ParkOhio(NASDAQ:PKOH), specializes in supplier selection and management, planning, implementing, managing the physical flow of product for world-class international manufacturing companies, and servicing customers in the various markets.

Detailed explanation-2: -Supply chain technology can be defined as the digital equipment that supports the organisation and efficiency of the supply chain.

Detailed explanation-3: -Because technology and automation for the supply chain utilize real or near real-time data, companies have greater visibility and can track activities better. This helps improve collaboration and communication with key vendors and reduces cost through better vendor contract management.

Detailed explanation-4: -Technology reduces labor costs by streamlining data-capture and reducing error-prone manual processes. Access to real-time, up-to-date information across the entire supply chain is having a significant impact on how companies are doing, and expect to do business.