Last updated on April 8th, 2024 at 04:24 am
A supply chain is the backbone of a business. The success of the e-commerce industry depends on supply chain management systems. The supply chain allows us to order anything from anywhere. The items get delivered right to our doorsteps. A business with a great supply chain management system can have a great advantage over others.
The demand for online goods and e-commerce is on the rise. Consequently, the demand for supply chain management professionals is increasing too. A supply chain analyst is a key supply chain profession. Let us see how you can become a supply chain analyst through a supply chain management course with analytics. But first, let us go through some brief insights about the supply chain.
What is Supply Chain?
A supply chain is a network of people or organisations involved in the creation and sale of products. It can also deliver the provision of services. All the technology and resources used in this process form part of the supply chain.
How to Build an Effective Supply Chain Management Policy?
5 important considerations should be kept in mind for building an effective supply chain management policy.
Dependable Suppliers
Suppliers are your allies. Therefore, it is important to have dependable allies. This allows the efficient functioning of a supply chain management system. Suppliers should be capable enough to deliver high-quality and timely deliveries. Therefore, you should do thorough market research to identify high-quality suppliers. They should be reliable and have a high reputation for packaging, quality, customer care and ethics.
Inventory Management
An inventory management system is important for building an effective supply chain management policy. You should strive to achieve a perfect order rate. This means that you should receive deliveries on time. You should also keep an eye on the inventory-to-sales ratio. This will help you determine how often inventory is rotated during the year. An efficient inventory management system will help you avoid overstocking and stock-outs.
Increase the Supply Chain Visibility
While you focus on building your business, it is important to know how efficiently your supply chain systems are operating. You should be aware of the inefficiencies to be able to improve the system. Thus, you need end-to-end supply chain visibility. This includes suppliers, partners, warehousing, distribution, shipping centres and delivery. You should establish systems for real-time data sharing of the supply chain. This will help you get updated information and enable tracking.
Focus on Order-to-Pay Process
It is also known as the procure-to-pay process. It consists of all the steps from making the order to the final payment. Order-to-pay involves the functioning of all the departments of the company. These include procurement, sales, warehousing, logistics, finance, etc. Keep in mind that all these departments may be using different systems. This can cause a lack of coordination. Therefore, it is important to automate the procure-to-pay process of the organisation. This is where the last part comes in.
Leverage Technology
Technology is enhancing every industry. It has radically changed the way businesses operate. Technology is reducing human intervention, thus increasing the efficiency and speed at which tasks are performed. To build an efficient supply chain, you need to determine the processes that should be automated.
The technology should be advanced enough to coordinate between different departments. This allows any change in one department to be automatically communicated to another department. This can reduce manual intervention and prevent delays. Predictive analysis, automation and digitisation are important for ensuring an efficient supply chain.
Incorporating technology may involve certain costs initially, but the benefits will far outweigh the costs in the long run. You can also expect a reduction in operational costs as the processes become more efficient in the future.
Learning to Build an Efficient Supply Chain Management Policy
Now, we need to look at the basics of the supply chain. A formal supply chain management course with analytics can provide you with deep insights into supply chain management systems and how they function.
You can enrol in the IIT Roorkee Supply Chain Management Course by Imarticus Learning. It is a comprehensive supply chain management course with analytics. It will help you gain relevant job skills. You will also gain certification from one of the prestigious IITs. The curriculum is designed by the CEC, IIT Roorkee. It provides the opportunity for campus immersion. You get to learn from real-life industry projects that include:
ALKO’s annual inventory policy
Supply chain management with 7-Eleven
Minimising uncertainties in the supply chain
Predictive analytics for demand forecasting
The doors odd opportunities will open for you after completing the IIT Roorkee supply chain management course. You can become a supply chain analyst, demand planner, inventory analyst or lead manager in a reputed organisation.
A proper certification course can help you develop an efficient supply chain management policy for your business. It will help you become an expert supply chain analyst. The practical insights from real-life industry projects will provide ground-level understanding of the issues of a supply chain. You will thoroughly understand how a supply chain management system works.
