Category: Management

As a supply chain professional, your career is on the rise. But to thrive, you need to stay ahead. Supply chain management courses for working professionals are the answer. A leadership program can help you grow. In this blog, we’ll explore the benefits of a leadership program. We’ll also discuss how to prepare for it. So, let’s dive in!

1. Enhance Your Skills And Knowledge

Supply chain professionals need to adapt. The world is changing fast. A leadership program can teach you new skills. You will learn about current trends. This will help you stay relevant. So, invest in yourself. Enrol in a leadership program today!

2. Network With Peers

A leadership program brings together experts. You can connect with your peers. This will help you expand your network. You can learn from others. They can learn from you too. Networking can open doors to new opportunities. So, don’t miss out!

3. Improve Your Decision-Making Abilities

Supply chain professionals make critical decisions. A leadership program can sharpen your decision-making skills. You will learn to think strategically. This will help you make better choices. In the long run, it will benefit your career.

4. Develop Your Leadership Style

A leadership program helps you develop your style. You will learn how to lead and inspire others. This is vital for supply chain professionals. A strong leadership style will make you more effective. It will help you achieve your goals.

5. Advance Your Career

Supply chain management courses for working professionals can boost your career. A leadership program can make you more attractive to employers. You will have a competitive edge. This can lead to promotions, better job offers, and more.

How To Prepare For A Leadership Program

1. Research The Program

Before enrolling, research the program. Make sure it meets your needs. Look for programs with a good reputation. Imarticus Learning offers an Executive supply chain management course and Operations Officers. This program is designed to help you grow.

2. Assess Your Skills

Take a close look at your skills. Identify your strengths and weaknesses. A leadership program can help you improve. But you need to know where to focus. This will help you get the most out of the program.

3. Plan Your Time

A leadership program takes time. Plan accordingly. Make sure you have enough time to commit. Balancing work, family, and education can be challenging. But it’s worth it!

4. Be Open To Learning

To succeed in a leadership program, you must be open to learning. Embrace new ideas. Challenge your thinking. This will help you grow as a supply chain professional.

5. Network

Networking is key. Attend events and workshops. Engage with your peers. This will help you make the most of your leadership program.

6. Stay Current With Industry Trends

As a supply chain professional, it’s essential to stay current with industry trends. A leadership program can help you keep up with the latest developments. By staying informed, you can make better decisions and stay ahead in your career.

7. Boost Your Confidence

A leadership program can also boost your confidence. As you learn new skills and gain knowledge, you’ll feel more equipped to take on new challenges. This increased confidence can make you a more effective leader and help you excel in your career as a supply chain professional.

8. Enhance Your Communication Skills

Effective communication is crucial in supply chain management. A leadership program can help you improve your communication skills. You’ll learn how to convey complex ideas clearly and concisely. This will make you a better leader and help you achieve your goals.

9. Learn From Industry Experts

Supply chain management courses for working professionals often feature industry experts as instructors. This gives you a chance to learn from the best. Their insights and experiences can help you gain a deeper understanding of the field and enhance your career prospects.

10. Gain A Competitive Edge

In today’s competitive job market, having a leadership program on your resume can set you apart. Employers value professionals who invest in their development. By completing a leadership program, you’re signaling your commitment to growth and excellence in the supply chain field.

Your Future is Waiting!

A leadership program offers many benefits for senior supply chain professionals. It can help you enhance your skills, network with peers, and advance your career. To get started, research the available programs and assess your skills. Then, plan your time and be open to learning. Imarticus Learning’s Executive Certificate Programme for Chief Supply Chain and Operations Officers is a great choice.

Candidates with a minimum of 5 years of work experience and a Master’s Degree or equivalent from a recognised University (such as UGC, AICTE, DEC, AIU, State Government, etc.) in any discipline with a minimum of 50% aggregate marks are preferred.

Take the next step in your career as a supply chain professional by enrolling in a leadership program today. Don’t miss out on this opportunity to grow, learn, and succeed. Your future is waiting!

 

For a business to succeed, a balance between finance, sales, and marketing is a must. A nexus of these three is undeniable, as it forms the bedrock upon which profitable decisions are made. In this intricate landscape, one fundamental concept that demands our attention is the classification of costs—direct, indirect, and variable. 

