The escalating cost of raw materials has become a pressing concern for businesses across industries. Whether it’s steel, lumber, or precious metals, these expenses directly impact a company’s bottom line. While global economic factors and market demand play significant roles in these rising costs, understanding the intricacies of the supply chain can offer businesses valuable insights to mitigate expenses. This article delves into the high cost of raw materials and offers strategies to save by comprehending the supply chain better. Understanding the Raw Material Supply Chain The raw material supply chain is a complex network of processes and entities that starts with extraction or cultivation and ends with the delivery of the finished product to consumers. Key components of this Read more