Worried about uncertainties in supply chain? This is what you need to know

Several external and internal factors impact the supply chain function of any business. As there are several economic, market-based, manufacturing-led, supplier-focused, and other internal/external factors that can impact its performance, there is a need to be prepared for managing uncertainty in supply chain that exists in the system.

For instance, no one had imagined that the global supply chain would come to a standstill as COVID-19 greatly impacted day-to-day business. As a result, knowing how to manage uncertainty in the supply chain and building a mechanism that can withstand its unpredictability in the framework is important.

Here is all you need to know about managing uncertainty in supply chain:

What is uncertainty in the supply chain?

Supply chain uncertainty can occur at any point in time in a network that is negative or positive and is due to external or internal factors. It refers to the supply chain’s change in balance and profitability that was impacted by potential and unforeseen events. To become a successful supply chain analyst, it is important to know that the ability to manage uncertainty in supply chain will always be a part of making forecasts and predictions.

A good supply chain management course will always cover the strategies of how to manage uncertainty in the supply chain. A robust and well-rounded supply chain analytics online training can help us deal with it following a data-driven approach.

Uncertainty in the supply chain can increase cost pressure and reduce profitability in no time. As a result, a supply chain analyst is expected to understand the reasons for uncertainties in supply chain and ensure that the supply chain is flexible enough to continue to function at the expected pace so that there is minimal impact on business.

Supply Chain Management Certification Course

How to handle uncertainty in the supply chain?

Different approaches can be adopted for managing uncertainty in supply chain. Here are some key activities that you can adopt:

Use historical sales data

As they say, businesses operate in a cycle. We can use this to our advantage by analysing the historical sales data and taking cues from it to understand what can be expected in the future.

We can opt for forecasting, predictive analytics, and other such solutions to understand the context of the historical sales data and what steps can be taken to improve efficiency.

This approach can help us in managing uncertainty in supply chain business operations and be prepared for the future. It is important to realise that high forecast accuracy is critical to a business’s inventory, transportation, and supply chain costs. At the same time, we can improve the level of customer service by understanding historical sales data and making meaningful changes.

Understand return rate

In addition to sales, it is equally important to understand the return rate of the business. We can again go back to the data points like historical sales, historical returns, customer growth, etc., to understand past trends.

Strategies for supply chain flexibility like forecasting and predictive analytics can be used for planning and creating differentiated return policies in the business.

The return rate also depends on the industry average. Therefore, we should consider the average rate of return in the industry and use predictive models to determine the expected rate of return in the future.

Understand quality concerns

Quality issues in products are among the critical reasons for uncertainties in the supply chain for any business.

We can have a quick look at how recalls can put a dent in financials and reputation in no time. We can use a mix of analytics, the internet of things, and social media to understand the next big quality issue for the business.

With the right checks and balances in place, we can reduce the impact of quality issues on the supply chain.

Keep an eye on external factors

Apart from handling the internal factors, it is important to understand that external factors are not in our control.

However, we can keep a close eye on the external factors and understand the global geopolitical and economic scenario to identify the possible reasons for supply chain uncertainties that can impact business.

With a conscious effort to identify and reach such issues, the business has some lead time to handle the next big crisis that does not exist due to any internal factors.

Conclusion

The best approach is to embrace yet not surrender to the element of uncertainty in the supply chain framework. A business should always be prepared for managing uncertainty in supply chain network that may impact from any corner. While we cannot eliminate uncertainty, we can create strategies for supply chain flexibility that causes minimal impact on business.

In our Professional Certification in Supply Chain Management & Analytics course, you can understand this and many other similar concepts in-depth. Contact us through website chat support to know more about it or walk into any of our training centers in major Indian cities.

An epic supply chain management course by IIT Roorkee

An epic supply chain management course by IIT Roorkee

It is true that in the modern world, the term “supply chain management” (SCM) has become quite popular. In fact, many leading organizations are now implementing SCM programs in an effort to improve their overall efficiency and competitiveness. However, despite its widespread use, there is still much confusion surrounding the concept of SCM. In order to clear up some of this confusion, it is helpful first to understand exactly what supply chain management(SCM) is and what it entails.

What is supply chain management?

Simply put, supply chain management is the proactive and reactive management of material, information, and financial flows throughout the entire supply chain, from raw materials acquisition all the way to delivery of the final product to the customer. Importantly, supply chain management includes collaboration with channel partners, which can be suppliers, intermediaries, third-party service providers, and customers. 