Direct costs are the lifeblood of any enterprise, representing the direct expense of production. On the other hand, indirect expenses often lurk in the shadows, encompassing operational expenditures.

Apart from these, there are variable costs that exhibit a dynamic nature. It fluctuates depending on production or sales volumes. 

In this blog, we will dive deep into cost classifications while exploring finance in sales and marketing. This will benefit not only those opting for a sales and marketing management program but to anyone interested in the subject.

What are Direct, Indirect, and Variable Costs?

The cost classification teaches us about three different expenses incurred by a business. These expenditures are part of various stages of a company’s work. Now, let us understand in detail what these costs are:

• Direct Costs

The expenditures that directly contribute to the production or provision of goods and services by a business are called direct costs. It typically includes items like raw materials, labour directly involved in the production, and components required to manufacture a product.

Example: In a consulting firm, compensation paid to consultants for providing advisory services to clients is a direct cost.

• Indirect Costs 

The overhead expenses are not directly linked to the production of a product or service, but they support the overall functioning of the organisation. Indirect costs are necessary to maintain the infrastructure and daily operations of a company.

Example: When a company leases office space for its operations, the resulting rent or lease payments are classified as indirect costs.

• Variable Costs

The variable costs are those expenses that fluctuate in direct proportion to changes in production output or sales volume. It is vital for businesses, as they directly impact the calculation of the cost of goods sold and the profitability of each unit produced or sold.

Example: Raw material cost in manufacturing is a variable expense. As production increases, raw material usage and costs also rise.

Comparative Analysis of Different Costs in Sales & Marketing

Aspects	Direct Costs	Indirect Costs	Variable Costs
Role in sales and marketing	Costs directly related to a specific sales and marketing activity. For e.g.- advertising and promotional expenses.	It indirectly supports sales and marketing efforts.  For example- office rent, salaries, and utilities.	These costs vary with sales and marketing activities, like commissions, shipping, and credit card processing fees.
Budget Allocation	Direct costs form a significant part of the marketing budget.	Companies often fix indirect costs and allocate them separately from marketing budgets.	Variable costs are dynamic and need budget flexibility to accommodate sudden changes in sales & marketing.
Decision Making	Direct costs drive budget decisions and resource allocation for marketing campaigns. It also facilitates cost-benefit analysis for campaign ROI.	Influences decisions related to expansion or cost-cutting. Also, affects long-term financial planning.	Maximises ROI by optimising variable costs.  Adapts finance for sales & marketing to market fluctuations.
Responsibility	Often managed directly by sales and marketing teams as they pertain to campaign execution.	Typically, managed by finance and operation teams.	Both marketing and finance teams jointly manage the variable costs.
Impact on Profit Margins	Directly influence the campaign’s profitability. Thus, proper management will ensure competitive pricing and profit margins.	It indirectly impacts profit margins as it contributes to the cost of doing business.  Overhead costs must be controlled to maintain profitability.	Immediate impact on profit margins, rising or falling with sales volume. Its management safeguards profitability in volatile markets.

Benefits of Cost Management in a Business

Effective cost management is crucial for business success. Here are some key points highlighting the advantages of optimising direct, indirect, and variable costs.

• Sustainability

The environment and social sustainability go hand in hand with the cost management of a business. When a business reduces its waste and resource usage, it not only saves costs but also helps in promoting a sustainable future.

• Competitive Positioning 

Efficient cost management allows the business to offer competitive pricing, which also helps them improve their positioning in the market.

• Risk Mitigation

With a stronger grip on cost management, businesses are better equipped to weather economic downturns and crises. Quick adaptability to market fluctuations and making cost-saving adjustments come with organised cost management.

• Innovation and Research

By prioritising cost management, an organisation can allocate more resources toward research and development, leading to greater innovation and a stronger position in dynamic markets.

• Customer Value

Controlling business costs can lead to reinvestment in quality, customer service, and value-added offerings, increasing loyalty and satisfaction.

Case Study

One prominent real-life case study on cost classification would be Amazon’s management of costs in its e-commerce business. With direct costs, it has been effectively optimised through dynamic pricing algorithms. This also ensured competitive product prices for the business. 

