Top 6 Benefits of Supply Chain Management: You Need to Know
Table of Contents
- Jaro Education
- 25, December 2024
- 4:00 pm
Have you ever wondered what it takes from zero to final product manufacturing that you are getting nowadays with one click? If you are into business then here you should know the benefits of supply chain management because in this modern business customers are the core for upgrading the business. In this article, you will acknowledge how it is crucial, how you can master an MBA in logistics and supply chain management.
What is Supply Chain Management?
Supply chain management is the process that includes the production of any product from taking its raw material to giving the new shape according to the client’s needs, what they want, how they want, and when they want. Apart from this, supply chain management requires a systematic process to accomplish the task of becoming an expert in the business industry because business is all about the customer’s feedback. Hence, to satisfy the customer and stand on their expectations is all that a business desires.
The main goal is to modify efficiency, quality, productivity, and customer satisfaction. It can only be done if you are certified in MBA in logistics and supply chain management.Â
Why to Focus on Supply Chain Management in Business?
Have you wondered about your surroundings? Every minor and major thing you will see that there would nothing be without a supply chain. If we look into the static image, the SCM market size was valued at approximately $16.64 billion in 2023 and is projected to grow at a CAGR of 11.7% from 2024 to 2030. Moreover, the majority of companies are running based on supply chain management, and to be a master in SCM in this global economy is utmost you all need being a business entrepreneur. The machinery and the system process have evolved which made the SCM more convenient to the companies.
If you ever looked around your surroundings then only you will be amazed that a very tiny thing or object is from SCM. Hence, the quality and productivity of the SCM could boost customer harmony with the company to reach the peak level of success with an MBA in logistics and supply chain management.
A Comprehensive Guide to the Supply Chain Management Process
To achieve mastery in supply chain management (SCM) and drive spectacular outcomes, it is essential to focus on SCM effectiveness. The supply chain management process is depicted below:
1. Planning
The first and foremost step is to establish and gather the raw material according to the process of SCM to get the top-notch product for the customers, who are the primary source of SCM. Here the core is planning, from where to take the raw material, its quantity, and quality both matter. If the planning is not set up appropriately then the customer’s need would not be fulfilled. So, to make your product up to the mark you should do planning.
2. Sourcing
It is also the second crucial path to deliver the goods to the customers. It includes the receiving, delivering, inventory management, and authorizing the supplier. These aspects you have to make while commencing supply chain management. Also monitoring the relationship with vendors and customers.
3. Manufacturing
Manufacturing is accountable for monitoring, documenting, tracking, and controlling the process of manufacturing the goods. It makes the process easy and clean during the supervision of manufacturing, dealing with the right tools, and customer satisfaction.
For instance, companies can ask for 3D printing then the process will go in accordance to that is further divided into sub-tasks like assembly, testing, inspection, or packaging.
4. Delivery and Logistics
This step is about the keen observation of warehouse management and transportation management which include the customer services like payment method, stock list, delivering, and dispatching tasks. The returning and recycling policy comes under this which is also a pivotal thing.
5. Returning
This step is evolved to take the access of defective products and poor quality of goods for customers. So, they can return the product if it is not standing up to the qualities and standards. The supply chain management does not cease here it will support and maintain the return and re-dispatching of the goods.
6 Benefits of Supply Chain Management
By adopting the supply chain management process across the system, companies can take a limb to improve productivity and customer feedback to make them constant utilizers. Here are the top 6 benefits of doing an MBA in logistics and supply chain management:
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- SCM aids in lowering the costs
- Â Customer satisfaction
- Better collaboration with suppliers
- Escalating the risk mitigation
- 5. Sustainability with consistency in business
- Transport optimization
Other benefits of supply chain management include: Quality control would be better, Stronger cash flow maintained, a more agile business, top-notch feasibility and data analytics, modified customer communication, flexibility to meet changing demands, and revenue growth and profitability.
*Shutter.com
How can you Master Supply Chain Management?
Mastering supply chain management needs a lot of effort to become an expert or master in supply chain management exact knowledge, strategies, and continuous management. Looking in the depth of business through Supply chain management to become an expert in SCM.
Some strategies you have to be skilled in:
1. Attain a Strong Educational Background
To get a strong educational foundation with an Online MBA in supply chain management course from Dr. D.Y. Patil University because building a business man or woman Dr. D.Y. Patil stands appropriate for you. The university will provide you with the whole curriculum to cater to your theoretical and practical knowledge regarding supply chain management. The university will provide you with the curriculum, industry-related learning, most crucial hands-on experience, global perspective, and capstone project.
2. Key objectives would be covered during the course
To highlight the features of an MBA in logistics and supply chain management:
- Supply Chain Strategy & Planning
- Logistics and Distribution Management
- Procurement and Sourcing
- Inventory and Warehouse Management
- Global Supply Chain Management
- Technology in Supply Chain (ERP, AI, IoT)
- Sustainability in Supply Chain
- Operations Research & Analytics
- Risk Management in Supply Chain
3. Duration of the MBA in Supply Chain Management
Master of Business Administration is a 2-year MBA Online program with a core in Logistics & Supply Chain Management, the minimum eligibility for which is graduation in any stream from a recognized university with minimum qualifying marks. The program MBA in logistics and supply chain management is spread over 4 semesters.
4. Supply Chain Management Job Roles or Career?
MBA in Logistics and Supply Chain Management postgraduates are hired in capacities such as:
| Job Role | Salary |
|---|---|
| Logistics Manager | ₹8-12 Lakhs per annum |
| Logistics Director | ₹15-30 Lakhs per annum (or higher for senior positions) |
| Sale-Purchase Assistant Manager | ₹6-10 Lakhs per annum |
| Material Manager | ₹8-15 Lakhs per annum |
| Hotel Supply Chain Manager | ₹7 - 12 Lakhs per annum |
| Catering Manager(Head of Supply Chain) | ₹20 - 40 Lakhs per annum (can be higher for large organizations) |
| Assistant Manager (Supply Chain) | ₹6 - 10 Lakhs per annum |
| Logistics Trainee | ₹3 - 5 Lakhs per annum (depending on the company) |
The popular recruitment areas for postgraduates include business sustainability and green operations, general management, operations management, project management, and small business management/entrepreneurship. These fields offer promising job roles in supply chain management, along with competitive salary packages.
Jaro Education provides expert guidance and counselling to help you navigate these opportunities effectively. Don’t miss your chance to register with Jaro Education and take a significant step toward achieving your career goals.
Conclusion
In summary, pursuing an Online MBA in Logistics and Supply Chain Management from Dr. D.Y. Patil University represents a strategic step toward achieving a prestigious position in today’s dynamic business landscape. As we look to the future, supply chain management stands poised to emerge as one of the most promising fields, enabling you to excel as a transformative leader adept at meeting and exceeding customer expectations through innovative tools and strategies. With access to comprehensive and cutting-edge insights in supply chain management, you will be well-equipped to drive success and achieve remarkable growth in your career. Seize this opportunity to position yourself as a leader in the evolving landscape of business.
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