Tag: best supply chain management course

Today’s world has a highly interconnected economy where millions of businesses operate across different areas. For the smooth functioning of this global economy, coordination is of utmost importance, which is ensured by powerful supply chain management.

A robust supply chain management provides a strong network connection between businesses with their suppliers, producers, manufacturers, and consumers. Thus, with the growth in the global economy, the expansion of supply chain management has been triggered. In 2020 the value of the worldwide supply chain management market was 15.85 billion USD, which has been projected to reach 31 billion USD by 2026.

So, if you’re planning for a supply chain analytics course here’s a guide for you. It will brief you on the definition and components of the supply chain.

Supply Chain: What is it?

A supply chain is a matrix of organisations and individuals, who create a commodity and finally deliver it to the consumers. This network begins with a producer, who generates the raw materials. It finally ends with the product reaching the consumers.

It encompasses every step involved in commodity production or providing service to the consumers. It may also include sourcing the various raw materials, moving them for production, its transportation to the retail stores or distribution centres and likewise. From producers, warehouses, and vendors, to retailers, and transportation services, all are included in the supply chains.

Basic Components of Supply Chain Management

Sales and operations planning are crucial parts of effective supply chains. However, supply chains are much more than that. The basic components are:

• Planning
• Sourcing
• Inventory
• Production
• Delivery
• Return

Here are the details:

Planning

Planning component begins when the companies start breaking down their operation strategy. Here the first step is to decide where to set up your shop. This is a vital decision as shop location determines your product availability and reachability, either locally or globally. It also influences your raw material outsourcing.

Another important decision that you should take at this stage if you are the manufacturer is if you should go for ready-made commodities. This choice further opens up planning for sourcing the raw materials. Furthermore, planning needs to be done carefully about what technologies are to be used for production so that the supply chain can function effectively and efficiently.

Sourcing

After a thorough planning stage, the next component is sourcing, specifically sourcing the raw materials and technologies required for production. This is a vital component because where you are sourcing the raw materials determines a lot of your total production cost. Thus, you should be sourcing the products at the lowest possible cost, in a sufficient quantity and at an appropriate time.

For this component, you have to ensure proper negotiation of contracts and skimming through all possible suppliers. Otherwise, you might miss out on the best value product. Another factor to consider in this stage is supplier performance. To optimise your supply chain, evaluate supplier performance, and ensure timely payments and export or import requirements. Choosing an incompetent supplier is simply an ingredient for trouble because it affects your overall supply chain functioning.

Inventory

Inventory is the next essential component where you have to effectively manage your stock of products. According to a study by RetailNext 2020, 28% of sampled businesses faced supply shortages and even ran out of vital commodities.

For a smooth supply chain function, you need to have multiple suppliers who can provide you with adequate product stock. Thus, you can ensure that you never run out of materials. Maintain your inventory in a fitting location, which is both convenient and ideal in resource and material terms.

Production

The production component incorporates assembling the raw materials, testing, making a new product and finally packing. Supply chain managers also have to ensure that all of these activities are taking place in coordination. Assessment of product quality is another vital step in this component.

This supply chain element is a test of the quality parameters to provide the best-finished commodities to the consumers. As a supply chain manager, you have to further ensure that goods are produced in the correct volumes. Once all of these factors are made sure, the finished goods can be transported from the depots to the warehouses or stores.

Delivery

Supply chains are intertwined with logistics. Order coordination, packing, invoicing, scheduling the deliveries, notifying the customers, and collecting payments are extremely important areas of the delivery component.

To ensure zero delays, all of these processes must be carefully looked over by supply chain managers. Many times businesses opt for third-party delivery systems. In this case, especially, product handovers must be kept under watch, if you don’t want any delays or product misplacements.

Return

The return of a product is another vital component of effective supply chain management. Customers would return a defective and faulty product, and for that, the supply chain managers need to ensure a hassle-free return process. It is an integral customer satisfaction parameter, and the greater the efficiency of the return process, the higher will be customer satisfaction.

The managers also have to articulate the proper way to treat these end-of-life commodities. It is the decision of the supply chain managers whether the returned products are fit for repair or should be disposed of entirely.