And in the case of indirect costs, Amazon streamlined it by leveraging technology for supply chain and logistics efficiency. 

Lastly, the multinational company handled its variable costs so remarkably, that it turned out to be a great example to all. Through its Prime membership model, it aligned customer benefits with profitability.

These were a few insights into how Amazon has maintained a strong market presence by balancing the costs. 

Conclusion

Finance, sales, and marketing are the three pillars that form the strong foundation of a business. At the core of this foundation lies the crucial concept of cost classification – direct, indirect, and variable costs. These aren’t mere financial concepts but work as a compass guiding businesses toward success in a competitive landscape. 

To articulate in brief, we have learned how direct costs breathe life into a company by being the heartbeat of production. And the indirect expenses ensure the organisational machinery hums smoothly. Lastly, the most adaptable one, as we know, is the variable cost which adjusts to changes in production and sales volumes.

Understanding the cost classifications is vital for anyone interested in the dynamics of business. To guide you correctly in this path, there is an IIM L sales leadership program as well. 

So, whether you’re embarking on a sales & marketing management program or steering a seasoned career in the field, you must check the Executive Management Programme in Sales & Marketing Leadership by Imarticus Learning. It collaborates with IIM Lucknow to equip professionals with industrial insights and practical skills in sales and marketing. This is not just education; it’s a pathway to leadership in the dynamic world of business.

Product management is a developing realm which is very dynamic in nature. For strategic product management, product strategy and strategy prioritisation are two very important parameters. These metrics help professionals to keep track of the development of a product and enhance its lifecycle management. 

Strategic product management is a way to ensure that the products are in alignment with new market trends, business goals and customer demands. For individuals wanting to learn strategic product management, an effective sales and marketing management program can help them learn its key aspects.

Read on to learn the various design frameworks, metrics and competitive strategies in the domain of strategic product management.

What is Product Strategy?

The product strategy should always be driven by the company’s goals and vision. The entire organisation consisting of different departments and individuals work towards the envisioning of the overarching purpose of the organisation. Thus, the company’s vision is the idea behind product strategy.

A company is often entitled to manage multiple products for which different plans of action may have to be formulated. It is difficult to develop a comprehensive strategy for all the products associated with the company. Product strategy includes specific techniques for every product and is subsumed under the various types of corporate strategies and business vision.

The entire process is laid on the foundation of the company’s vision and strategy where each product demands a comprehensive plan. Hence, the product roadmap and its implementation fall under the umbrella of product strategy.

What is Strategic Product Management?

Strategic product management is an approach or a way that helps organisations supervise and analyse the growth of a product from its infancy stage to the end of the product life cycle. It is a crucial organisational function that assists professionals in shaping the product life cycle. 

In this digitally growing era, strategic product management is believed to be an imperative process for companies. It is an integral tool for companies in the journey of digital transformation. 

Strategic Product Management Metrics

One of the major aspects of a successful product strategy is the inclusion of metrics. Metrics are important for ensuring that a product strategy is performing to the best of its abilities. The various types of metrics are listed as follows:

• Tactical metrics: This category of metrics focuses on a specific feature of a product and assesses particular components that are crucial in deciding the success of the product.
• Non-star metrics: The non-star metrics focus on developing product strategies that are in connection with the business objectives. It majorly aims at increasing the subscriber count.
• Counter metrics: This category of metrics plays a very important role in validating hypotheses. These metrics focus on examining various forces that can impact the success of a product. Changes in customer behaviour and the lifetime value of the product are two common aspects that impact a product.

Competitive Product Management Strategies

A product management strategy is used to project what a company wants to achieve with the help of that product. One may take the IIML sales leadership program and learn various strategic product management skills.

Here are some of the best product management strategies that can help professionals to attain organisational objectives:

Customer Research

The first and most important strategy to begin with is to perform customer research. The process of product management bridges the gap between the customer’s expectations and the product itself. Hence, at first, all product managers have to select a target audience for the product so that it can be well marketed among them.

Customer research can be performed by conducting surveys, interviews, social media polls etc. In this way, product managers can interact well with the customers which gives them a chance of knowing the customers better and creating products according to their preferences.

Product Development

Strategic product management is a vital area of product strategy as it helps customers and businesses to come closer and grow together. In this way, products can be developed that satisfy the customer’s demands and are also well-aligned with the organisational goals.