It should be noted that the term “supply chain” does not refer solely to the physical movement of goods; rather, it encompasses all aspects of a company’s operations that are involved in offering products or services to its customers. 

What it entails?

The goal of SCM is to optimize the overall performance of the supply chain in order to achieve the ideal outcome in terms of cost, service, and quality. In order to accomplish this, SCM programs typically involve using various tools and techniques, such as inventory management, transportation management, and supplier relationship management.

Inventory management is a key component of SCM programs, as it helps manage that the right amount of inventory is available at all times to meet customer demand. Transportation management is another important aspect of SCM, as it helps to ensure that goods are shipped efficiently and safely from one location to another. Lastly, supplier relationship management is paramount to the success of any SCM program, as it helps to ensure that supplier performance meets the company’s standards.

How to learn SCM?

There are numerous ways that individuals can learn about supply chain management. One option is to take an online course, and in my view, there is no better course than IIT Roorkee’s online SCM course. Here I am explaining some of the key features of this course:

  • Epic content: The course is loaded with industry-specific examples, case studies, and real-world applications that make the concepts easy to remember.
  • Expert instructors: You will be taught by IIT Roorkee faculty who are leaders in their respective fields and have a wealth of experience in SCM.
  • Self-paced learning: The online format allows you to learn at your own pace and review material as often as you need.

Whether you are looking to gain a clear understanding of SCM or want to build a career in SCM, IIT Roorkee’s online SCM course is the perfect solution.

Explore a Career in supply chain management with Imarticus Learning.

This supply chain management course by IIT Roorkee is designed to provide you with the necessary skills and knowledge required to excel in this field.

Course Benefits For Learners:

  • Prepare yourself to contribute to the future creation of more tactical and innovative global supply chains that will help you become a successful supply chain analyst.

  • After completing the supply chain management online training, students can start preparing for in-demand careers in supply chain and as demand planners or data scientists!

  • Python teaches students how to gather, analyze  important data that will aid them in making better supply chain decisions.

Visit our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Gurgaon, or Ahmedabad, or get in touch via the chat support system.

How supply chain analytics help managers predict future demands

How supply chain analytics help managers predict future demands

The goal of every business is to meet customer demand. This is especially true in the manufacturing and supply chain industries, where the focus is on delivering the right product, to the right place, at the right time – without overproducing or holding too much inventory. To achieve this goal, both managers and analysts must have a deep understanding of customer behaviour and be able to predict future demand. In other words, they need to understand the complete supply chain from end to end clearly. This is where supply chain analytics comes in.

What is Supply Chain Analytics?

Supply chain analytics is analyzing data to improve the efficiency and effectiveness of supply chain operations. It can track and predict future demand, optimize inventory levels, and identify cost-saving opportunities. By understanding how supply chains operate, managers can make better decisions about where to allocate resources and respond to demand changes.

Supply chain analytics help managers predict future trends & demands

Supply chain analytics help managers predict future demands by providing them with data-driven insights into past and current trends. By analyzing this data, managers can identify patterns and predict future demand. This information can then improve planning and decision-making within the supply chain.

Supply chain analytics can help managers in several ways. For example, they can be used to:

Identify patterns in customer behaviour: By analyzing data on past customer orders, managers can identify patterns in customer behaviour. This information can predict future customer demand and adjust the supply chain accordingly.

Improve forecasting accuracy: By analyzing data on past orders, shipments, and inventory levels, managers can improve their forecasting accuracy. This improved accuracy can lead to better decision-making within the supply chain.

Reduce costs: By identifying patterns in data, managers can find ways to reduce costs throughout the supply chain. For example, they may be able to find efficiencies in the production process or in how goods are shipped from one location to another.

Significance of supply chain analytics course in becoming a successful supply chain analyst?

Supply chain management course

Supply chain analytics is a course that helps managers predict future demands. The course provides the skills and knowledge necessary to understand and apply predictive analytics techniques to supply chain data. The course covers statistical analysis, mathematical modelling, and data mining.

The course covers statistical analysis, mathematical modelling, and data mining, which are all essential for predicting future demands.

Transforming with Imarticus Learning:

The Professional Certification in Supply Chain Management and Analytics has been designed in collaboration with CEC, IIT Roorkee and industry leaders to provide a cutting-edge experience to students willing to make a career in the operations & supply chain industry.

Supply Chain Analytics enables management to make data-driven decisions at strategic, operational, and tactical levels. 

