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Category: Management

A detailed overview of the logistics management system

Posted on by Imarticus Learning

The business world is constantly evolving and advancing, and the field of logistics is no exception. With the rise of e-commerce and globalization, there is never a greater need for effective and efficient logistics management. 

According to Oliver Wyman’s analysis “Last Mile 2028,” due to the continued growth in parcel volumes and the consequent rise in demand for delivery drivers, the cost per parcel will increase to EUR 4.50 in ten years from the current cost of about EUR 2.50. 

As a result, hourly pay will rise from around EUR 15 to as much as EUR 30 to combat the worsening driver shortage and make the job more desirable. By 2028, the delivery cost per package will double due to rising staff costs alone.

A Logistics Management System is the solution many companies have turned to streamline their supply chain processes and stay ahead of the competition. This blog post will dive into the world of LMS and what it can do for your business.

What is Logistics Management System? 

An LMS is a software solution that manages end-to-end supply chain processes, including procurement, inventory management, and transportation. 

The term “logistics management” describes purchasing, storing, and moving inventory from one location to another. In addition to getting the goods to the appropriate location at the proper time and to the right customer, it involves maintaining the inventory, resources, and pertinent information.

Benefits of Implementing an LMS

 There are numerous benefits to implementing an LMS:

  • Improved Visibility: The most significant advantage of an LMS is the ability to have real-time visibility into your supply chain processes. With an LMS, you can easily track inventory levels, shipments, and delivery times, allowing you to make informed decisions and react quickly to any changes.
  • Enhanced Efficiency: An LMS automates many manual processes, such as order processing and shipping, reducing the risk of human error and increasing efficiency. Additionally, it streamlines the flow of information between different departments and stakeholders, reducing the time it takes to complete tasks and make decisions.
  • Better Inventory Management: An LMS provides detailed information on inventory levels, allowing you to quickly identify when you need to restock and avoid stock shortages. It also helps to reduce the time it takes to complete tasks, freeing up time and reducing the need for overtime.
  • Increased Productivity: By automating manual processes and providing real-time information, your employees can focus on higher-value tasks, freeing up time and increasing their overall productivity.
  • Reduced Costs: By streamlining processes and improving visibility, an LMS helps to reduce costs associated with manual labor, stock shortages, and shipping errors. 

Choosing the Right LMS for Your Business 

Many different LMS solutions are available, each with unique features and benefits. When choosing an LMS for your business, you must consider your specific needs and requirements. 

Some things to consider include the following:

  • Integration: Does the LMS integrate with your existing systems, such as your e-commerce platform, accounting software, and transportation management system?
  • Customization: Can the LMS be customized to fit your specific business needs?
  • User-Friendliness: Is the LMS user-friendly and easy to use?
  • Reporting and Analytics: Does the LMS provide detailed reporting and analytics, allowing you to track key metrics and make informed decisions?
  • Support and Maintenance: What level of support and maintenance is provided by the vendor, and is it adequate for your needs?

A Logistics Management System can be a game-changer for businesses of all sizes. By streamlining processes, improving visibility, and reducing costs, an LMS helps companies to stay ahead of the competition and achieve their goals. 

Explore the IIT Roorkee supply chain management course with Imarticus Learning.

With a logistics and supply chain management course, you can prepare for in-demand jobs like demand planner, data scientist, supply planner, and supply and operations planner. Professionals looking to maximize their expertise in Supply Chain And Logistics Management should consider certification to equip leaders with the necessary tools to drive tactical, operational, and strategic decisions. 

Course Benefits For Learners:

  • By fusing a logistic management course, you can get ready to help develop more innovative and tactical global supply chains.
  • With the help of IIT’s supply chain program, you can advance your career and become a supply chain analyst. Utilize this chance to start your career as a seasoned demand planner or data scientist!
  • Students who study Python develop a data-centric mindset, which will improve their decision-making in the supply chain.

What are the prerequisites before you apply for the Chief Supply Chain officer course

Posted on by Imarticus Learning

An efficient supply chain is the backbone of any modern business, and to manage the operations, every organisation needs a capable team, a team that has the right blend of youthfulness and experience. Since this team will be primarily responsible for sourcing the material for production to distribution, firms look for managers who will be able to handle the team and achieve the goals set by the firm.

Hence, there is a great demand for expert supply chain managers who can handle all the operations in an organised and efficient manner. This is why it is the right time to begin a career in supply chain and operations.

What is supply chain management?

According to a Fortune magazine report, the entire logistics industry is worth USD 1.3 trillion. However, there is a manpower crisis that the supply chain industry is facing. There is an average requirement of 1.4 million new supply chain workers. It means that there are a lot of opportunities for the right candidate. All they need to do is complete their chief supply chain and operations officers course.

Since there is a wide range of jobs after pursuing the programme, the students need to simply fulfil the academic and professional prerequisites before they apply for a job in supply chain management.