Product managers must have a great understanding of the product. This step allows product managers to prepare for the hurdles that the product may face after its launch. Various best practices are adopted by product managers to deal with any challenges that may arise.

Product Planning

The next step is to identify what one wants to achieve with a particular product. This is known as product planning where a comprehensive plan is developed before the launch of a product. This process is based on the concept that every product should be a company with a unique selling proposition which is known as the USP of the product.

The product managers develop various attributes of a product such as its design, functionalities, layout structure and so on in order to fulfill the purpose for which the product is to be launched. The specifications help product managers to track the product performance after its launch.

Product Launch

This is the most important step in strategic product management. One needs to be very careful about when and how to launch a product. Launching a product allows product managers to keep track of the customer needs along with the hype the product has created. Professionals need to maintain a product trajectory so as to ensure that they are walking on the pre-planned product roadmap.

Such a plan helps to reduce errors and do away with miscommunication within different departments of an organisation. It also provides the management with integral information regarding the brand and competitors.

Product Marketing

Product marketing is not only about selling the product but also about creating brand awareness and making a statement in the industry. Marketing includes various factors and key indicators that are important for performing data analytics on the product. 

Product managers need to be on their tools after the launch of the product and keep constant track of product performance. They need to ensure that the product fulfils the demands of the customers and receives positive feedback.

Conclusion

Product managers invest a lot of time in analysing and creating product strategies. Strategic product management is a way of devising new products by selecting a target audience and identifying business goals.

To become a successful product manager, consider signing up for the Executive Management Programme In Sales & Marketing Leadership, IIM Lucknow by Imarticus and enhance your leadership skills in the field of sales and marketing. It is a very booming professional area and companies are always in need of great team leaders that can help achieve organisational goals with good product strategy.

Take your career to new heights with a general management programme

Are you looking to take your career to new heights? Do you want to broaden your skills and expand your horizons in the business world? If so, a general management program might be just what you need. Designed to give professionals like you the tools and knowledge to excel in leadership positions, these programmes are known for their comprehensive curriculum and prestigious faculty. Whether you’re a recent graduate or a seasoned professional, you should invest in your career with a general management programme. It can open doors to endless opportunities and propel your success to new levels. So, let’s explore the world of general management in detail.

Gain a competitive edge with a general management programme

A general management programme offers numerous advantages for you. It helps to enhance your management skills and advance your career. It provides an understanding of functional areas of business such as finance and marketing. Choosing a general management programme offers you a competitive edge in the business world. It paves the way for long-term success. Let’s take a closer look at how this programme can enhance your management skills, provide a solid foundation in key business areas and give you a competitive edge in the business world. Here are some key points to consider:

Broad skill set

A general management programme provides a comprehensive curriculum that covers aspects of business. These include finance, marketing, operations and leadership. These skill sets help you develop a broad skill set. This expertise is essential for success in managerial roles.

Versatility

By opting for a general management programme, you can have a versatile career path. You gain knowledge and expertise in many areas of business. It allows you to adapt to different industries and roles. This versatility enhances career opportunities and opens doors to leadership positions.

Leadership development

General management programmes focus on developing leadership skills. You learn effective communication, decision-making and problem-solving techniques. It guides you on how to manage teams and drive organisational growth. These skills are crucial for career advancement and can accelerate your journey into leadership roles.

Networking opportunities

Joining a general management programme offers ample networking opportunities. You connect with fellow participants, faculty members and industry professionals. You get to create a valuable network that can help in future career endeavours. These connections can lead to job opportunities, mentorship and collaboration on business ventures.

Career growth and advancement

A general management programme equips you with the knowledge required for higher-level roles. Whether it’s climbing the corporate ladder or starting your business. You gain a competitive edge in the job market and increase your chances of career growth.

Personal development

Apart from professional growth, general management programmes also focus on personal development. Participants learn self-reflection, self-awareness and emotional intelligence, which are crucial for effective leadership and personal success. These programmes provide a holistic approach to career development, ensuring you excel both professionally and personally.