Why become a successful supply chain analyst with a supply chain analytics course from Imarticus Learning?

The SCM field needs more professionals with process and analytics talents. This certification prepares students for high-demand job roles such as Demand Planner, Data Scientist, Supply Planner, and Supply and Operations Planner.

Course USPs:

  • Learn Job-Relevant Skills
  • Gain Certification from IIT
  • Learn from IIT Faculty
  • Get Mentored by Industry Experts
  • Live training by IIT faculty
  • Campus immersion at IIT Roorkee
  • Certification from CEC, IIT Roorkee
  • Curriculum designed by CEC, IIT Roorkee

This 6-month program prepares students for the ever-increasing trend of e-commerce and the amount of movement of goods has been ever-increasing. There has been a disproportionate jump in the number of jobs for SCM across industries. This program prepares you to gain all those new-age career opportunities.

For further details, reach out through Live Chat Support system or visit our training centres in Mumbai, Thane, Pune, Chennai, Bengaluru, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

Can you learn analytics and supply chain management together?

Can you learn analytics and supply chain management together?

Customer demand is fulfilled by a series of interlinked and interdependent processes, which is cumulatively known as the supply chain. These activities are associated with the flow of information, fund and product or services, as the case may be. The stakeholders who are instrumental in the path of the supply chain are vendors, manufacturers, distributors, retailers and customers. The sole process of supply chain management aims towards customer satisfaction and retention, besides maximising the bottom line of all the stakeholders of the chain. Various Supply Chain Management Online Training Programs are also available in various institutes.

Subjects to be learnt 

There are several premier institutes in India that teach the subject of supply chain management as a PG course. However, a prospective candidate may also complete a Supply Chain Management Certification course after graduation to pursue a professional career. The basic subjects to be learnt in order to handle these activities are marketing management, finance, organisational behaviour, economics, mathematics, statistics, brand promotion, corporate communication, etc. whereas the elective subjects may include warehousing management, logistics, international trade, export import business activities, etc. Technically there is no bar to which type of graduates may attempt their career in the PG courses in Supply Chain Management courses. However, it may be noted that a commerce background will certainly be advantageous.

Overview of Data Analytics 

Today the usage of the internet has increased multifold times. With the easy accessibility of smartphones across the country, India alone has an active internet user base of 70 crores. Online social platforms like Facebook, communicators like Messenger, Instagram, Twitter and WhatsApp or professional platforms like LinkedIn generate huge databases on a daily basis. These data capture user behaviour and areas of interest. Similarly, a large amount of data can be also retrieved from client organisations, too. These are the fields that are captured to understand the needs of customers. Similarly, organisations also have records of their own data for predictive or prescriptive analysis in the future. Thus the work of data analytics starts with the process of identifying and then follows the sequence of collecting, cleaning, analysing, interpreting and visualising data. The sole purpose of data analytics is to make a meaningful prediction for a Business House in different functional fields to achieve and surpass the targeted bottom line of the organisation. To achieve this goal, an analysis of risks in business and operations is performed with due diligence.   

Topics to be learnt 

There are a good number of reputed institutes that teach the subject as a PG course. However, a prospective candidate may also learn the subject as a certificate course for three or six months. Data analytics online courses are also available in India. Like the supply chain management course, there is no bar for students of any field. However, it may be noted that mathematics and statistics are the first subjects, which a candidate will be expected to know.

In order to pursue a career as a data analyst (at the beginning stage) or a data scientist / consultant (at a mature or experienced stage), the institutes teach the following topics/skill sets –

  • Advanced Excel Topics (such as Functions, VLOOKUP, Macros & VBA, Charts and Pivot Table)
  • SQL or Structured Query Language (Aggregate Function, Joins, Views, Query Optimisations, Triggers and Transactions)
  • Programming Language – 1) Python, 2) R and 3) SAS or Statistical Analytical System
  •  Artificial Intelligence
  •  Machine Learning
  •  Visualisation Tools – 1) Tableau and 2) Power BI
  •  Soft Skills like communication, time management, problem-solving and analytics skills

A common pertinent question that hovers around the minds of prospective candidates is whether they can learn Analytics and Supply Chain Management together. The simple answer in one word is “yes”. However, one needs to be focused on his / her professional field. If the candidate is interested in working in the Supply Chain Management domain of an organisation, learning Data Analytics will certainly be an added advantage for him/her in understanding the solutions provided by predictive or prescriptive analysis. On the other hand, if a candidate is focused on becoming a Data Scientist, then he/she must concentrate on the core subject first. Nevertheless, he/she may also study supply chain management to understand the functional elements in a better way to equip him/her with more practical/real-time field-based knowledge.