Now the question is which commodities can be accepted for return. To make a fine assessment, the company has to set some ground rules, which will help the representatives to monitor performance, estimate cost, maintain inventory, etc. This simply means assessing the commodity condition, scheduling the return shipments, extending refunds, etc.

Bottom Line

Being aware of the supply chain components makes it easier for novice supply chain managers to design management strategies easily. Supply chains are crucial for any venture and having a clear vision of how each component is linked to the other, understanding the contribution of each component is thus important apart from applying for a supply chain analytics course.

If your goal is to become a great supply chain manager, then your first step should be to enrol in the IIT Supply Chain Management certification offered by Imarticus. This course is offered in partnership with IIT Roorkee, where you get a learning opportunity from the renowned IIT Roorkee Faculty. The course comes with an IIT-approved advanced curriculum, and makes you prepared for an exciting upcoming career!

Explore Imarticus and find out more about your dream course!

The success of enterprises depends heavily on supply chain management in the cutthroat commercial environment of today. A professional workforce with the knowledge and experience to address supply chain difficulties is necessary for effectively managing the flow of products and services from the point of origin to the point of consumption.

Among the leading institutions in India that excel in preparing students for these challenges is the Indian Institute of Technology (IIT) Roorkee. With its comprehensive curriculum and industry-focused approach, IIT Roorkee supply chain management ensures that its students are well-prepared to navigate the complexities of the supply chain landscape.

How to Become a Supply Chain Manager?

Enterprise performance in today’s highly competitive commercial climate depends significantly on efficient supply chain management. A skilled staff with the required knowledge and expertise is essential to navigating the difficulties in controlling the flow of goods and services from the point of origin to the point of consumption.

Before diving into how IIT Roorkee equips its students with supply chain challenges, it’s essential to understand the significance of (SCM) supply chain management in today’s business environment. 

A well-optimized supply chain can drive cost savings, improve customer satisfaction, and enhance operational efficiency. With globalization and technological advancements, supply chains have become more complex, requiring professionals who deeply understand various aspects, including procurement, logistics, inventory management, and demand forecasting.

Supply chain management (SCM) involves a system of procurement (buying raw materials/components), logistics, and operations management so that the raw materials can get transformed into a finished product and delivered to the end customer. 

The “design, execution, control, planning, and monitoring of supply chain activities to create net value, leveraging global logistics, synchronizing supply with demand, and measuring performance globally” is a more specific definition of supply chain management. The storage and transportation of raw materials, inventories for work-in-progress, finished items, and the complete order fulfillment process from the point of origin to the consumption site can all be included.

IIT Roorkee’s Curriculum: Bridging the Gap Between Theory and Practice

IIT Roorkee recognizes the need to bridge the gap between theoretical knowledge and real-world application. Its curriculum is designed to provide students with a holistic understanding of supply chain management while equipping them with practical skills to tackle challenges in the field. The institute offers specialized courses in supply chain management, logistics, operations research, and related disciplines.

Supply chain management approaches, which try to coordinate every aspect of SC from the provision of raw materials to the delivery and resumement of goods, strive to reduce overall costs while considering any disputes that may already exist between chain participants. The interaction between the sales department, which wants more significant inventory levels to meet demand, and the warehouse, which wants lower stocks to cut holding costs, exemplifies these tensions.

How IIT Roorkee’s curriculum prepares students for supply chain management challenges?

• Putting Theory into Practice Via Hands-On Learning

IIT Roorkee thinks practical experience is the key to real learning. Because of this, the institution’s curriculum includes several functional elements. Students can apply their theoretical knowledge to supply chain education issues through case studies, simulations, internships, and business partnerships. This practical approach not only improves students problem-solving abilities but also fosters the confidence and adaptability necessary in the supply chain industry.

• Foundational Knowledge: Building a Strong Base

At the undergraduate level, students at IIT Roorkee undergo a comprehensive curriculum that covers the fundamentals of supply chain management. They are introduced to key concepts such as procurement, demand forecasting, inventory management, and transportation logistics. This foundational knowledge forms the basis for more advanced topics and ensures that students have a solid understanding of the core principles of supply chain management.