Invest in your future with a general management programme

Choosing a general management programme can greatly benefit your career growth. These programmes provide you with a well-rounded skill set that is essential in today’s competitive business world. They offer a comprehensive curriculum that covers various aspects of management, such as leadership, finance, marketing and operations. By completing a general management programme, you will gain the knowledge and expertise needed to effectively manage teams and projects, make strategic decisions and drive organisational success. This programme enhances your career prospects. Also, it opens up opportunities for higher-level positions and increased earning potential. Investing in a general management programme is a smart decision that can significantly accelerate your professional growth and success.

Are you a young professional looking to enhance your skills and advance your career? Look no further than the IIMA General Management programme. The programme from Imarticus Learning is designed to provide you with the knowledge and tools needed to succeed in today’s competitive business world. With industry-leading faculty and a curriculum that focuses on practical application, you’ll gain the confidence and expertise to take your career to new heights. Don’t miss out on this opportunity to invest in your future. Enrol in the IIMA General Management Programme today and join the ranks of successful professionals. Visit the website to learn more about the programme and take the first step towards a brighter future.

IIM Lucknow leadership program: Should you consider enrolling?

Leadership plays a vital role in shaping the future of individuals and organizations. It is the driving force behind innovation, growth, and success. Imagine a program that not only equips you with the necessary skills to become a strong leader. But, also ignites a fire within you to make a positive impact on the world.

The IIM Lucknow leadership program takes you on an immersive journey of self-discovery and learning. It inspires you to lead with purpose, passion, and power. This program is not just another leadership course. It is a life-changing experience that pushes boundaries. It challenges assumptions and unlocks your true potential. Get ready to embark on a journey that will redefine your leadership style.

Benefits of pursuing the IIM Lucknow leadership program

A leadership program from IIM Lucknow can have a significant impact on your career. It provides valuable knowledge that can enhance your leadership abilities. The program focuses on developing effective communication skills, decision-making skills, and problem-solving skills. You learn how to motivate others, create a positive work environment, and lead teams. The program also emphasizes the importance of ethical leadership and teaches you how to make ethical decisions. Thus, this leadership program can help you become better in your respective field. Let us discuss the benefits of the IIM Lucknow leadership program:

1. Leadership development

A leadership program from IIM Lucknow is designed to develop and enhance your leadership skills. It focuses on improving self-awareness, communication skills, decision-making abilities, and strategic thinking.

2. Personal growth

The program aims at your personal growth. It provides you with opportunities to explore their strengths and weaknesses. It helps you identify and overcome limitations, enabling you to become effective leaders.

3. Networking

The program offers a platform for you to interact and network with professionals from various industries. This networking opportunity allows you to build connections. It helps to exchange ideas and learn from experienced leaders.

4. Practical learning

The IIM Lucknow leadership program provides practical learning experiences. They use case studies, simulations, and real-life examples. You get hands-on exposure to challenges faced by leaders. Through the program, you learn to effectively tackle them.

5. Industry relevance

The program is designed to cater to the specific needs of various industries. It addresses the current and emerging challenges faced by leaders in different sectors. This makes the learning experience relevant and applicable to real-world scenarios.

6. Continuous support

The impact of the IIM Lucknow leadership program extends beyond the time of the program. Participants receive ongoing support through alumni networks and mentorship programs. You get access to resources that assist in your leadership journey. These resources are available even after completing the program.

Impact of the Executive Leadership Program IIM

The executive leadership program IIM Lucknow is a transformative experience. It equips you with the skills and knowledge needed to excel as leaders in your industry. The program focuses on developing leadership competencies, strategic thinking, and decision-making abilities. You gain valuable insights from experienced faculty and industry experts. During the course, engage in interactive discussions, and network with like-minded professionals.

The IIM leadership program not only enhances individual leadership capabilities. But, also contributes to organizational growth. Investing in executive education can significantly impact career progression. It helps you unlock your full leadership potential.

The executive leadership program from IIM Lucknow helps to enhance your leadership capabilities. It is the perfect opportunity for young leaders like you to gain important skills. Imarticus Learning helps you achieve your career goals. The program is designed by industry experts and delivered by renowned faculty members. It offers a comprehensive curriculum that covers all aspects of leadership. From strategic thinking to effective communication and team management.

