Final answer:
Supply Chain Management oversees the entire flow of goods and services, Procurement involves the acquisition of goods, services, or works, and Logistics manages the flow and storage of goods to meet customer demands. The COVID-19 pandemic highlighted the necessity of resilient supply chains, which can be supported by technological advancement, adequate policies, and respect for labor rights.
Step-by-step explanation:
Supply Chain Management (SCM) refers to the oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer. SCM involves coordinating and integrating these flows both within and among companies. It is a complex and dynamic process that requires a wide range of tasks, including demand planning, sourcing, production planning, logistics, and the management of supply chain risks.
Procurement is concerned with the acquisition of goods, services, or works from an external source. It is characterized by planning, sourcing, negotiating contracts, and the actual purchasing of materials. Strategic procurement plays a vital role in the cost management and quality optimization of products and services a company provides.
Logistics is the part of supply chain management that plans, implements, and controls the effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption to meet customers' requirements. Logistics functions include transportation management, warehousing, material handling, order fulfillment, inventory management, and transportation strategy.
During disruptions such as the COVID-19 pandemic, the importance of a resilient supply chain becomes more evident. Technology can play a vital role in maintaining such resilience, by ensuring that transportation methods and vehicles are up-to-date, and by incorporating new policies for national emergencies. Moreover, labor rights are crucial for sustainability in supply chains, necessitating that companies invest in their workforce and adhere to both international and national labor standards.