Supply Chain Management
Readers are you are invited to explore this blog post on “Supply Chain Management,” which covers the topic’s components, advantages, functions, entry-level job profile, necessary knowledge, and range of skills. This blog post is intended for anyone thinking about a career in supply chain management and for
members of Kaushalya Panna eCommunity.
What is Supply Chain Management?
As you know Supply chain management means coordination and control of the movement of goods and services from the point of origin to the point of consumption.
A supply chain is a group of people and businesses that work together to produce products and get it to the customer. In the current digital era, where businesses prioritize speed, accuracy, and customer satisfaction, a supply chain manager’s typical career path can differ based on various factors like industry, organization size, and personal goals.
Supply Chain Management and International business management
As a matter of fact, Supply Chain Management chain is to produce raw materials and delivers the finished product to the customer, whereas International business management highlights management of businesses that can operate in a global scenario by uunderstanding cultural differences and leading the multinational teams
Producers, vendors, warehouses, shipping firms, distribution centers, and retailers are the elements of a Supply Chain Management, whereas nations in the global scale are a part of an International business management.
Advantages of Supply Chain Management
Advantages of Supply Chain Management are as follows:-
A well-managed supply chain management reduces expenses, expedites production cycles, and fosters ongoing enhancement.
It seeks to boost business velocity.
SCM promotes cooperation between the various supply chain companies.
Employees can assess the success or failure of every stage in the supply chain.
Sections of Supply Chain Management
The sections of a Supply Chain Management include are as follows:-
Product Manufacturing
Marketing
Operations
Logistics
Distribution
Finance
Customer service
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Entry-Level Position in the Supply Chain Management
These days, a lot of supply chains has a global scope, by all mean the following are entry-level job profiles in the SCM field that’s are as follows:-
Inventory analysts, supply chain coordinators, procurement assistants, expediters, assistants, and logistics coordinators, Expert Positions at Transportation, warehousing, procurement, and demand planning are a few more specialized positions.
These positions required for the development which could enhance supply chain operations. Here are a few of this expertise field in SCM:
Inventory Management
The process of placing orders, keeping inventory, using it, and selling it for a business is known as inventory management.
Project management
Project management is the knowledge, skills, tools, and techniques to project activities in order to meet project requirements.
Procurement
Procurement is the process of ‘Sourcing’ and ‘Purchasing’ of goods. Despite the fact that as many businesses interchangeably use terms like “sourcing,” “purchasing,” and “procurement,” these are distinct aspects of the overall procurement function.
Sourcing and Purchasing
First of all select vendors to supply the materials and labor required to make the product. Next, to set up procedures for managing and keeping an eye on suppliers Ordering, receiving, maintaining inventory, and approving authorize supplier payments.
Organizational logistics
Logistics management means Coordinating activities ranging from sourcing, purchasing, and moving raw materials to factories and customers.
E-commerce
E-commerce is online platform for orders, payments; shipment tracking and product inventory is also part of Supply Chain Management.
Knowledge Required for Supply Chain Management
Business law
Necessary knowledge required of corporate law also known as commercial law or business law.
Business accounting
Business accounting is methodical recording, analysis, interpretation, and presentation of financial data.
Organizational Behaviour
Organizational Behaviour means individual and group interactions within an organization and how these interactions impact the organization’s performance toward its goal.
Customs
Generally customs is an organization or authority in a nation tasked with enforcing tariff collection and managing the entry and exit of commodities including hazardous materials, animals, vehicles, and personal belongings of buyers and supplier of the nations.
Business networking
Knowledge of Business networking means to build mutually beneficial relationships with other business professionals, as well as potential clients or customers.
Customer satisfaction
A measurement of a customer’s happiness with a company’s services, and its capabilities is called customer satisfaction.
Analytical Skills
It is ability to extract not only valuable insights from the data, spot trends but make data-driven decisions also.
Problem-solving skills
Ability to solve problems in order to overcome barriers and challenges as they appear in the process can be called as Problem-solving skills.
Excellent Communication skills
You need to work closely with teams within the company, including those in operations, finance, marketing, and sales. So it is necessary to have Excellent Communication skills.