Don’t miss out on this chance to elevate your career and become the leader you’ve always aspired to be. Enrol in the Senior leadership program from IIM Lucknow today. Take the first step towards a successful future. Visit our website at Imarticus Learning to learn more and secure your spot now!

Who Needs An Advanced Management Program?

Are you a mid-career professional looking to elevate your leadership skills? Do you feel like you have hit a plateau in your career and need to take your management abilities to the next level? We got you!

An Advanced General Management program might be just what you need. While traditional Executive MBA programs provide a strong foundation in business fundamentals, AMPs are designed for experienced professionals looking to refine their leadership abilities and tackle complex organisational challenges.

Continuous learning and skill development are key to remaining competitive and advancing your career. That too in today’s rapidly evolving business landscape. So, who needs an advanced management program?

Advance your leadership abilities and industry knowledge with the Advanced General Management Program. Read on!

What Is Advanced General Management Program?

The Advanced General Management Program (AGMP) is an executive education program. It provides senior executives with cutting-edge leadership skills necessary to navigate the complex and rapidly changing business environment. The program is designed for executives who have significant experience in management but want to enhance their strategic thinking, decision-making, and leadership abilities.

The AGMP program curriculum covers a wide range of topics, including business strategy and organisational behaviour. The program is typically delivered over several weeks, allowing participants to continue with their work while studying. The AGMP program is offered by many top educational institutions. It is highly regarded among senior executives seeking to enhance their skills and advance their careers. The program is also an excellent opportunity for networking with other executives and business leaders from diverse industries.

Who is it for

The Advanced General Management program is designed for experienced managers who want to enhance their leadership skills and strategic decision-making capabilities. It focuses on developing the ability to lead and manage high-performing teams, drive innovation, and create a competitive advantage for the organisation.

Program details

The program covers a range of topics, including financial management, marketing, operations, human resources, and strategy. It also offers specialised courses in areas such as digital transformation, international business, and corporate social responsibility.

Program requirements

The program is typically offered by top business schools and requires applicants to have a minimum of 10 years of work experience and a proven track record of success in their field. It is designed for executives who want to take their careers to the next level and have a significant impact on their organisation.

Benefits of the program

Some of the key benefits of the program include networking opportunities with other high-level executives, exposure to cutting-edge business practices and trends, and the opportunity to gain new insights and perspectives on leadership and management.

Mode of learning

The program typically involves a combination of classroom learning, case studies, group discussions, and experiential exercises. Participants are encouraged to apply what they learn to real-world business challenges and develop practical solutions that can be implemented in their organisations.

Cost

The cost of the program can vary depending on the institution and the duration of the program. Financial aid and scholarships may be available to qualified applicants. It is important to do research and compare different programs to find one that is the right fit for your career goals and budget.

Taking Your Management Skills to the Next Level

The Advanced General Management program emphasises on strategic thinking, leadership, and effective communication. It also focuses on innovation, entrepreneurship, and organisational structure. The program provides advanced skills and knowledge required for senior leadership roles. The takeaway from this program is that to be a successful general manager, it is important to be adaptable to changing situations and have a long-term vision. Communication and teamwork are crucial, and it’s important to continually innovate and take calculated risks.

An Advanced general management program is an excellent way to advance your business skills and propel your career forward. With expert instructors and a personalised learning approach, Imarticus Learning is the perfect platform for young professionals who want to take their careers to the next level. So if you’re looking for a way to improve your skills and expand your career opportunities, look no further than Imarticus Learning. Take the first step and enrol in our advanced general management program today!

Modern supply chains generate a tonne of big data as a result of their broad reach and intricate structure, which may be analysed to comprehend patterns, spot inefficiencies, and come up with creative solutions. 

A supply chain analytics course focuses on employing data analytics approaches and technologies to boost the effectiveness of supply chain management and operations. Supply chain analytics involves the analysis of data that businesses extract from a variety of supply chain-related applications, such as executing supply chain methods for sourcing, stock control, handling orders, storage management and fulfilment, and transportation oversight. 

What is the Cause of Wastage or Stockouts?

Here are the few major causes of wastage or stockouts:-

Faulty predictions

Stockouts or overstocks are almost a guarantee when projections are inaccurate. Inefficient demand forecasting can lead to overproduction, a typical source of wasted materials in supply chains. Inadequate inventory management can cause inadequate supply levels to satisfy demand, which can result in stockouts. To reduce stockouts, shortages, and overstocks to a minimum, an effectively carried-out forecasting system is required. 