The different sectors in supply chain management 

There are various sectors in supply chain management in which candidates can search for a job. These sectors are:

  • Aviation
  • Manufacturing and distribution sector 
  • Logistics companies
  • Shipping corporations

Candidates can choose jobs for designations like Supply Chain Manager or Supply Chain Director, or they can also choose to work as a purchase manager of a supply chain or a strategic planner and can even choose to manage the inventory. The average annual salary of a supply chain manager is in the range of ₹8 to ₹10 Lakhs.   

How is supply chain management important for all industries?

Supply chain optimization helps in business transformation. Companies like Apple and Amazon have re-designed the usual supply chain formula for removing bottlenecks like inventory stagnation and lower prices to gain an edge over the competitors.

Another example in this regard would be DHL, which was able to challenge the old paperwork-based system of processing border checks. They changed the norm by sending the customer’s paperwork before the delivery of the package. This helped to quicken the delivery process. In both the cases mentioned here, efficient and well-designed supply chain management came to the rescue of the customer and company both. It helped them to save time and money and saved both the company and the customer a great deal of time and money and saved them from any type of hassles.

Prerequisites for applying for the chief supply chain officer course 

There are multiple prerequisites for entering the field of supply chain and management. There is academic and professional eligibility that a candidate needs to fulfil. These criteria are mentioned below: 

Academic prerequisites

If you want to begin chief supply chain and operations officers online training, then the academic eligibility criteria are:

  1. You need to have completed a 3-year bachelor’s degree course. The academic aggregate can differ as per different college/university requirements. The college or university should be a recognised one. Also, make sure that you have scored the minimum percentage that the institute has mentioned.
  2. Candidates should be from a science or commerce background, preferably. You can have a Physics/Maths/Statistics/Economics/B.Sc (PCM)/B.E/B.Tech. Although there are no educational criteria, having this background will help the candidate grasp the course content easily.
  3. If candidates have an understanding of optimisation techniques in business and know about project planning and cost efficiency, then it would be highly helpful.
  4. Any additional qualification like SAP (CRM) would also be helpful for the candidate to have a better understanding of the course.  

Professional prerequisites

  1. Prior experience in the supply chain is highly beneficial for students as they will be able to understand job-related concepts better than the rest as they have hands-on knowledge. 
  2. APICS, CPIM or CSCP certifications help to understand supply chain management extensively.
  3. Proficiency in MS Excel is necessary because it helps in inventory management.
  4. A supply chain manager should also understand Databases, Charts and Graphs.

Conclusion

Building a career in supply chain and operations is not a massive hurdle anymore. You can do it with the help of a simple course from leading educational institutions like Imarticus Learning. Here, you can enrol for Professional Certification in Supply Chain Management and Analytics, which the faculty of the IIT Roorkee teach. Besides an extensive program from experienced industry professionals, you will also receive placement assistance from them, which will help you find the next step in your career.

How is IIM Raipur to pursue a course in supply chain management

Posted on by Imarticus Learning

In any business, the supply chain is the process that takes raw materials and transforms them into the products or services that customers want. Simply put, it’s the steps a company takes to turn inputs into outputs. 

The management of this process is known as supply chain management (SCM). And it’s become increasingly important in recent years as businesses have globalized and become more complex.

There are several reasons for this. First, businesses now operate in an environment of more significant uncertainty. They have to deal with more suppliers, contracts, and regulations. This complexity makes it difficult to forecast demand and plan production. 

Second, customers have become more demanding. They expect higher quality products and faster delivery times. This has put pressure on companies to shorten their lead times—the time it takes from when an order is placed until it’s delivered to the customer. 

To meet these challenges, companies have had to rethink their supply chains and adopt new SCM practices. Here are some of the most critical trends in SCM: 

  • The use of information technology to manage the flow of goods, information, and money
  • The development of collaborative relationships with suppliers and customers
  • The adoption of lean and just-in-time production methods

Why does the Reputation of IIM Raipur matters as a premier business school?

There are many reasons why the reputation of IIM Raipur matters as a premier business school. For one, IIM Raipur is consistently ranked amongst the top 10 business schools in India by various prestigious rankings. Graduates of IIM Raipur can expect to be highly sought-after by employers. Additionally, IIM Raipur has a strong alumni network, which can provide students with valuable networking opportunities and connections. Finally, IIM Raipur has a well-established reputation for excellence in teaching and research, which means that students can expect to receive a world-class education at the institute.

Ideal Curriculum & course offerings in supply chain management at IIM Raipur, and specialization options:

The Indian Institute of Management Raipur (IIM Raipur) offers a two-year, full-time postgraduate program in management (PGP) specializing in supply chain management. The curriculum for the PGP program is designed to provide students with a strong foundation in all aspects of business and management, with a focus on supply chain management.

IIM Raipur offers a wide range of courses in supply chain management, including introductory and advanced courses. Students can choose to specialize in one or more areas of supply chain management, such as operations, logistics, and transportation. In addition to coursework, students must complete an internship and a capstone project.