• Specialized Courses: Nurturing Expertise

As students progress in their academic journey, IIT Roorkee offers specialized courses that delve deeper into the intricacies of supply chain management. These courses cover advanced topics like supply chain analytics, lean operations, sustainable supply chain practices, and risk management. IIT Roorkee prepares its students to handle complex supply chain challenges and make data-driven decisions by focusing on these specialized areas.

• Industry Interaction: Bridging the Gap

IIT Roorkee believes in providing its students ample opportunities to interact with industry professionals. Through guest lectures, workshops, and industrial visits, students gain insights into the practical aspects of supply chain management. This exposure helps them understand organizations’ challenges and learn from real-world case studies. Additionally, the institute encourages students to undertake internships and industrial projects to enhance their practical knowledge further and gain hands-on experience.

Beyond the Classroom: Practical Experience and Skill Development

IIT Roorkee goes beyond traditional classroom teaching to ensure its students develop the necessary skills to excel in the supply chain field. The institute organizes workshops, seminars, and competitions that allow students to apply their knowledge practically. For example, students may participate in supply chain simulation games, facing real-time challenges and making decisions to optimize the flow of goods. These practical experiences enhance their problem-solving abilities and foster teamwork and decision-making skills.

The Final Words

IIT Roorkee is a leader in excellence in the competitive field of supply chain management, where theory meets the needs of practice. This prominent university ensures its graduates are outfitted with the skills, knowledge, and practical insight to negotiate the always-changing difficulties of the supply chain landscape by taking them on a journey from classrooms to boardrooms.

“From Theory to Practice” comes to life in vivid colors at IIT Roorkee supply chain management. It is a symphony of ideas blending with action, where the lecture hall walls serve as the starting points for practical invention. The carefully crafted curriculum serves as a compass, leading students through the complexity of supply chain management while imparting a thorough knowledge of the fundamental ideas.

Imarticus Learning developed the Professional Certification in Supply Chain Management education with CEC, IIT Roorkee, and business experts. With the help of this certification, applicants may get cutting-edge learning experiences and the skills necessary to succeed in the operations and supply chain sectors.

Reading Time: 3 minutesEffective planning and coordination across all parts of a company’s operations are critical in today’s continuously changing business world. Sales and operations planning, otherwise known as S&OP, has evolved as an effective structure for streamlining sales projections, production plans, and inventory management. Organisations may streamline processes, increase customer satisfaction, and generate long-term growth by incorporating S&OP into overall business strategy. 

This article delves into the main concepts and benefits of incorporating S&OP into corporate planning and practical tips for building an efficient S&OP process.

What is S&OP?

Sales and operations planning (S&OP) is an integrated business management approach that enables firms to achieve focus, alignment, and synchronisation across all functions. It is a strategic planning process aligning demand, supply, and financial planning to support executive decision-making and approve material and financial plans that are viable and financially rewarding.

The primary purpose of S&OP is to balance customer demand and the organisation’s ability to supply that demand effectively. S&OP entails the integration of numerous data sources, such as customer relationship management (CRM), engineering, independent systems, and external databases. This integration improves the supply chain’s overall health and gives enterprises a competitive advantage. 

Benefits of integrating S&OP in business

Integrating sales and operations planning in a corporation can result in many significant advantages. Here are some of the benefits: 

• Enhanced decision-making: Integrating S&OP delivers a complete and robust business image, allowing executives to make better-informed decisions. S&OP supports improved strategic decision-making that analyses the full impact on the business by synchronising demand, supply, and financial planning.
• Improved alignment and coordination: S&OP ensures alignment and coordination among various business operations, encouraging improved coordination and collaboration. It integrates departments like sales, operations, finance, and supply chain, allowing them to work towards common goals and objectives. This collaboration breaks down barriers and improves cross-functional communication.
• Optimal resource allocation: S&OP assists in optimising resource allocation by matching supply and demand. It allows companies to adapt production and inventory levels to customer demand, minimising overstocking or stockouts. Companies can reduce expenses, improve operational efficiency, and increase customer satisfaction by aligning resource allocation with expected sales.
• Improved customer service: By integrating S&OP, firms can improve their customer service levels. Organisations can ensure timely delivery and satisfy customer expectations by aligning production plans and inventory management with customer demand. As a result, client satisfaction, loyalty, and retention improve.
• Improved financial performance: By using S&OP, firms can improve their financial performance. Organisations can maximise revenue generation, reduce costs, and increase profitability by aligning sales projections, production plans, and financial targets.