Incorrect records

Due to inaccurate inventory counts, instances of stockouts or wastage could happen. This mostly occurs due to a human’s fault as they make an error either while counting, entering the data manually or misplacing some product while unloading. 

Delays

Stockouts can occur at any step in the supply chain, for example, if there are problems obtaining raw materials or providing manufacturers with parts. They may also be brought on by problems with production, such as a lack of labour, broken equipment, inadequate planning, or the arrival of a natural disaster.

Damaged products

Sometimes due to mishandling, poor quality of product or storage condition, the product can be damaged. Companies can find areas where changes can be made to lower the risk of waste due to expired or damaged items by employing analytics to monitor quality control, storage conditions, and transportation procedures.

Need for Supply Chain Analyst

Supply chain analytics combines data and analytical techniques to enhance supply chain efficiency, cut down on waste, and avoid stockouts. There is a vast quantity of information generated by the numerous actions, individuals, and organisations that make up supply chains. Supply chain analytics can transform this enormous volume of data into easily comprehensible dashboards, reports, and visualisations that have an impact on important choices and provide improved outcomes. Continue reading to find out how supply chain analytics can help you with your business

Demand forecasting

To avoid stockouts and satisfy client demands, it is essential to recognise and prioritise your top-performing goods. Analysing sales and inventory patterns will help pinpoint the most well-liked items that are in great demand. To provide more precise demand estimates, supply chain analytics may be utilised to find patterns and trends in previous sales data. Making judgments regarding which items to create more of and which ones might not be worthwhile to carry in the future will be made easier with the aid of this knowledge. 

Optimal inventory

Based on elements like time to place the order, demand variability, and order frequency, supply chain analytics may assist in determining the ideal inventory levels for each product. By monitoring these indicators, you can keep track of how your items are selling at the retail level and make sure there is always a consistent supply of goods accessible to customers. This would help in thorough sales and operations planning. 

Automate Procedure

Stockouts and other inventory problems may be significantly influenced by mistakes made by employees in warehouse operations. Inventory levels are automatically updated in real-time using an Inventory management solution (IMS). Whenever an item is received at a manufacturing facility or distribution centre, they immediately update inventory levels. Once more, real-time updates to inventory counts are made when sales are about to run out of stock. IMS should be capable of doing inventory management functions including determining reorder points, providing reminders, and creating reports that can aid forecasting and demand planning.

Evaluate suppliers 

Through Supply Chain analytics, the company can identify and evaluate their supplier’s performance or take a lead in finding any potential issue and addressing it. It is also important to hold a good relationship with the suppliers and collaborate effectively, for the overall betterment of the company. For instance, early notification of impending shortages by a supplier might offer a firm time to find alternatives rather than having to rush at the last minute.

Apply location-based analysis to all of your goods

Location-based analysis can help in a more efficient arrangement of items and more increase in sales. By spotting trends or patterns in consumer behaviour in particular geographic locations, we can gain a better insight into the consumer taste, trends and demands of particular items to predict future sales. Analytics may also be used to find ways to reduce costs and increase sustainability, including combining shipments or employing more effective modes of transportation.

Conclusion 

Supply chain analytics is the practice of using data and analytical techniques to enhance the performance of the supply chain. Supply chain analytics can assist in locating opportunities to optimise inventory levels, increase the accuracy of demand forecasting, monitor quality control, assess supplier performance, optimise transportation routes, and provide real-time data visualisation and reporting in the context of preventing waste and stockouts. 

Organisations may decrease waste, boost customer happiness, and boost profitability by using data-driven insights. Supply chain analytics has developed into a crucial tool for companies wanting to optimise their operations and stay competitive in today’s fast-paced market with the use of cutting-edge technology and analytical approaches.

Consequently, as supply chains get more complicated, so grows the requirement for data specialists who can make sure the system functions without an issue. Thus, the job of Supply chain analytics is high in demand as people start to realise its importance. If you want to upskill yourself and take a Supply chain Analytics course in this competitive world, Imarticus is providing a professional IIT Supply chain management certification Course.  Enrol yourself now.