Graduates of the PGP program at IIM Raipur have gone on to careers in various industries, including manufacturing, retail, healthcare, and government. Many have also pursued studies in supply chain management or other related fields.

What are the Career opportunities for students in supply chain management?

There are many career opportunities for students in supply chain management. Some of the most popular career paths include:

  1. Supply Chain Manager: A supply chain manager is responsible for planning, implementing, and managing the overall supply chain for a company. They ensure that all materials and products are delivered on time and within budget.
  2. Logistics Manager: A logistics manager is responsible for coordinating and overseeing the movement of goods and materials. They optimize the transportation of goods to minimize cost and improve efficiency.
  3. Warehouse Manager: A warehouse manager oversees the storage and distribution of goods and materials. They ensure that inventory is managed correctly and orders are fulfilled promptly.
  4. Purchasing Manager: A purchasing manager is responsible for sourcing and procuring goods and materials for a company. They ensure that all purchases are made at the best possible price and quality.

Learn and Grow with Imarticus Learning:

If you are looking to make a career in supply chain and operations, start with supply chain and operations training at Institute of Industrial Management (IIM) Raipur and Imarticus Learning. This IIM Raipur supply chain and operations course is designed as a premier leadership program for senior supply chain professionals. The 10-month long program, let’s you acquire strategic, operational, personal and technological skills to become a leading SCM manager. The program features over 150 hours of hands-on training delivered by the accomplished IIM Raipur faculty. Connect and collaborate with your peers and experience a whole new learning journey.

Course USPs:

  • C-suite Training
  • SCM Globe Simulations
  • Masterclasses by Industry Leaders
  • Campus Immersion 
  • IIM Raipur Alumni Status
  • Learn from Industry Experts

For further details, contact the Live Chat Support system or plan a visit to one of our training centres in Mumbai, Thane, Pune, Chennai, Bengaluru, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

How a Data science course from IIT can be beneficial for your career

Posted on by Imarticus Learning

The study of data which extracts important insights for a business or any organisation is known as data science. It combines statistics and mathematics, machine learning, advanced analytics, specialised programming, and artificial intelligence (AI) with expertise on specific subject matter to extract important insights which sometimes may be hidden in the data of an organisation.

Obtaining a certificate program in data science and machine learning helps one to stand out amongst the other applicants, especially if the course is done at an IIT. This also makes one more eligible for a job in this field of data science which is quite a lucrative career to pursue.

Benefits of having a certification course in data science

The field of data science is growing rapidly, and more and more employers are valuing skilled people in the field of data science. One of the largest benefits of recruiting data scientists is fueling data operations and enablement in an organisation. But, the benefits of having data scientists are just not restricted to analytics or data science. They have a vital role in various organisations across different industries. Here are some reasons why data science courses are necessary:

Freedom, flexibility and options

 

 

Data science is a line of work where one has a lot of potential options and can never get bored. There are many industries that leverage data science’s powers, starting from finance and healthcare to entertainment and retail. All companies and industries need extremely qualified data scientists, and they have started realising that. If one does a certification course in data science, there are other job opportunities also available apart from becoming a data scientist. One can choose to work as a data architect, data engineer, business analyst, research scientist and much more.

Learning the most important tools of data science

The field of data science is continuously evolving, and data scientists always try to use innovative and creative tools to keep pace with the company’s changing needs. Different organisations use different tools, and for that reason, one cannot limit his/her knowledge to only one. It is extremely important to add to one’s skill set and know about the various tools of data science that a specific company uses. Having a data science certification course ensures that.

Keeping track of current industry trends

Registering for a course in data science helps one to keep track of all the latest industry trends in that specific domain. It is essential to learn new skills in order to expand the knowledge base of a data scientist. If one is engaged in a full-time job, then it can be very difficult to understand these things from different sources. For this reason, it is more efficient and beneficial to register for a data science course from an esteemed institution in order to enhance the learning experience. This can also turn out to be an asset for current employers and future potential buyers as well.

Easily showcasing the expertise 

When one applies for a new opportunity, employers take different factors into consideration while evaluating the employee’s experience. Quite often, on-the-job experience helps one to show expertise in a specific field. Potential employers look up to experience through a well-reputed course certification as it reveals the candidate’s credibility and knowledge. The most beneficial position for a data scientist is to have on-the-job experience, along with a professional certification course in data science.

Benefits of having a data science certification course from IIT

  • IIT faculty members and experts in this industry have designed study programs to enable learners to build a solid foundation in the field of data science, which specialises in machine learning and Python. 
  • The programs are delivered live through different online sessions held by some of the top faculty members of India.
  • Through the Digital India support scheme, IIT Roorkee provides a platform for people who plan on building startups. They can pitch the ideas of their startups and raise funds. This is a great opportunity for people who want to start their own companies.