Key steps to integrate S&OP in business planning

The key steps involved in incorporating sales and operations planning into broader business planning are:

• Establishing a cross-functional S&OP team

Involving representatives from sales, operations, finance, and other departments in the S&OP process ensures diverse perspectives and expertise are considered, leading to more informed decision-making.

• Defining clear objectives and performance metrics

Setting clear goals and metrics is crucial for a successful S&OP process. Measuring performance with metrics like sales revenue, customer service, inventory turnover, and forecast accuracy allows for continuous improvement and accountability.

• Developing an integrated demand and supply planning process

Aligning sales, production, and inventory is crucial for optimising resources and customer service. Organisations can avoid stockouts, minimise bottlenecks, and enhance customer satisfaction by synchronising sales projections with production capacities and optimising inventory levels. Collaboration between sales and operations teams leads to improved efficiency and cost savings.

• Enhancing data visibility and analytics

Advanced analytics and technology solutions enable firms to access and evaluate massive amounts of data in real time, facilitating scenario analysis and boosting decision-making. It provides greater insight into market trends, customer behaviour, and operational performance. Forecasting algorithms, predictive modelling, and data visualisation are examples of advanced analytics techniques that can help spot patterns, estimate demand more precisely, and simulate multiple scenarios to evaluate their impact on business outcomes.

• Implementing a regular S&OP review cycle

Conducting regular S&OP reviews is crucial for evaluating performance, detecting gaps, and implementing required changes to the business plan. These reviews enable the S&OP team to learn valuable lessons, adjust forecasts based on market fluctuations, resolve bottlenecks or inefficiencies, and align plans with strategic objectives. Moreover, they provide an opportunity to communicate outcomes to stakeholders and ensure lasting commitment.

Conclusion

Organisations can improve operational efficiency, strategic alignment, and, ultimately, long-term success by adopting effective S&OP practices. Sales and operational planning assist in harmonising conflicting goals between different departments. A holistic S&OP process can unify the whole supply chain, from supplier to customer. Enrol in a supply chain course to upskill and learn more about S&OP.

The Professional Certification in Supply Chain Management and Analytics offered by Imarticus and IIT Roorkee is the perfect course for candidates wishing to succeed in the supply chain industry. Visit the website for more details.

Reading Time: 4 minutesWelcome to a fascinating investigation of the crucial role that supply chain design plays in navigating the turbulent waters of a dynamic business environment, fellow business travelers. 

A cross-functional strategy called supply chain management involves controlling the flow of raw materials into an organization and specific internal processes for turning raw materials into completed items. Organizations are reducing their control of raw material sources and distribution networks as they work to concentrate on their core strengths and become more adaptable. These tasks are increasingly being delegated to other businesses that can carry them out more efficiently or more affordably.

Discovering the critical relevance of mastering the art of supply chain design is our exciting journey in this blog post, which will be loaded with insights, tactics, and a dash of inspiration. So buckle up, raise the anchor, and prepare for an exciting journey into supply chain expertise!

Why is it important to have an adaptive supply chain strategy?

Let’s first understand the basics before delving into the relevance of supply chain design. The main goal of supply chain design is strategically coordinating the flow of materials from suppliers to consumers. 

It’s similar to choreographing a dance, where each move is carefully thought out to guarantee efficiency. The fundamental ideas that guide the development and administration of a supply chain are known as the foundations of supply chain design.

Innovations in supply chain design

• Integration: The movement of goods and services from suppliers to consumers should be fully integrated, which entails that all actions involved be planned out and coordinated.
• Visibility: The supply chain should be transparent, which means that each link in the chain should be able to see current data on demand, inventory, and other important indicators.
• Responsiveness: The supply chain should be responsive, which means it should adjust swiftly to alterations in demand or other disturbances.
• Efficiency: The supply chain should be cost-effective while fulfilling consumer demands.

How does supply chain design drive business success in a changing market?