Conclusion

In this context, it may be noted that both the courses are available offline, as a PG course and also online, as a certificate course. Depending on the individual focus, the candidate may choose a combination of online and offline courses for the two courses simultaneously or even may opt for online certification courses for both topics, depending on priorities.  The IIT Supply Chain Management Course at Imarticus which provides live online training will help you to reach your goal. Both fields have excellent career growth potentials, particularly for candidates having innovation in thoughts, analytic skills and excellence in communication. There is no second thought that candidates with a combined knowledge of both subjects shall definitely excel in their career growth and would be rated as the most valuable employees by their organisations.  

Supply Chain Planning In 2022: What, Why, And How?

Supply Chain Planning In 2022: What, Why, And How?

The supply chain is an integral part of every business. It is the backbone of any organization and the key to its success. Supply chain management is an especially important aspect of business operations because it allows companies to ensure that they have enough products at all times, which means they can meet customer demand without overstocking their inventory.

To excel in the supply chain in 2022, below are certain steps that need to be taken:

1. Have a long-term strategy

The first step is to develop a long-term strategy for the supply chain. This will help ensure that all resources are used efficiently, leading to increased profitability and reduced costs. Set clear goals for your supply chain, then work backward from there to figure out what needs to happen to meet those goals. Know what your customers want, and make sure you’re delivering it—that means having open channels of communication with them so that you can ask questions and understand what they need and expect from their suppliers.

2. Well-organised warehouse operation 

The second step is to have a well-organized warehouse operation with an accurate inventory tracking system and good quality control measures. This will help reduce the number of stockouts, which are one of the main reasons for the loss in sales. Be aware of new technologies and their potential impact on your business.

In a world where everything is connected, we need to be able to track our products from their origin to their final destination. This means that we need to be able to identify each product and even where it was made. This is especially important in the automotive and pharmaceutical industries as any product delay can potentially affect the entire product category if it’s not handled correctly and can affect product quality during shipping or storage.

3. Open-end communication

The third step is to ensure good communication between buyers and suppliers so that orders can be placed on time without any delays or mistakes being made due to a lack of communication between these two groups within an organization.

In addition, it is also advisable for organizations to invest heavily in technology such as RFID (radio frequency identification). This would help them increase productivity by reducing manual intervention at every stage of receiving goods from vendors until they reach customers’ homes through delivery vans. It would make it easier for companies to handle large volumes without compromising quality due to increased automation levels throughout their supply chains.

4. Make Sure Your Supply Chain Planning Is Up-to-Date

Supply chains are constantly changing and evolving, so your company must keep up with the latest trends and developments. This means staying on top of any new technology that could affect how you manage your supply chain and paying attention to industry trends that may affect your ability to compete.

– Make sure your supply chain is environmentally sustainable and ethical.

– Minimise costs by optimizing inventory levels, transportation routes, and other factors.

– Attract customers who care about quality manufacturing processes.

– Increase customer satisfaction by ensuring that products arrive quickly and in good condition.

5. Integrate New Technologies Into Your Supply Chain Management Processes

  • The best way to stay competitive is by keeping pace with technological advancements that can improve your efficiency and effectiveness at every stage of the supply chain process—from manufacturing through distribution and fulfilment, all the way up until delivery of goods or services back into stores or homes.
  • Use new technologies such as artificial intelligence (AI) and machine learning (ML) to optimize decisions about where products should be manufactured based on demand and other factors.
  • Develop an approach for tracking and managing the carbon footprint of their products through all stages of the supply chain, from sourcing raw materials to transporting finished goods to customers.
  • Implement a program for tracking and managing waste throughout the supply chain, including manufacturing and retail.

Supply chain management has become more critical in recent years because:

-Increased globalization has made it necessary for companies to respond quickly to changing customer demands worldwide while reducing costs.

-Improved technology has made it easier to track inventory levels throughout the supply chain so that customers can get what they want when they want it.

-Growing customer satisfaction is an essential goal for many businesses today because satisfied customers are likely to return soon – which means repeat sales. 

-Supply chain management also allows businesses to integrate their production processes with those of other companies to produce more efficiently. This means that businesses can reduce costs by sharing resources, such as equipment or personnel, across multiple locations or businesses within their organization.