Conclusion

Data science is an evolving field of study requiring a host of skills. There is a lot of career options to succeed in this field. IIT Roorkee data science online course and the IIT Roorkee machine learning certification course are some of the best programs on data science available in the country. These courses offer the fundamental aspects of data science along with the proper knowledge for implementing and applying these concepts in real-world scenarios. The 5-month Imarticus program built by iHUB DivyaSampark and IIT Roorkee will open the doors to top job placements.

What is supply chain analytics and what does it do

Posted on by Imarticus Learning

Supply chain analytics is an integral part of the logistics operations that organisations use for extracting value and gaining information from the huge datasets relevant to goods procurement, processing and distribution. As an essential element of SCM, it involves using analytics software to enhance forecasting, operational efficiency and responsiveness to customer demands. For instance, to use point-of-sale terminal data in a demand signal repository, predictive analytics is used. Businesses use it to predict consumer demand to cut down on costs and deliver products faster.

Supply chain analytics holistically requires compiling all information relevant to its use case, from procuring raw materials to production, distribution and post-delivery services. All integrations between supply chain execution and management platforms fall under a company’s supply chain umbrella. This type of integration aims to provide complete supply chain visibility (viewing all data on the movement of goods in SCM). 

Supply chain analytics: How it works

Supply chain analytics helps in compiling data related to the supply chain. It spans multiple applications, third-party sources, infrastructure and upcoming technologies. Implementing technologies like IoT helps enhance the decision-making process for strategic, tactical and operational efficiency in SCM. 

Supply chain analytics is used for synchronising planning and execution in the supply chain by improving visibility in real time. These processes impact the customers and the overall profit of the company. Increased visibility enhances flexibility in the network by helping evaluate tradeoffs between customer service and costs.

Data scientists are primarily involved in the operations of supply chain analytics because they understand the data-driven analytical aspects of the business. They may involve factors related to:-

  • Cash flow
  • Inventory
  • Waste  
  • Service levels

Supply chain analytics certification

A successful supply chain management career will require you to look for correlations amongst multiple data elements for developing predictive models to optimise the supply chain output. You will need to test out a number of variations to achieve the ultimate robust business model.

Supply chain analytics features

A supply chain analytics software has to include the following features to achieve operation efficiency:-

  • Data visualisation: The ability to assess data from every angle to enhance understanding and achieve insight.
  • Social media integration: Utilising sentiment data derived from social feeds for enhancing demand planning.
  • Stream processing: Acquiring insight across multiple data streams generated by IoT, weather reports, applications and third-party data.
  • Location intelligence: Using locational data for comprehending and optimising distribution.
  • Natural language processing: Deriving and organising obscure data found in news sources, documents and data feeds.
  • The digital twin of the supply chain: Compiling data and organising it into a systematic model of the supply chain shared across various kinds of users to enhance prescriptive and predictive analytics.
  • Graph databases: Restructuring information into relevant elements, making it easier to locate connections, pinpoint patterns and enhance product, facility and supplier traceability.

Supply chain analytics types

The main supply chain analytics types are based on the four capabilities of analytics in Gartner’s model. They are described below:-

  • Descriptive: This form of supply chain analytics uses reports and dashboards to interpret daily happenings. It involves using a number of statistical methods to search, summarise and structure any data relevant to supply chain operations.
  • Diagnostic: This is primarily used to figure out why something occurred or why something is not working as it should. 
  • Predictive: This form of supply chain analytics uses current data to help foresee anything likely to happen in the future. 
  • Prescriptive: This form of supply chain analytics helps automate or prescribe the most ideal course of action with the help of optimisation logic or embedded decision logic. It helps enhance the decision-making process regarding product launches, building infrastructure (factory or warehouse) or the best shipping strategy for every location.

Uses of supply chain analytics 

Companies depend on supply chain analytics to help match supply with demand by developing plans aligning corporate strategy with everyday operations. Down below, we have elucidated the number of uses relevant to supply chain analytics:-

  • Avoid risks: It is used in risk management by pinpointing known risks and forecasting future risks using patterns and trends derived from data relevant to the supply chain.
  • Enhance order management: It is used for optimising the order management process by compiling all data sources for assessing inventory levels, predicting demand and identifying fulfilment issues.
  • Optimise procurement: It is used for streamlining procurement by analysing and organising net expenditure across multiple departments to enhance contract negotiations and pinpoint discount opportunities or alternative sources.
  • Enhance working capital: It is used for optimising the working capital by enhancing models to determine inventory levels required for ensuring service goals with minimal investment of capital.

Conclusion

The supply chain is directly impactful to businesses as it is entirely customer-centric and directly involves delivering products to consumers. Therefore, companies greatly depend on the efficiency of supply chain analytics because it helps protect the reputation of businesses and sustainability. Therefore, a supply chain management career is a highly lucrative one since all companies demand an expert in this field. You can start by applying for courses with certifications for supply chain professionals to kickstart your journey in SCM. The IIT Roorkee supply chain management course offered by Imarticus is a world-class course to begin with. 