Marketing Skills
Keep in mind; marketing is essential to every supply chain management. Creating and delivering goods that satisfy consumer needs is all part of marketing, as is fostering relationships with customers through interaction.
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Technology skill required in Supply Chain Management as trends
The Internet of Things (IoT)
5G and Starlink
Blockchains for Supply Chains
AI and Machine Learning
Automation and Robots
Robotic process automation (RPA)
Cloud computing
Companies can automate a wide range of tasks in the supply chain with cloud computing, including order placement and processing, inventory management, invoice-to-cash cycle management, and warehouse process. There can be three categories that’s are
Software-as-a-service (SaaS)
Infrastructure-as-a-service (IaaS)
Platform-as-a-service (PasS)
Management Software
Supervisory Software or Management Software especially organizes and oversees all of the resources needed to satisfy client demand for a business’s good or service. This software includes systems like:
Enterprise resource planning (ERP)
Transportation management systems (TMS)
Warehouse management systems (WMS)
Product Lifecycle Management (PLM)
Software for Enterprise Resource Planning
ERP Software
ERP software supports automation and processes in finance, HR, manufacturing, supply chain, services, procurement, and other areas. It is a comprehensive business management tool.
Example: SAP ERP recognise worldwide
By using the SAP SCM module, the company can efficiently plan for the raw material and capacity requirements necessary to meet the demands of the customer for their products.
CRM
A technology called Customer Relationship Management (CRM) allows you to keep track of every interaction your business with both present and potential clients.
Applicant Tracking System
Human resource departments require computer software called an Applicant Tracking System (ATS).
Ability to analyze Data in Advance Excel
Excel’s Analyze Data feature enables you to better understand your data by using natural language queries to ask questions about your data for your business operation.
PivotTable
PivotTable: A PivotTable is an effective tool for data calculation, summarization, and analysis that enables you to view trends, patterns, and comparisons in your data.
VLOOKUP – It help to locate items in a table or range by row.
XLOOKUP – After searching a range or array, the XLOOKUP function returns the item that matches the first match it discovers.
Conditional formatting
You can use conditional formatting to alter a range of cells’ appearances according to the conditions you specify.
Macros
An action or series of actions that you can run repeatedly is called a macro. Automated tasks records with macro function.
Dashboard
Excel dashboard is a one-page document that helps managers and business executives track important KPIs or metrics as a result of make decisions based on them. Data-supported charts, tables, and views are included in this Dashboard report.
Interactive Data Visualization Software
Power BI
Power BI is a software service of applications, and connectors that come together to transform your disparate data sources into cohesive, interactive, and visually stunning insights. Your data may be stored in an Excel spreadsheet that is both on-premises in the cloud base system.
Microsoft Power BI is interactive software for data visualization that was created with business intelligence as its main focus.
Tableau
Tableau is frequently used in place of other conventional business intelligence tools and is most recognized for its extensive range of data visualization capabilities. Data is examined using SQL by analysts, who then use it to create data solutions for business decision-makers, who utilize it to analyze data without requiring coding knowledge.
Information management tool
Microsoft Access
Microsoft Access that helps you stores a variety of data for reporting, analysis.
Programming language
SQL is a programming language used for storing and processing data in relational databases. It is also known as structured query language.
Cyber security
There will be risk management of outside vendors, suppliers, logistics, and transportation is known as supply chain security.
Data analysis or Data science
A crucial component of supply chain optimization is effective inventory management. Through the identification of patterns, seasonal trends, and demand fluctuations, data science assists organizations in optimizing stock levels.
Electronic data interchange (EDI)
By Electronic data interchange (EDI) it is possible computer-to-computer transfer of business documents between business partners in a common electronic format.
Software for the documentation process: IBM Sterling B2B Integrator;
Documentation process software
Example: Scribe
Conclusion
Finally, with the help of technologies that allow you real-time data collection, analysis, and decision-making, proactive rather than reactive approaches that have become the hallmark of today’s smart ecosystem of supply chain management (SCM). The acquisition of supply chain management skills necessitates of academic coursework, real-business world experience and ongoing education.
Call to Action
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