Learn more about supply chain planning in the supply chain and management and analytics course offered by Imarticus learning, which takes you through the key areas from which supply chain operations can be optimized for maximum efficiency. Book a call today to get started, and get certified from IIT Roorkee to start your supply chain management career.

 

The Value Of A Supply Chain Analytics Certification

The Value Of A Supply Chain Analytics Certification

The most crucial aspect of managing efficiency in any department at any organisation is supply chain management. Supply chain analytics is a collection of procedures that assists in effectively procuring and distributing goods in a supply chain.

best digital marketing courses

Supply chain analytics is a challenging process that calls for a wide range of expertise. About 57% of businesses view supply chain analytics certification as a competitive advantage that helps them grow their business. Supply chain management online training programs are widely available and can help you gain a better understanding of the challenges that organisations confront in the modern global economy.

Significance of supply chain management 

Profitability and cash flow can both be improved by supply chain management. Any business attempting to maintain continuity should have these as its fundamental goals. Following this management, some of the key goals that might be accomplished include:

  • Supply chain management aims to increase client loyalty by increasing its capacity to supply high-value items at competitive prices. It enhances process efficiency by eliminating redundant steps and improves the method for delivering goods by cutting down on the time and resources needed to offer goods at certain times to designated locations. 
  • Supply chain analytics improve coordination between supply chain participants, (distributors, producers, wholesalers, suppliers, retailers and consumers). Building relationships, communication and cooperation amongst many participants in the supply chain all depend on trust by connecting diverse supply chain stakeholders. 
  • When a product is first introduced, supply chain management focuses on getting it to the client and meeting their demand. As client orders rise, expanding outlets and maximising the size of the supply chain are the primary objectives. The main goal is to boost supply chain effectiveness to cut costs as order volume stabilises. 
  • Connections between supply chain participants through payment systems lower costs by supplying products in response to demand predictions (relevant for maturity and regression stage). The withdrawal aims to expand the services that it provides by supplying goods in response to actual demand. A combination of withdrawal and payment systems is integrated and is preferably applied in sectors where it is difficult to forecast demand. Cost reduction is significantly impacted by the economies of scale at the same time.

Importance of supply chain analytics 

It all comes down to identifying the root causes, effects and solutions to supply chain issues. These three characteristics are referred to as supply chain insights and are gleaned through analytics. The supply chain analytics concept encourages sharing by working with individuals in the chain to build value and fairly distribute advantages among participants. The system’s goals include quality improvement, cost reduction and competitive advantage. This can be accomplished by developing the supply chain, which is referred to as the value chain.

A supply chain can be developed in several ways, one of which can be broken down into subsequent steps. Big data analysis can also be used for this, but first, gather and analyse customer and market data to help managers notice changes in the market and working environment. Data analysis is for employing methods for descriptive and quantitative analysis to derive indicators and patterns of change that may present opportunities for supply chain development.

Why should you register for a supply chain analyst certification online course?

If you want to become an SCM analyst then it is essential to receive supply chain management online training from a reputable institution. The following are only a few of the key abilities you will have after passing the supply chain analytics certification exam to become an SCM analyst:

  • Acquisition of goods
  • Product optimization management of supply chain
  • Innovation projects design of business processes 
  • Risk assessment
  • Supply-chain technology
  • Inventory control and logistics planning
  • Predicting demand
  • Managing the warehouse

With the help of the supply chain, management analytics parties to the supply chain might gain knowledge from one another through their collaborative efforts with a culture that constantly looks for creative possibilities to cut costs. It gives them a competitive edge by exchanging and interpreting information that enables them to alter internal business procedures and inter-organisational relationships.

Conclusion 

To have a large social and economic impact, analytics can be used in a variety of supply chain domains, including sales, logistics, production and sourcing. So now it is a fantastic moment to consider the benefits a thorough supply chain analytics strategy could have for your company. You can become an SCM analyst with the help of a professional supply chain analytics certification program. Imarticus offers the most up-to-date supply chain management online training and a placement guarantee. It takes candidates on a journey to this intriguing field where data analytics and supply chain management converge. Learn supply chain management and earn an IIT Roorkee certification by registering on Imarticus learning right now! 

Supply chain management course with analytics: The cog that keeps things moving

Supply Chain Management Course with Analytics: The cog that keeps things moving

The term “supply chain management” conjures up images of warehouses and trucks for many people. But the reality is that SCM is so much more than that. In today’s world, the supply chain is complex and global, and it requires a sophisticated understanding of data and analytics to manage effectively. 