It’s a deliberate and sophisticated process that calls for a variety of considerations and choices, including:

• What goods or services do you provide?
• What are the demands and preferences of your customers?
• How do you manage your suppliers, and where do you get your goods and inputs?
• How can you maximize logistics and transportation when distributing your goods or services?
• How can you balance your inventory levels, expenses, and client satisfaction?

You must address these few queries while planning your supply chain. And the solutions are not constant. Consider the effect the COVID-19 outbreak had on various supply networks worldwide. Demand for some products—like masks or toilet paper—hugely increased overnight, while demand for other products—like travel or entertainment—dramatically decreased.

Due to limitations or lockdowns, several suppliers could not supply their products. There were certain overloaded or interrupted distribution networks. Some customers modified their expectations or purchasing behaviors. Supply chain managers must swiftly and successfully adjust to these developments and rebuild their supply chains.

Why is supply chain design so important in a dynamic business environment?

Your company’s success and competitiveness might be made or broken by it. The importance of logistics optimization in a changing market is designing and maintaining a supply chain to maximize efficiency, and effectiveness is the process of optimizing logistics. It is crucial in a dynamic market because it enables organizations to adjust to shifts in supply, demand, and other variables.

You may benefit from a well-planned supply chain by:

• Lower your expenses and boost your revenues.
• Increase client happiness and service

• Improve your quality and dependability.
• Increase your inventiveness and adaptability, and fortify your sustainability and resilience.

The Magnificent Advantages of Supply Chain Design

• Unlocking Operational Excellence: 

The secret to unlocking operational excellence is supply chain design. Businesses may streamline operations, cut expenses, and reach optimal performance by locating bottlenecks, removing inefficient procedures, and using lean concepts.

• Agility: The Key to Success

Adaptability is a superpower in a changing corporate world. A well-designed supply chain management gives businesses the adaptability and agility to respond quickly to market shifts, interruptions, and consumer demands. 

• Risk Mitigation: Safeguarding Your Ship

The business waters may be rough, with unexpected storms often looming over the horizon. Strong risk management techniques, such as backup suppliers, backup plans, and real-time monitoring systems, are part of an efficient supply chain architecture. 

How do you design a good supply chain? 

Well, there is no one-size-fits-all solution. Every company is different and faces its objectives and difficulties. 

However, there are certain basic guidelines and best practices that you may follow, like:

• Align your company plan with your supply chain strategy.
• Recognize your client’s requirements.
• Classify your markets and products based on the traits and needs of each group.
• Utilize technology and data, collaborate with your partners and suppliers, and optimize your network architecture and placement choices.
• Use lean and agile techniques
• Constantly innovate and improve

The Final Words

It isn’t easy to overstate the importance of supply chain architecture in a fast-paced corporate environment. It is the foundation of effective operations, allowing businesses to overcome obstacles, grasp chances, and stay one step ahead of the competition. Business organizations may maximize efficiency, reduce risks, improve customer happiness, and promote sustainable growth by implementing strategic supply chain design concepts. 

Senior supply chain professionals can enroll in a top leadership program created by IIM Raipur and Imarticus Learning. This 10-month curriculum allows you to hone the technological, operational, interpersonal, and human abilities required to become a top supply chain manager.

Remember that a well-designed supply chain is essential for being adaptable, robust, and successful in the face of change in the dynamic world of modern business. Spend some time analyzing, coming up with new ideas, and optimizing your supply chain design, and you’ll see your company fly to new heights of success.

Reading Time: 3 minutesImagine you’re running a business and you want to save money while still getting the best goods and services possible. That’s where procurement management comes in!

Procurement management is an important part of running any business. When done well, it can help a company get the best possible goods and services for the best price, quality and quantity. This can have a big impact on how profitable and successful the company is overall.

If you’re thinking about getting into a career in procurement, you might want to know what you need to do to get started. This article is about the importance of buying things for a company and how buying things well can help a company. It will also talk about what you need to do to get started in a career in procurement.

Procurement Management Courses

Procurement management courses cover key topics needed to manage procurement in an organisation, including procurement strategy, supplier management, contract negotiation and risk management. These courses equip students with the skills and knowledge to make effective decisions and obtain quality goods and services for their organisation.