Advantages of data visualization with tableau certification

Posted on by Imarticus Learning

There are several prospects for Tableau professionals. It was formerly a data visualization suite, but you can see the data management add-on in its latest version. As a result, the need for Tableau experts is increasing rapidly. If you are still unconvinced about the benefits, it can offer to your career; this is the post for you.

What is Tableau?

Tableau is the business intelligence industry’s fastest-growing data visualization platform. It assists you in converting textual and numerical data into visual dashboards that allow people to see and comprehend their data. Tableau’s dynamic, simple, quick, and user-friendly design has made it highly popular. The beautiful thing about Tableau is that it does not require any technical or programming knowledge to operate. 

The Advantages of Completing Tableau Course

If coding isn’t your thing, but you want to work in an exciting field, being a Tableau specialist is an excellent choice. Furthermore, even if you have no technical capabilities, you may become a qualified professional. You have to choose the tableau training certification and start creating the groundwork for your profession. So, here are some considerations for deciding whether or not to study Tableau.

Tableau coursestableau courses provide several sorts of visualization possibilities. This improves the overall user experience. Tableau is simpler to learn than Python.

Those with no coding skills or understanding may also rapidly learn Tableau. Users may construct an extraordinarily interactive visual representation using Tableau’s drag and drop features.

Tableau can easily manage millions of rows of data. You may use significant volumes of data to generate various sorts of visualizations without interfering with the functionality of the dashboards. 

Additionally, Tableau has a ‘live’ option for connecting to other data sources such as SQL. Tableau Dashboard provides an excellent reporting tool to tailor the dashboard to devices such as smartphones or laptops. 

Future Roles in Tableau Professionals

Analytics knowledge and Tableau proficiency may propel you to the top of your field. We live in a competitive technological world driven by innovation and transition. Big Data, Artificial Intelligence, Machine Learning, Deep Learning, Cloud Computing, and the Internet of Things are just a few of the technologies permeating practically every sector to grow even more in the future. When seen through an analytics platform like Tableau, these developments may give rise to many jobs.

The need for Tableau professionals is expanding all the time. Thus more people are deciding to add this ability to their toolbox. The most effective method to accomplish this is to get Tableau training and certification from a reputable and competent training source.

Learn tableau course with Imarticus Learning

This tableau course will teach students to apply data science in the real world and build complicated models that yield critical business insights and projections.

Course Benefits for Learners:

  • Students should be familiar with data analytics, machine learning principles, and the most popular data science tools and methodologies.
  • To achieve a tableau certification, students must complete 25 real-world projects and case studies led by corporate partners.
  • Data visualization using tableau software is one of the most in-demand skills in today’s industry. Therefore fresh graduates and early-career professionals should consider enrolling.

Contact us through chat support, or drive to one of our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

Supply chain drivers can either make or break the forecasts – How?

Posted on by Imarticus Learning

In supply chain management, forecasting is crucial to planning and managing the flow of goods and materials. By understanding future demand, supply chain managers can make better decisions about inventory levels, production schedules, and transportation needs. Forecasting can help managers anticipate and mitigate disruptions to the supply chain.

How do supply chain drivers impact forecasts?

Supply chain drivers are the key factors that influence demand and supply in the supply chain. These drivers play a crucial role in shaping the overall performance of the supply chain and, as a result, have a significant impact on forecasts.

  1. Consumer Demand: Consumer demand is a significant driver of supply chain forecasts. It determines the number of products and services that must be produced and delivered to customers. Changes in consumer demand can significantly impact forecasts, mainly if they are unexpected or rapid.

  2. Lead Time: Lead time, or the time it takes to receive goods from suppliers, can significantly impact forecasts. Long lead times can result in longer wait times for customers and reduced inventory levels, while shorter lead times can improve inventory management and customer satisfaction.

  3. Capacity Utilization: Capacity utilization refers to the extent to which a company’s resources are used to produce goods or services. Changes in capacity utilization can impact forecasts, as they affect the speed and efficiency of production processes and, therefore, the ability to meet customer demand.

  4. Pricing and Costs: Pricing and costs are key drivers of supply chain forecasts. Changes in the cost of raw materials, labor, and transportation can impact the cost of goods and, therefore, the pricing of products and services.

  5. Government Regulations: Government regulations can have a significant impact on forecasts. Changes in laws can affect the cost of goods, the availability of raw materials, and the ability to transport goods to customers, all of which can impact demand and supply.

  6. Market and Economic Trends: Market and economic trends can also impact forecasts. Economic recessions, for example, can lead to reduced consumer spending and lower demand for goods and services.

Supply chain drivers significantly impact forecasts and are critical to understanding and predicting the performance of the supply chain. Companies must monitor and respond to these drivers & maintain accurate and reliable forecasts and ensure the success of their supply chain operations.

Supply chain drivers that have a positive impact on forecasts

Some Supply Chain drivers positively impact forecasts, making them accurate & reliable.