So, in this post, we’re going to look at What supply chain management is, the different aspects of SCM, How analytics play a role in optimizing the supply chain, and the benefits of pursuing a supply chain management course with analytics. 

What is Supply chain management?

Supply chain management (SCM) is the process of coordinating and optimizing all the activities in the supply chain, from raw materials procurement to manufacturing to distribution. The goal of SCM is to ensure that finished products reach consumers in a timely and cost-effective manner. More and more, SCM is being viewed as a strategic differentiator that can give companies a competitive edge.

What are the different aspects of SCM?

There are four main aspects of SCM:

  • Procurement: This is the process of sourcing and purchasing raw materials.
  • Manufacturing: This is the process of transforming raw materials into finished products.
  • Distribution: This is the process of delivering finished products to consumers.
  • Returns: This is the process of handling returns and refunds.

How do analytics play a role in optimizing the supply chain?

Analytics is playing an increasingly important role in SCM, as it can provide insights that help organizations optimize their supply chains. By analyzing data on things like supplier performance, customer demand, inventory levels, and transportation costs, organizations can make changes that improve the efficiency as well as the effectiveness of their supply chains.

What are the benefits of pursuing a supply chain management course with analytics?

There are many benefits to pursuing a supply chain management course with analytics.

  • First, it will give you a better understanding of using data and analytics to optimize the supply chain.
  • Second, supply chain management training helps you develop the skills needed to manage a complex global supply chain.
  • Third, it will allow you to earn a supply chain certification online, which can help you advance your career.
  • Finally, it will position you for success in an increasingly data-driven world.

Explore SCM course with Imarticus Learning.

Imarticus Learning offers a comprehensive supply chain management course with analytics that will give students the skills and knowledge they need to succeed in today’s data-driven world. The course covers all aspects of SCM and includes a strong focus on analytics. 

Course Benefits for Learners:

  • Imarticus Learning supply chain certification is widely recognized and respected by employers.
  • The course is designed to help learners develop the skills needed to manage a complex, global supply chain.
  • The course is designed by IIT faculty and covers all the latest trends in SCM. 
  • Students will get to learn about various analytical tools and techniques that are used in SCM.

Why learning inventory management is important for a supply chain analyst

Why learning inventory management is important for a supply chain analyst

Any company’s inventory consists of a complete list of items like the stock of goods, property, or contents. It is often considered the most vital asset for that company. And inventory management is where all aspects of the supply chain system merge; therefore, a thorough understanding of inventory management is a critical requirement for a supply chain analyst.

A deficit of inventory during needed times might lead to dissatisfaction among customers. On the other hand, a surplus of stock would also cause issues. Proper care must be taken to prevent spoilage, theft, or damage, adequate insuring, etc.

Large companies with highly complex supply chains ought to strike the right balance between keeping too much and too little inventory. One can achieve this through detailed analysis, learning, and inventory tracking by the supply chain analyst.

What is an inventory management system?

The entire process of ordering, storing, tracking, and using inventory throughout the supply chain is called an inventory management system. While previously only very rudimentary methods for inventory management were used, such as spreadsheets, manual order placements, and hand-counted stock records, now it has been replaced by advanced tracking software.

It is also certain that in the future, with rapid innovations in the field of Artificial Intelligence, the Internet of Things, blockchain, and quantum computing, supply chain operators will continue to transform the inventory management system drastically.

How does inventory management function?

The primary goal of inventory management is to ensure that the right product is kept in the right place and delivered at the right time. This entire inventory tracking, from manufacturer to warehouses and then the sale, must take place efficiently. For that to happen, inventory management has to abide by three fundamental steps.

1. Purchasing inventory: ready-to-sell goods are directly transferred for storage in the warehouse or given up for sale.

2. Storing inventory: goods and materials are stored until required. At a later point, they are transferred into the fulfillment process and made ready to sell.

3. Profiting from inventory: the amount of output available for sale is regulated, and finished goods are held in the inventory for a period, which increases the value and thereby adds to inventory profit.

Inventory management for supply chain professionals

Effective inventory management can significantly facilitate the flow of goods and services between businesses to their respective customers- the primary responsibility of supply chain professionals. Supply change management also includes the warehousing and movement of raw materials, work-in-process inventory, tracking of finished goods, and order fulfillment from the point of origination to the final sale. Below is a list of features of inventory management that greatly helps supply chain analysts and professionals achieve their goals:

· Inventory tracking: knowing exactly where a good or product is located enables supply chain professionals to get hold of it and transfer it forward in the supply network.