That sounds great! Isn’t it? So, what types of procurement management courses are available?

Different types of procurement management courses are available, ranging from short-term certificate courses to full-time postgraduate programmes. Some courses are offered online, while others are taught in a traditional classroom setting. This means that there are plenty of options to choose from depending on your goals and schedule.

Online procurement management courses help you learn job-oriented skills even while working. Imarticus is a top learning platform that helps students and professionals learn essential 21st-century skills. The professional certification in supply chain management & analytics is an advanced curriculum course offered by IIT Roorkee. It covers tools and languages like Microsoft Excel, Tora and Python.

Benefits of Professional Certification in Supply Chain Management & Analytics

• This course is designed to help you learn new, job-oriented skills that can help you grow in your current job or even find a new job opportunity.
• You’ll receive a certification from IIT Roorkee, which is recognised by many top companies. That can be really helpful when you’re looking for a new job or trying to advance in your current career.
• To help you succeed, the course also includes 1:1 mentoring sessions with industry experts. This can be a really valuable opportunity to get personalised advice and guidance as you work through the course material.
• Finally, the course includes a 3-day college immersion programme where you’ll learn from IIT faculty in real classrooms. This can be a great way to get hands-on experience and learn from some of the best experts in the field!

Qualification for Procurement Management Courses

Short-term courses usually have pretty minimal requirements for entry, but postgraduate programmes might require you to have a bachelor’s degree in a related field. Here are some of the qualifications you might need to consider:

1. High School Diploma: Some short-term certificate courses may only require a high school diploma or equivalent qualification.
2. Bachelor’s Degree: Postgraduate programmes may require a bachelor’s degree in a relevant field like business administration or supply chain management.
3. Work Experience: Some procurement management courses may require work experience in procurement or a related field.
4. Professional Certifications: There are several professional certifications available in procurement management, such as the Certified Professional in Supply Management (CPSM) and the Certified Purchasing Professional (CPP). These certifications can be an excellent way to demonstrate your expertise in the field and may be required for some procurement management courses.

Benefits of Obtaining a Procurement Management Qualification

There are several benefits to obtaining a procurement management qualification, including:

• Getting a procurement management qualification can offer many benefits, such as helping you stand out from other candidates for procurement management jobs.
• With this qualification, employers see your commitment and knowledge of the field, which can lead to a higher salary, too. According to Ambition Box, the average salary for a procurement manager in India is 11.3 lakhs per year.
• Additionally, you’ll learn more about the procurement process, which can make you a more effective negotiator and manager.
• Finally, procurement management courses can help you connect with others in the industry, giving you networking opportunities and potentially leading to new job prospects.

Procurement Management Course: Next Milestone

Procurement management is crucial to any organisation. A procurement management qualification can provide you with the knowledge and skills needed to manage procurement effectively. The qualifications required for a procurement management course depend on the course type. Generally, a high school diploma or bachelor’s degree in a relevant field, work experience or professional certifications may be required.

Get ahead in your procurement management career by obtaining a qualification! It can offer benefits like better job prospects, higher salaries, improved skills and networking opportunities. For a top-notch option, check out the professional certification in supply chain management & analytics by IIT Roorkee and Imarticus Learning.

Reading Time: 4 minutesOperation management is one of the most sought-after administrators by various ventures. It is mainly used for business functions that are related to the backend. Many small-scale as well as large-scale ventures are adopting operation management for scaling up their business and making them more efficient.

Operation management can easily make effective sales and operations planning for a company. It can easily take in-charge of several tasks like supervising the mass production and the final quality of an item. So that, the market products get a good response from the consumers.

In this article, we will learn more about operation management and its importance in business. Let’s dive in to comprehend better!

What is Operation Management?

Operation management (OM) is a significant branch of management. It is a type of administrator that has been adopted by many businesses to make their business more efficient and to enhance profits. It also helps a business to reach its final goal with a high-productivity rate. 

After a business adopts operation management they need not have to worry about the administrating portion. This is because operation management supervises every detail from the initial phase to the final phase. It supervises the very essential parts of a business like the supply chain, plans, logistics, revenue as well as production.