  1. Stable Consumer Demand: Stable consumer demand is a key driver of accurate forecasts. When demand is stable, companies can better predict the number of products and services that will be needed, allowing them to plan production, procurement, and distribution activities more effectively.

  2. Efficient Capacity Utilization: Efficient capacity utilization, or the extent to which a company’s resources are being used to produce goods or services, can positively impact forecasts. When capacity utilization is efficient, companies can better meet customer demand and maintain inventory levels, reducing the risk of overproduction or stockouts.

  3. Stable Pricing and Costs: Stable pricing and costs are also key drivers of accurate forecasts. When prices and costs are stable, companies can better predict their margins and profits, allowing them to make informed decisions about production, procurement, and distribution activities.

  4. Predictable Government Regulations: Predictable government regulations can positively impact forecasts. When regulations are stable and predictable, companies can better plan their operations and activities, reducing the risk of unexpected disruptions or costs.

  5. Favorable Market and Economic Trends: Favorable market and economic trends can also positively impact forecasts. For example, a strong economy can lead to increased consumer spending and higher demand for goods and services, allowing companies to make more accurate demand forecasts.

Learn and Grow with Imarticus Learning:

For those searching for a leadership program for supply chain professionals, enrolling with Chief Supply Chain and Operations Officers online training from Imarticus Learning can be an excellent idea to advance your career in the Supply Chain and Operations industry. The program at IIM Raipur is tailored to senior supply chain professionals, offering a comprehensive set of skills, including strategic, operational, personal, and technological, to help you become a successful SCM manager. Students connect with other industry professionals throughout the course and embark on a unique learning journey.

Course USPs:

  • Equip individuals with the necessary skills & knowledge for the SCM industry
  • Knowledge and understanding from innovative leaders
  • Chance to network with former students from IIM Raipur
  • Be a part of the Alumni community of professionals at IIM Raipur

What are the advantages of pursuing data science and machine learning certification course

Posted on by Imarticus Learning

Machine learning (ML) and data science have distinct functions and goals. Machine learning is a set of methodologies that enables computer technology to learn from data, whereas data science is a strategy to extract insights from data.

However, there is a similarity between data science and machine learning. Both the fields employ arithmetic, statistics, and algorithms to derive value from data. If you want to pursue a career in data science or machine learning, then a certificate program in data science and machine learning will help you get a headstart in your career. 

What is data science?

Data science deals with data to gain essential business insights. It is a multidisciplinary way of analysing vast volumes of data. The demand for data scientists has increased in today’s market.

What is machine learning? 

best data science and machine learning course

Software programmes can predict outcomes more correctly with machine learning, a subset of artificial intelligence, without needing explicit instructions. ML algorithms come up with new output values through the previous data. Machine learning is vital because it helps create new things and provides businesses with a picture of trends in consumer behaviour. For many companies, machine learning has emerged as a necessary vital differentiation. An IIT Roorkee machine learning certification course will be perfect for you if you want to pursue a career in the field.

Role of machine learning in data science  

Machine learning  is implemented in data science  in the following steps: 

Step 1: Data collection

Data collection is the first step in machine learning. Notably, machine learning assists in gathering and analysing any kind of data (structured, unstructured or semi-structured) from any database throughout systems following the business challenge. 

Step 2: Data preparation and cleansing 

Data preparation uses various ML techniques for assessing the data and making features according to the business requirements. When defined correctly, ML systems comprehend the elements and connections between them.

Data in the real world is dirty and polluted with inconsistencies, partial information, noise,  and missing values. Thus, you will have to clean the data after data preparation is finished.

Machine learning allows us to quickly and automatically identify missing data, do data imputation, encode category columns, and eliminate outliers, duplicate rows, and null values.

Step 3: Model training 

The machine learning method’s selection and the training data’s calibre are essential components of model construction. The requirements of the end user are used to select ML algorithms.

You should also consider the model method’s complexity, performance, interpretability, computer resource requirements, and speed if you want your models to be more accurate.

After selecting the best machine-learning technique, the training data set is divided into two halves for training and testing. This is done to determine the bias and variance of the ML model.

The model training procedure will produce a functional model that can be further evaluated, validated, and deployed.

Step 4: Model prediction 

Understanding prediction mistakes is essential when discussing model prediction (bias and variance).

Having a solid understanding of these issues would make it simpler to construct accurate models and prevent the flaws of overfitting and underfitting the model.

To further reduce prediction errors, a good data science project should find the right balance between bias and variance.

Advantages of pursuing a data science and machine learning certificate course

The best way to learn about the two is through a certified course. Here we have listed some of the benefits of a data science and ML certification course:

  • You can use your technical expertise and knowledge of ML and data science principles like probability, deep learning, mathematical modelling, statistical analysis, and data optimisation to impact your work.
  • You get familiar with the ideas behind supervised and unsupervised learning models that can forecast various types of behaviour.
  • The most prestigious businesses in virtually every industry across international marketplaces have a high demand for certified data science and machine learning training specialists.
  • Obtaining a professional data science and machine learning certification is one of the best methods to stand out. It will demonstrate to employers that you possess the skills and knowledge required to succeed in your position.
  • Data science and machine learning are both new and constantly growing in demand. A certified course in these areas will put you a step ahead in your career.