· Order management: tracking orders, customizing pricing, initiating the return and subsequent refund, and sending quotes all ease the transaction between customers and the business.

· Transfer management: since the essence of supply chain management is enabling inventory movement and storage, transferring product to where it is most valued is an indispensable quality in the supply chain relationship.

· Reporting and analytics: inventory management’s reporting and analytics aspects permit supply chain analysts to evaluate and predict future sales- this would significantly reduce the chances of unprecedented shortages or surplus in goods.

· Purchasing: creating, managing, and tracking purchase and orders simplify the supply chain network.

· Shipping capabilities: automating shipping of goods from the inventory would eliminate the risks of late deliveries or delivering wrong packages.

A career in supply chain management

The purview of supply management is vast- it encompasses aspects from manufacturing, packaging, storing, transporting, logistics, and final delivery- therefore, it creates multiple job positions from different sectors. Some of the most notable careers in supply chain management are production planning, Logistics Resource planning, Transport administration, Warehouse management, Quality management, Purchasing management, etc.

The diverse sectors incorporated in supply chain management offer numerous job roles and positions for employment-seekers. As India is experiencing a surge in industrial companies and markets, the demand for supply chain professionals also mounts. Moreover, as you enter the supply chain industry, you will have to harbor a wide array of transferable skills- planning, management and administration, evaluation and forecasting, workflow optimization, etc.- that would be useful for any career path.

Young job-seekers can capitalize on this opportunity offered in the supply chain management domain by enrolling in the Professional Certification in Supply Chain Management & Analytics course of IMARTICUS Learning. It is an online course developed by IIM Roorkee that prepares you for the high-demand job roles in supply chain management.

To avail of this course in Professional Certification in Supply Chain Management & Analytics, you can contact us through chat support. You can also drive to our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, Hyderabad, Kolkata, Patna, Cochin, Jaipur, Dehradun, Lucknow, or Ahmedabad.

How An IIT-certified Supply Chain Management Course can jumpstart your career

How An IIT-certified Supply Chain Management Course can jumpstart your career

It’s the dream of millions of Indians to study at IIT and experience its legacy of excellence. Interestingly, today, one need not be an engineering graduate to do that. Innovation and technology have revolutionized almost every discipline, and one that is highly impacted is Supply Chain Management (SCM). By pursuing a cutting-edge online supply chain certification course offered by IIT Roorkee, ambitious professionals can build in-demand industry skills and fast-track their career growth to the next level. 

Evolution of the supply chain

The cloud has completely transformed the modern supply chain. The accelerated growth of eCommerce, higher consumer expectations, shift to data-driven decision-making, and challenges in procuring raw materials have collectively influenced how SCM is practiced. These shifts have led to a disproportionate jump in the number of SCM jobs available across sectors and to an expansion of roles across the industry. 

Today one can choose from an array of Supply Chain Management Careers. One can become a Supply Planning Analyst, Data Scientist, Demand Planner, Procurement Specialist, Data Analyst, Supply And Operations Planner,  Quality Assurance Manager, and Logistics Manager. 

Aspiring supply chain management professionals need to invest in training that empowers them to succeed in their chosen career path. 

Build the skills of the future 

A modern SCM course, backed by an IIT faculty, curriculum, and certification, equips professionals to build skills. They can also get a taste of hands-on learning as they work on real-world SCM projects. For example, understanding how to leverage analytics through technologies such as Python gives SCM professionals the tools to improve efficiency, apply real-time insights to their outcomes, and innovate the supply chain in line with their business goals. Data-centric professionals are more likely to make superior decisions and directly impact their work and the profitability of the business. 

An industry-focused program 

An industry-focused curriculum helps you get exposure to core SCM concepts. It also enables hands-on learning of SCM processes, tools, and techniques. You will get exposure to core subjects such as supply chain performance, drivers and metrics, how to design the supply chain, planning demand and supply, improving supply chain profitability, and driving sales and operations.

Some emerging subjects, such as handling uncertainties as well as leveraging technology to predict demand, are growing focus areas in the curriculum and the industry. Another important aspect is the entire placement process, which includes services such as resume building, job interview prep, and placement opportunities. This is especially important as you take the plunge into a whole new industry.  