Different Systems of Operation Management

There are various systems that operation management follows to complete a certain task. Currently, there are four different systems that various operation management software use to execute their actions. These systems have been discussed down vividly:

• The first operation management theory is Business Process Redesign (BPR). This system mainly focuses on the workflow of a company by steadily analysing and re-designing the business structure of the company. It also assists a company to remove certain business structures that do not enhance the growth of the company and affect customers’ opinions.

Business Process Redisgn (BPR) also establishes and optimises a company’s end-to-end business.

• The next theory of operation management is Six Sigma. Ventures who want to focus on the quality of their end product mainly opt for this operation management theory. This system reduces variations, errors as well as defects. This helps a business to enhance the quality of its final products.

The main tools of a Six Sigma system are ratios, defect calculation, and trending charts. 

• Lean manufacturing is the third kind of operation management system that is widely accepted and used by various businesses. The main task of this operation management system is to annihilate unnecessary elements from the production stage. According to this theory eliminating unnecessary elements that are not required by the customers will save a lot of capital for the venture.
• The last operation management theory is the Reconfigurable manufacturing systems. This system assists a business in altering its structures as well as standard components. This system consists of several machines which are interconnected to each other.

Significance of Operation Management in Business

Businesses are steadily adopting operation management because it is extremely essential for growing a venture. Here are a few reasons why operation management is so crucial for every venture:

• Operation management is essential because it completely supervises each aspect of a venture.
• A business can easily track its insight with the help of operation management.
• Operation management is required for addressing design-related issues as well as handling various operations. Apart from these operation management can easily maintain and improve various systems which are used within the business.
• Operation management allows a business to grow its capacity and aims in a positive way. It also helps to expand the reputation of various businesses that have adopted it. 
• Operation management acts as a catalyst to increase the brand value of a business by selling high-quality products to customers. Customer satisfaction is one of the main causes that boost the brand value of a business.
• Operation management also increases the engagement and productivity of the employees.
• It also helps to increase the sales of a business by reducing its expenditure.

Various Roles of Operation Management in a Business

Here are a few roles of operation management in a business:

Planning 

One of the main roles of operation management is planning. Where it has to plan and design the amount of product a company can sell within a particular period by studying past data.

Designing

Another role of operation management is designing. It has to design or create unique ideas for the upcoming product in an economical way according to the need of the customers.

Oversee Quality

Supervising the quality of the products is an important role that is played by operation management. It checks the quality of the products at each stage to identify any minor or major issues. This maintains and upgrades customer satisfaction. Apart from it, this assists to boost sales.

Supply Chain Management

Operation management also manages the supply chain by supervising the sales, production, supplies, rate and distribution. It helps a business to reduce its cost and all

Conclusion  

Operation management has emerged to be a boon in the present business sector. Many businesses are rapidly adopting it hence this is creating huge vacancies. A career as an operation manager is quite alluring with high remuneration. 

Imarticus Learning has brought a new supply chain analytics course for individuals who are willing to commence their careers in operation management. This course is a collaboration with IIT Roorkee therefore one will acquire the best knowledge from top-notch faculties. This is a 6 months certification course where an individual can upgrade their skills.

The IIT supply chain management certification course is a six months course where one can deal with real-time projects as well. So without any further delay enroll yourself in this course to bag lucrative opportunities.

Reading Time: 4 minutesThe supply chain is an intricate and dynamic structure. It is also one of the most crucial aspects of your company, so it pays to keep an eye on how technology is altering it and consider how you may benefit from that information.

Supply chain technology aims to optimize every supply chain step by utilizing data, analytics, artificial intelligence, blockchain, robots, drones, and other cutting-edge technologies. It involves delivering value to consumers, lowering expenses and risks, boosting productivity and sustainability, and improving communication and transparency.

Additionally, it involves constantly advancing. Because supply chain tech is dynamic, it continually changes and adjusts to new difficulties and chances. It is always trying to innovate and make improvements. And it is constantly prepared for the next disturbance. 

Why is digital transformation important for supply chains in 2023?

The phrase “supply chain tech” is wide and includes all forms of supply chain technology, from production to distribution. Although supply chain technology can increase productivity and cut costs, improper implementation could result in risks. 