Conclusion 

A certified course is the best way to learn if you want to know more about machine learning and data science. The Imarticus IIT Roorkee Data Science and Machine Learning course spans 5 months and offers live training by IIT faculty and industry experts. In addition, one can avail personalised mentorship for building start-ups and funding. 

Importance of blockchain in supply chain management

Posted on by Imarticus Learning

Supply chain management (SCM) is mainly involved in moving raw materials and work-in-progress inventory from the point of origin to the point of manufacture and finally to the end customer while keeping the expenses at the lowest possible cost. This entire process is dedicated to making a loyal consumer base and enhancing brand loyalty which finally adds to the company’s growth. This whole process has to follow a strict schedule to deliver the product to customers as per their demands.

best supply chain management and analytics courses

On the other hand, blockchain is a digital bookkeeping mode or a ledger that deals with cryptocurrency and can be distributed. Cryptocurrency can be tracked and can also be used in smart contracts, payment and exchange of agreements. Every blockchain transaction is recorded into blocks that are a part of the blockchain. It is slowly being integrated into supply chain management in recent times. To become a supply chain analyst, knowledge about blockchain is becoming a mandatory requirement as well. Let us delve deeper into how blockchain works in supply chain management. 

Blockchain in supply chain management

With nearly every aspect of our day-to-day lives digitalised, the supply chain world is also steadily moving in this direction. This is where blockchain in supply chain management comes in handy. From order tracking to secure transactions, blockchain is paving its way into the core of SCM, especially in industries like retail and consumer goods that are experimenting with its use case. As a permanently extant and safe digital ledger, it helps reduce fraudulence, errors, and even tracking fees.

Applications of blockchain in supply chain

With blockchain gaining significant popularity, robust corporations and startups are experimenting with the variegated uses of technology and blockchain innovations to carry out multiple needs. 

Tracing food/meat

Blockchain has been widely used in the food industry, and one striking example is Walmart. The company has started using blockchain for product tracking to the end users. Walmart tracks products like pork meat sourced from China and uses blockchain to keep a record of every piece related to the placement of the order to the consumer. This tracking function also helps investigators to locate and remove unreliable sources and blacklisted factories that provide meat carrying food-borne diseases.

Payment processes for automotive suppliers

Blockchain can help in approaching businesses with a global supply chain easily. One great example is Tomcar, which is an Australian vehicle manufacturer. It pays its suppliers with Bitcoin. 

Solar-powered microgrids

The solar industry uses smart contracts to redistribute excess power. Blockchain has a  Transactive Grid application that helps keep track of and redistribute energy. They use a platform called Ethereum to run this program to help with smart contracts and automate the sale of green energy by cutting down on cost and pollution.

Healthcare industry

A patient’s medical records can now be accessed from anywhere in the world with the help of blockchain. The healthcare industry of many countries is now providing key access such as patient fingerprints via which their entire medical history can be viewed. This can alert a paramedic to help them identify any problem and prescribe the necessary medication.

Importance of blockchain in supply chain

Integrating blockchain in SCM has its benefits, from saving money and time to preventing potential risks of cyberattacks and hacking. Businesses are steadily implementing blockchain in their logistics operations to reap the following advantages:

  • To help trace the material supply chain with ease by meeting corporate standards
  • To improve compliance and visibility when it comes to outsourced contract manufacturing
  • To cut down on losses from grey (counterfeit) market trading
  • To reduce administrative costs and additional paperwork
  • To enhance corporate fame by providing transparency of raw materials used in products
  • To reduce any risk of supply chain malpractice 
  • To engage stakeholders
  • To enhance trust and credibility of shared data

Legal considerations in blockchain use

Every organisation should consider legal issues when using blockchain in SCM and business logistics. We have listed a few that businesses need to follow:

  • Blockchain-based agreements
  • Enforcing awards against foreign entities
  • Privacy protection laws
  • Disputing resolution mechanisms
  • Transporting regulatory prerequisites
  • Risks of cybersecurity 

Disadvantages of using blockchain

Blockchain might seem to answer all your problems relevant to supply chain management. However, you should keep the following downsides in mind if you are considering implementing it in your business operations:

  • Lack of standards
  • Budget
  • Regulatory issues
  • Lack of industry support
  • Not seeing value
  • Lack of awareness

Conclusion

The supply chain industry faces multiple challenges daily when it comes to cost, quality, and speed. These parameters are slowly and steadily being achieved with the help of blockchain in SCM. It is still under experimentation and almost deemed a niche concept. The job market is seeing a demand for expert professionals in this field. To become a supply chain analyst, you need to have specific certifications for supply chain professionals. This can be acquired by taking up a reliable supply chain management course with analytics offered by Imarticus.