The IIT Edge  

By opting for a superior 6-month SCM course, professionals can experience live sessions by IIT faculty, one of the best faculties in the world, and seasoned industry experts from the SCM field. You also get a unique opportunity to participate in a campus immersion module hosted at an IIT campus. Here you get to engage with peers and faculty and work on a capstone project under the guidance of professional mentors. At the end of the program, you get a certificate from the prestigious IIT. 

Work and learn! 

Today, you can pursue an online Supply Chain Certification Course, which allows you to work and learn simultaneously. You can access on-demand content via your smartphone or smart device from anywhere and learn as per your schedule. The byte-sized mix of video content, blogs, assignments, live sessions, and assessments make learning an engaging, interactive experience.

Another benefit of a modern SCM course is mentorship. A mentor, backed with years of hands-on  SCM experience and industry-savviness, doubles up as a motivational guide and thought partner throughout the program. Your mentor also has the potential to value-add to your network throughout your professional career. 

Grow your network

Professional success is a measure of your skills and talent and your ability to nurture successful relationships in the industry. As they say, your network is your net worth! An IIT-certified SCM course gives you access to seasoned faculty and industry leaders from IIT’s network. You also have the opportunity to engage with peers looking to pursue growth in the field of your interest. In the future, they will become part of your professional network, not to mention the wide spectrum of IIT alumni who are already well-placed in the industry.   

Fuel career growth

Today, the digital supply chain model, which leverages AI, delivery automation, and blockchain, is a dynamic field. An IIT-backed SCM course equips you with the tools, experience, and network to excel and make your mark in this field.

To know more about online programs that can fuel your career growth, connect with us through chat support or drive down to our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, and Delhi

Supply chain planning: Learn 6 applications of big data in supply chain management

It is not hidden from anyone that today’s world is very competitive and the marketplace too. In the world of globalization, Higher customer expectations, and constant development of activities in the marketplace, you need to always be a step forward from your competitors. That’s what the whole point of logistics and supply chain management courses and big data is. 

What is big data? 

Big data is explained as a huge set of data that can capitulate or encompass more than an exabyte of data. it makes the traditional systems and applications useless in handling, overseeing, visualizing, and capitulating data in a structured and statistical format. That is why people take up SCM professional certifications so that they can get a better understanding of big data and its relation to the supply chain. How is big data connected with supply chain planning and management is a key feature to understand before you take up any certification for supply chain professionals?

What is the relationship between big data and supply chain planning?

Many organizations try to make changes and upgrade their Big Data Analysis (BDA) capabilities for its obvious benefits. The certification for supply chain professionals gives you that upper hand so that you can be the person the organization needs when they want to manage and handle their data effectively and efficiently.

Currently, the ‘5V’ type of big data is being used by most organizations as it contains 5 key features of big data. These key features can be categorized as:

  • Variety
  • Veracity or verification
  • Velocity
  • Volume
  • Value

The understanding of these 5 V’s is very important whenever you are thinking of taking up any logistics and supply chain management courses. as it has been told already that big data has a very important role to play in the management of the supply chain. 

6 major applications of big data in supply chain management

The applications of big data in supply chain management can be learned by certification for supply chain professionals. Big data performs major applications in supply chain management which can be stated as follows:

  1. Prediction of inventory: it is considered to be one of the most important applications of big data in supply chain management. Big data helps organizations to calculate and credit the inventory required for the upcoming period.

  2. Control of product quality and temperature: industries like food, agriculture, pharmaceuticals, and chemical processing need to sincerely monitor and observe a few distinct features of their supply chain, among which is product quality and temperature, in which they need to be kept. Big data helps organizations to have an idea of the same.

  3. Real-time tracking and fulfillment of order: nowadays free sign your order and effective order full payment is a key feature of any supply chain. The inclusion of big data helps organizations to see the traceability of their orders and the fulfillment of each of them.

  4. Maintenance of machines: machines are a very integral part of industries and supply chains in today’s time. Big data has its role here as well. It helps the industrialist to maintain their machines and know the depreciation, the value of the machines, or when to repair them as per the calculation of machine life.

  5. Keep moving the supply chain: big data has an important role in circulating the movement of the supply chain and that’s what makes it unique for the management of the same.

Conclusion

Although investing in big data can be a tricky option for organizations, the outcomes and the benefits of big data Bend on the heavier side. Therefore, if you are looking for logistics and supply chain management courses, then the course of professional certification in supply chain management and analytics by Imarticus in collaboration with IIT Roorkee is the one for you.