Technological developments, shifting customer expectations, and international economic and political trends are anticipated to impact the future of supply chain management significantly.

The analysis projects a compound annual growth rate (CAGR) of 53.2% for the worldwide post-COVID-19 blockchain supply chain industry, from USD 253 million in 2020 to USD 3,272 million in 2026. 

The market’s two main growth drivers are the rising use of blockchain technology in SCM and retail and the expanding need for supply chain transparency. Uncertain regulatory status and standards, however, might limit industry expansion.

Key actions to take in 2023 include:

• Make supply chain planning capabilities and end-to-end visibility offered by real-time analytics your top technological investments since they may assist you in maintaining operational stability.
• Improve your teams’ skills and accelerate the development of your data management rules and capabilities to utilize technology for decision-making driven by insights fully.
• Consider the automation you can use to eliminate redundant manual supply chain tasks, boost productivity, and guard against margin compression and cost hikes. 
• There is potential to automate laborious tasks, including trade tax computations, FTA compliance, global trade paperwork, reconciliations and settlements, and reporting.

What are the top supply chain trends in 2023?

So what are some of the supply chain predictions for 2023? 

Here are a few examples:

• Supply Chain as a Service (SCaaS)

Managing every aspect of your supply chain in-house is difficult as value chains get more complicated. Moving from a manual environment to a digital one, utilizing a sizable number of IoT-enabled devices, analyzing data, and maintaining will become vital tasks requiring expert manipulation and upkeep.

Many businesses will outsource these crucial activities because they lack in-house personnel. Better customer service, more productivity, and cheaper expenses are all advantages of SCaaS. Similar services are offered by SCaaS but with added supply chain advantages, including improved asset management.

• Digital twins

Making judgments based on real-time supply chain data is less appealing when social distance emerges as the new norm. Real-time data from all of the physical fronts of your supply chain is required to combat this to prevent costly interruptions, in addition to tools like prescriptive analytics.

• Internet of Things (IoT)

The term “Internet of Things” (IoT) for supply chain optimization refers to physical items (or groups of such objects) equipped with sensors, computing power, software, and other technologies that communicate with one another and exchange data through the Internet or other communications networks. The term “Internet of Things” has been criticized because gadgets only need to be individually accessed and connected to a network, not the public Internet.

The discipline has changed due to the confluence of several technologies, including machine learning, ubiquitous computing, inexpensive sensors, and increasingly potent embedded systems. 

• Blockchain

It makes it logical to respond to the desire for greater supply chain visibility as blockchain usage grows. The blockchain’s end-to-end transparency can benefit supply chains thanks to its database structure. What is blockchain, precisely, before we continue?

Blockchain uses “blocks” of data rather than the tables used by traditional databases to store information. As data comes in, new blocks are created and chained to the older ones as these storage blocks eventually reach their capacities. These blocks provide immutable records with precise time stamps that offer users vital insight into their transactions. 

• 3D printing

3D printable models may be produced using a CAD program, a 3D scanner, a regular digital camera, and photogrammetry software. Compared to other techniques, CAD-made 3D printed models have comparatively fewer mistakes. Before printing, mistakes in 3D printable models may be found and fixed. Similar to plastic arts like sculpting, the manual modeling technique of creating geometric data for 3D computer graphics. 3D scanning is gathering digital information about an object’s form and appearance to build a digital model based on it.

The Final Words

The environment of supply chain technologies is continually changing. New technologies are created and used daily to help organizations increase production and efficiency. In 2023, several emerging technologies will significantly affect how you do business.

Although digital supply chain transformation has advanced for many years, there is still room for advancement. New technologies will increase over the coming years, enabling your business to reach its objectives more quickly.

With the cutting-edge curriculum from Imarticus Learning, created in partnership with the prestigious CEC at IIT Roorkee, you may improve your knowledge in supply chain management. This innovative training will provide you with crucial analytics abilities to make decisions based on data and use Python to advance your SCM expertise.

In addition to gaining priceless information, you’ll have the chance to distinguish yourself in the crowded job market with an IIT Roorkee-endorsed certification, which will attest to your command of SCM and dedication to career advancement. 

Unlock your potential in the field of supply chain management!