Machine Learning and Artificial Learning – Explain its interrelation

Posted on by Imarticus Learning

The computer industry has presented us with boons to advance our future in unimaginable ways with machine learning (ML), artificial intelligence (AI) and data science. These three components are dominating the industry and have been making lives easier since their inception. 

These things might be separate branches, but they are interrelated with one another. If you are taking up an AI certification separately, then you must also understand machine learning and data science as a whole. Due to their interrelation, job opportunities in these fields are trending, making them the industry’s most demanding professions. 

In this article, we will discuss the interrelation between AI and ML, their scopes, applications and benefits in the current world. 

What are artificial intelligence and machine learning? 

According to Statista, the forecast for the global growth of AI in the software market from 2019-2025 would be approximately 54%. The forecast size would reach more than US $22.6 billion. AI and ML reduce human labour and make it possible to gain accurate results in no time. 

But the question arises, what are AI and ML? Well, let’s find out. 

Artificial Intelligence (AI) 

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Artificial intelligence is the field of computer science that mimics human intelligence to perform various tasks like speech and image recognition, decision-making, and calculations. It is built using techniques and algorithms of natural language processing or computer vision. AI intends to be intelligent enough to replace human activity in the future. 

Machine Learning (ML) 

Machine learning is a subfield under AI. It is used to make future predictions over a particular problem based on pre-loaded data. One of the finest examples of the usage of ML is to decipher whether an email is spam or not. The email provider helps you detect spam by using various algorithms like regression and classification. ML also has a subfield called deep learning inspired by the working procedure of the human brain. 

Interrelation between AI and ML 

AI and ML fall under the same domain. Machine learning is a subfield of artificial intelligence. Even though they are related inherently, they are not synonymous. Let’s read about their connection. 

Focus on developing new programs

AI and ML have similar outcomes – managing intelligent software and handling more complex tasks. Both AI and ML are incorporated into companies to take over human tasks and finish them quickly. The procedure might differ between the two, but the objective is the same. 

AI intends to mimic human activity, whereas ML uses historical data to automate the results. 

Machine learning as an extension of artificial intelligence 

Machine learning can be used in AI applications to improve upon them. Ml is capable of answering on its own without the need for additional programming. 

Reliance on data 

Both ML and AI rely on data for gaining results. It is often overlooked, even though they play a crucial role in computer programming. The predictions are made via ML, acting as a middleman between artificial intelligence and data science. AI extracts and understands the data, and ML, on the other hand, helps in concluding and proceeding with the data. 

A fine example of the collaborative work between AI and ML is self-driving vehicles. Sensors collect the images, which are then processed through ML, helping to make quick, concise decisions. However, gathering accurate data is the key here. 

Benefits, scopes and applications of artificial intelligence and machine learning

McKinsey and Company have predicted that AI and ML will develop an additional economic output of around $1.3 trillion in 2030. Servion Global Solutions have also specified that by 2025, 95% of customer interactions would be taken over by AI. 

Here we have listed the different benefits, scopes and applications of AI and ML. 

Benefits 

One of AI and ML’s primal benefits is increasing the organisation’s performance. Since data is an extremely valuable component of an organisation, utilising that data is the key to the organisation’s success. For example, since manual data preparation takes a considerable amount of time, automating the procedure would be easier and allows the data to be streamlined. This, in turn, would lead to a seamless business performance without the wastage of any resources. 

Besides, AI and ML also help transform the customer experience by personalising the customer experience. Due to this, the rate of customer retention is more than the traditional selling experience. 

Scope 

ML and AI possess tons of scope both in the present and future. 

  • Automation: AI aims to automate any repetitive high-volume task by setting up a reliable system saving loads of time. ML uses historical data to formulate future forecasts.
  • Producing intelligent products: AI and ML can turn conventional products into intelligent commodities. It works much better when they are paired with conversational platforms and bots.
  • A progressive learning method: AI and ML algorithms can train machines to perform any desired functionality. These algorithms also work as predictors and classifiers.
  • Data Analysis: Machines learn data from analysing and identifying accurate data sets. This becomes very important in any organisation. Furthermore, the use of neural networking helps immensely in training these machines. 

Applications 

Machine learning and artificial intelligence are applied in day-to-day tasks. A few examples are listed below:

  • Chatbots 
  • Image recognition systems 
  • Curating smart content 
  • Voice assistants 
  • Autonomous vehicles 
  • Traffic prediction 
  • Product recommendations 
  • Email spam and malware filtering 
  • Online fraud detection

Conclusion 

The evolving aspect of AI and ML make them hot topics with innumerable future job prospects. If you wish to switch your career for the better, then you can check out Imarticus Learning’s artificial intelligence and machine learning certification course by IIT Guwahati, presented in collaboration with IIT Guwahati. Taught by top IIT faculty, this IIT artificial intelligence course would give you good job opportunities. 

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