What is Supply Chain Management?

Supply chain management is indispensable for the operational efficiency of businesses across the board. It refers to the entire process of the production flow, from raw materials to delivery, and involves an intricate network of suppliers to ensure the smooth conveyance of products and services. Simply put, supply chain management refers to the movement of products from their points of origin to institutions that directly engage with consumers.

Typically, supply chain management systems comprise five phases: planning, sourcing, manufacturing, logistics and delivery, and returns. If implemented correctly, they can contribute significantly to preserving an organization’s financial and energy resources, as well as help reduce the waste generated within the production cycle. In view of this, supply chain management allows companies to analyze existing and potential pain points, optimize prices and allocate resources as per sales forecasts. In doing so, it has a significant impact on the sustainability, brand reputation, and overall growth of a business.

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Why is Supply Chain Management Important?

An efficient supply chain is vital to the financial and operational health of the company as it is instrumental in reducing operational costs and driving profits. Supply chain management, therefore, manifests in every aspect of an organization’s functioning and is essential to long-term growth, success, and customer satisfaction. The importance of supply chain management can be seen in:

• • • Enhanced customer service and satisfaction
    • Timely deliveries and returns
    • Sufficient after-sales support
    • Reduced purchase cost
    • Reduced production cost
    • Increased profit margin
    • Diminished fixed assets
    • Improved cash flow

What is Supply Chain Analytics?

Given the complexities ingrained in supply chains, they generate enormous volumes of data which can be challenging to manage. This is where analytics come into play by systematically organizing the data to unearth patterns, thus allowing supply chain managers to make informed decisions. In addition, one can transform insights from supply chain analytics into visual representations, such as graphs, for ease of access.

The various types of supply chain analytics include the following:

• • • Descriptive analytics - Applicable to both internal and external data systems, descriptive analytics offer visibility and a single source of truth throughout the supply chain.
  • • Predictive analytics - Predictive analytics help organizations determine possible outcomes and their implications for the business. This is especially useful in mitigating risks and disruptions.
  • • Prescriptive analytics - Along with aiding troubleshooting and problem-solving, prescriptive analytics allow organizations to collaborate with logistics partners. The collaboration derives maximum value for the business by reducing the time and effort involved in mitigating risks.
  • • Cognitive analytics - Cognitive analytics deal with complex questions and assist individuals or teams respond to challenging situations in a simplified manner.

Jobs in Supply Chain Management & Analytics

A career in supply chain management places the individual in a key role within the organization. It offers significant scope for advancing to higher-level management positions. In the global scenario, the need for effective supply chain management has grown exponentially, and so have associated job roles. This is evident in our day-to-day lives with corporate giants delivering products and services to our doorstep within a few days.

Jobs in the supply chain require a diverse skill set that is transferable across many industries, such as:

• • • Consumer Goods
    • Automobiles
    • Retail
    • Electronics
    • Food and Beverage
    • Lumber
    • Pharmaceuticals
    • Transportation and Freight

In this regard, some of the most sought-after job roles include:

• • • Logistician
    • Transportation Manager
    • Purchase Manager
    • Supply chain Manager
    • Logistics Manager
    • Logistics Analyst

These roles are lucrative, offer room for growth, and are integral to the associated business. As an increasing number of job-seekers realize the benefits of a career in supply chain management, the demand for necessary training through online supply chain courses, bootcamps, and other resources is rising.

Why take an Online Supply Chain Course at Emeritus?

Each Emeritus online course is designed keeping key learning outcomes in mind by a team of experts. We use the backward design methodology to develop instruction for learners of all ages. This enables us to craft unique, interactive, learning experiences that include a combination of assessments, hands-on activities, skill application, and more.

Emeritus also partners with the best universities and faculty around the world to curate the course curriculum that can effectively tackle present challenges in the industry, while preparing you for the trends and risks in the future. Our courses consist of assignments, exams, capstone projects, networking opportunities, a fine balance of practical and theoretical concepts, and the opportunity to learn from top minds in the industry. This adds to the holistic experience we try to provide for each learner.

We are also focused on providing courses that are standardized in quality. This is done by adhering to standards set by a global organization called Quality Matters which is focused on providing quality standards for online and innovative digital teaching and learning environments. The rigorous criteria ensures all our learners invest in quality education which is easily accessible and affordable.

Can I Work Full-Time While Learning about Supply Chains Online?

Having learned the basics, digging deeper into a specialized skill set is a reasonable way forward. Interacting with the various facets of the supply chain and gaining a thorough overview of the subject matter leads to a holistic understanding of the same and is highly valued in any industry. In addition, setting aside a little time each day can significantly improve one’s proficiency in supply chain management. Therefore, pursuing an online supply chain course is an attainable goal.

How Valuable is an Online Supply Chain Certificate?

From early-career professionals to experienced job-seekers, everybody stands to benefit from an online supply chain certification. Offered by prestigious institutions, online supply chain courses train you to employ the right tools to gain expertise in the field. Further, the certificate gives you an edge over potential job-seekers. It demonstrates crucial attributes, such as motivation and discipline.