Supply chain management is the sum of all such activities at different stages that ensure the timely supply of a product from the manufacturer’s factory to the customer’s end. Other stakeholders include vendors, whole-sellers, dealers and retailers on one end and warehouse and logistics partners on the other. 

Supply chain planning is an integral part of supply chain management. Businesses seek to optimise product delivery and enhance customer experience by integrating supply chain planning into their operations. Now is the correct time to opt for a supply chain analytics career and exploit the booming job opportunities supply chain management presents. 

Read on to learn more about supply chain planning.

What is supply chain planning?

Supply chain planning is the process of predicting the demand for products and services and planning inventory with respect to time while controlling production, distribution, marketing, and sales accordingly.

Why do businesses need supply chain planning?

A Supply and Operations Planner can significantly impact your business prospects. There are several advantages of practising rigorous supply chain planning. Some of them are mentioned below – 

1. A business lacks vision and readiness without a supply chain plan in place. Demand dynamics in an uncertain future can be nullified with a reasonable forecast and subsequent action plan.
2. The supply chain plan alerts us regarding any future technology shift and hence adds to an organisation’s preparedness. 
3. The supply chain plan provides us with information from other developed nations regarding whether a product would become obsolete in the near future and hence needs to be dropped from production at the earliest. The plan helps the organisation to reorient the product.
4. A supply chain plan helps an organisation reduce costs of production and inventory. It optimises revenue and maximises profit.
5. A robust supply chain plan helps customers get the desired product on time, enhancing customer satisfaction and retention. With a little more consistency, the customer becomes an advocate of the brand. Thus, product advertisement moves to the next level at no extra cost.
6. The supply chain plan is the basis of logistics and warehouse planning. The cost of these operational areas may be controlled with prior information and schedule.
7. A supply chain plan helps an organisation to set a clear reorder benchmark for all production components. This prevents an entire production line from being idle due to a shortage of one or more components.
8. It helps determine the marketing schedule and chalk out its expenses.
9. The supply chain plan also determines the distribution network planning so that neither the distributors starve from inventory nor are overburdened.  
10. It creates a vivid production plan with optimum design, manpower, and equipment. 

How can supply chain planning be implemented successfully?

Successful supply chain planning involves sales, marketing, and production teams discussing demand planning using historical data. Data science helps in the seamless delivery of past information, and AI-based software models help analyse demand prediction. The demand forecast is followed by inventory planning accordingly, and resultant feedback is passed on to the production and logistics team for action.

While supply chain planning is a complex process considering several factors, a few key elements seek maximum attention. They are as follows – 

• Demand Planning

A realistic demand forecast lays a robust foundation for the supply chain planning process. Demand is a function of market conditions, technology, product support, ready availability, functional alternatives, competition, price and government policies. In addition, AI and data analytics help generate real-time demand.

• Inventory Planning

Demand and inventory planning go together. When demand for a given period is ascertained, the operation team may plan the inventory for the said period. Proper inventory planning optimises the production cost and helps to maximise the profit for a given sale by curtailing surplus.

• Supply planning

Inventory planning includes vendor management for supply required for production. Supply of each and every component, raw materials, etc., has to be monitored separately to avoid a surplus in production.

• Production planning

Production is a function of raw material, manpower and machine capacity. The objective is to produce as per targeted numbers with optimum resource utilisation incurring minimum waste.

• Sales and operations planning 

Sales and operations planning essentially bring cross-functional teams to meet and discuss each other’s viewpoints to reach a common goal. It helps the marketing and sales team be on a common platform with the operations team and understand each other’s challenges. 

However, this meeting is not limited to sales, marketing and operations teams in large corporations. Departments of finance and human resource are also a part of the meeting so that their observations and challenges may also be noted. Finally, the entire team moves towards a workable road map to reach the target. 

Conclusion

The role of a Supply and Operations Planner requires enormous hard work and dedication and is a fiercely competitive field. 

Enrolling in the Professional Supply Chain Management Certification course and Supply Chain Analytics Course at Imarticus will help you achieve your dream. This programme will assist you in learning about supply chain planning from the best in this industry. The course is perfect for professionals looking to switch roles and build a supply chain analytics career.