Last updated on March 22nd, 2024 at 07:16 am
Supply chain management has become increasingly important with globalization, as companies have found it necessary to learn more about their supply chains to understand which materials are needed for production or distribution.
Supply chain management: Definition
Supply chain management is a process that deals with the flow of materials, goods, and related information between suppliers, manufacturers, distributors, and customers. It incorporates many different aspects which are constantly changing due to technological breakthroughs.
Supply Chain Trends: An Overview
The Supply chain management sector has evolved over the years. SCM professionals increasingly find themselves having to contend with several challenges such as increased competition for resources, new technologies, and changing customer expectations. A survey named “Improve the Supply Chain with Advanced Analytics and AI “by Gartner elaborate how 96% of supply chain leaders use predictive analytics, 85% use prescriptive analytics, and 64% use AI/ML.
Some Trends in SCM:
Artificial intelligence and machine learning
AIML is at the forefront as a solution to supply chain partners. Be it in-demand forecasting, production planning, or predictive maintenance, AIML is turning is a game-changer. It tracks historical shipment data & converts it into a forecast to gauge seasonal fluctuations in demand & make predictions at a store, product, or facility level. Knowing future needs allows businesses to plan production & predictive maintenance better than ever before.
Internet of Things
Devices communicating amongst them make information flow smoothly and efficiently, operating the whole network. Advanced robotics with big data gives organizations a comprehensive & accurate view of the real-time status of supply chain partners, shipments, and networks. With IoT connectivity comes data that allows highly optimized processes.
Continuous monitoring of critical equipment, improved inventory practices, and increased transparency are other benefits of IoT.
Blockchain
A robust supply chain consists of a known & trusted network. Blockchain technology in SCM can counter many related challenges. Entities in the blockchain network can track where the transaction originated from. Be it raw materials, payments to vendors, or copyrights of assets, everything is in a loop. Since deletion of trade within a blockchain is impossible, it adds to the transparency of transactions, ensuring the security of the entire operation.
Advanced analytics
Advanced analytics allows organizations to work with processes in real-time. In-depth analytics let professionals extrapolate data from existing conditions & imagine future scenarios to design more profitable strategies & create an efficient supply chain. The ability to track orders, optimize transportation, & even analyze returns on products & routes make it essential to integrate advanced analytics into SCM platforms.
Custom applications
Most new-age companies need unique solutions to cater to specific requirements of business & inter-departmental needs. Custom applications are personalized that enables management to gain greater power with real-time visibility, flexibility on move, dynamic tracking, increased
collaboration & hands-free operations. By leveraging these technologies, professionals can ensure that businesses survive but thrive in this chaotic environment.
Make a Career in SCM with Imarticus Learning!
Future-proof your career with a supply chain management course from Imarticus Learning. The supply chain certification online course equips students to make data-driven decisions at strategic, operational, and tactical levels.
Due to the shortage of professionals with process and analytics talents in SCM, this program prepares students for high-demand job roles like Demand Planner, Data Scientist, Supply Planner, and Supply and Operations Planner.
Uniquely designed by IIT faculty & industry leaders, this 6-months program prepares you to gain the best from this opportunity.
Contact us through the Live Chat Support system or visit our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Hyderabad, Delhi, Gurgaon & Ahmedabad.
