All You Need to Know about supply chain Management

 What is the Future and Scope of Supply Chain Management?

Effective tracking of goods and services heavily contributes to the profit of any organisation. Supply Chain Management helps businesses manage goods and services, saving costs. These drive profits in any organisation and companies of various sizes are leveraging the available solutions to maximise their efficiencies.

Supply Chain Management regulates streamlining the supply chain to ensure customer satisfaction and enhance productivity. Supply Chain Management assists in the optimisation of all operational flow from procurement to logistics. 20% of companies fully integrated with supply chain management leave non-integration organisations far behind. Therefore, companies that are not practising supply chain management are left behind in the business outline. Supply chain management helps businesses to stay put and organised. However, before taking any rigid steps, it is best to consider all the possibilities. To prevent your company from incurring losses, it is mandatory to make effective decisions.

What is the future of Supply Chain Management?

It is impossible to find an all-in-all solution using supply chain management for all situations. A small business is vulnerable and exposed to experiencing a decline in the resource pool. The same applies to large businesses where supply chain management fails to meet most of their requirements.

Today, technology is taking over everything, including the supply chain. Repetitive tasks are now being automated to save time and cost. One of the examples of understanding automation disruption in supply chain management is utilising the chances to use machinery. The parts in the machinery are easily replaceable before the machinery shuts down. To make supply chain management very efficient, sensors can impact the performance data. 

The latest trends in the future of SCM are:

1. Technology-catalysed teams
2. Fruitful relationships with suppliers
3. Integration infused in the overall operation
4. Optimization of working resources
5. Smart warehouse with IoT applications
6. Supply chain customisation

Scope affecting SCM

Not all SCM solutions fit the supply chain management scope, and finding the right features could be troublesome. Here are some of the software features that might make it easier to incorporate:

1. Supply chain planning

Forecasting can help increase or decrease the demand for proper-decision making related to transportation, manufacturing, and warehouse. When you have the data, you can use it to create requests based on the needs. This is where planning assists.

2. Warehouse management

Warehouse management is a supply chain management feature that varies from business to business. Warehouse management has multiple ways, and integrating it is accessible in different packages. The problems that warehouse management will tackle for you in the future will entirely depend on your business's needs.

3. Monitoring and Analytics

One of the most significant things about supply chain management is monitoring the mobile parts. Real-time analytics in supply chain management software will allow you to coordinate with the supply chain variables. Supply chain monitoring is a key aspect that manages the data tactfully.

Why should you choose a career in SCM?

The industry is rapidly changing, and supply chain management is the new king. Major players contributing to the growing scope of supply chain management are fast-paced digitization, reduced life cycles, changing product variety, etc.

Plus, numerous job role choices in the supply chain domain make it an appealing option for young aspirants. Some reasons to choose a career in supply chain management are:

Tons of industries to choose from

Supply chain management is the cog in the wheel of any functional industry. To regulate business operations, companies are encouraging the use of supply chain management. This results in increased business optimization, boost revenues, enhance customer experience, etc. Therefore, if you hold a supply chain management degree, it will be easy to be a part of any industry such as retail, oil & gas, healthcare, and automation.

It provides growth opportunities

The supply chain and logistics industry are growing to expand massively in the future. With job vacancies increasing every year, this is the most convenient option to follow. With SCM, at least your future is secure as you will book a good-paying job, especially if you possess the needed skillset.

Supply Chain Management Career Options

With the rise of the digital revolution, the four supply chain career paths that are going to evolve in the future are:

1. Strategic Planner

The responsibility of a strategic planner is to conduct business planning activities for small, medium, and large-size corporations. A strategic planner is aware of the nitty-gritty of the business structure they are dealing with. Furthermore, they are also responsible for presenting recommendations to senior decision-makers. Once a strategic planner is successful in what he does, he is then eligible for a senior strategic planner position. The base pay of a strategic planner goes up to INR 11 LPA/year.

2. Warehousing Manager

Warehouse managers take care of the storage and dispatch of all the stored goods. This process is very crucial for any supply chain process. In addition to managing goods, they will also manage people, processes, and systems, which will confirm the availability of services. The average pay of a warehouse manager is INR 4.8 LPA/year.

3. Purchase Manager

A purchase manager is referred to as a supply manager or purchasing director. The role of a purchase manager is to obtain goods and services to increase the company’s benefit and then sell them at the best available cost. As a purchase manager, you will make an annual salary of INR 9.17/year.

Conclusion

The future and scope of supply chain management are very indecisive. However, it is rapidly going to evolve in the future. The absence of proper supply chain management will substantially cost you your business. Moreover, you can take up a supply chain management certification course to gain more knowledge — the Global Master Certificate in Integrated Supply Chain Management from Michigan State University in association with upGrad. The course is built to enhance your skills and professionally develop your career. You can choose the one that fits your desire from the available courses. With excellent faculty and mentoring sessions, upGrad helps you out with everything.