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Tag: Supply Chain Management course

7 reasons why you must technologize supply chain using advanced analytics and AI

Posted on by Imarticus Learning

The supply channels of the industry are experiencing a crucial moment in their existence and those responsible for this vital area for any business face the greatest challenge of their careers; managing an innumerable list of suppliers, information and communication flows, technologies, procedures, and levels of demand, as never before in the history of the global industry.

These supply networks have grown in complexity appreciably and have suffered the consequences of the global economic crisis with particular virulence. To help you understand the importance of technologizing the supply chain using advanced analytics and AI, we offer an SCM program where you can obtain a certification in supply chain management. 

Here are 7 reasons why you must consider technologizing the supply chain using advanced analytics and AI: 

  • Agility is key to success, more than ever. Designing supply chain network systems must work like a clock, and take advantage of new technologies, such as IoT, Blockchain, or Artificial Intelligence, to reach new levels of efficiency.

  • Advanced analytics is another alternative high impact in this world, taking into account the permanent state of evolution and change network provision of any business. Evaluating the best options, those that provide the greatest value and margin, and taking advantage of all the data at our disposal has an immediate positive consequence on the results. Thankfully, our professional certification in supply chain management explains how advanced analytics is beneficial for the supply chain management.

  • The information must be analyzed comprehensively and quickly, with the powerful support of the cloud. Large corporations are moving quickly so that their supply chains are aligned more with your customer strategy, and are connected more directly, accurately, and flexibly. But, above all, an “always ON” supply chain is sought that responds to commercial needs at all times.

  • The interconnection of all its links is crucial for the machinery to function and respond to the demanding market conditions. Analyzing that information has profound implications for B2B processes. For this reason, one of the fundamental attributes of this supplier ecosystem is its “resilience”, understood as the ability to anticipate and react immediately to any potential anomaly that could endanger it.

  • Staying safe from the unexpected requires intelligent use of multiple data sources, new, traditional, structured or not, of diverse typology, even in natural language, and easy to find or obscure to the provider. And all of them must be leveraged by certification in supply chain management.

  • You need expert staff and precisely the links in the supply chain have long suffered thinning plans that have reduced their workforce like never before. And when older veterans leave the organization, they will carry with them a lot of knowledge and experiences that have been treasured for decades, with the consequent brake on exhaustive analyzes that require intelligence to interpret the information.

  • Designing a supply chain network with full intelligence is capable of managing in real-time large amounts of structured and unstructured data from internal and external sources, including data sets that may previously have been difficult to reach. Precisely anticipating future demand and managing assets, inventory, and shipments in real-time improve the bottom line for any operator, requiring an optimized, near-automatic supply model.

The new forms of commerce that have fostered the Internet, the cloud or connected objects will only gain shape if they have the most efficient logistics processes, a modern supply chain that meets their high demands with a permanent journey to excellence. Professional certification in supply chain management offered by Imarticus can lead to a truly digital supply chain. 

3 Success stories: Different types of uncertainties managed in supply chain

Posted on by Imarticus Learning

Supply chains often face different types of uncertainties. These can come from various sources, such as supplier performance, market demand, or even natural disasters. Businesses need to have a plan to manage these uncertainties. This blog post will discuss three uncertainties managed in the supply chain.

Uncertainty 1: Supply Uncertainty

Supply uncertainty can come from many sources. It could be that your supplier cannot meet the demand for your product. There could also be disruptions in the supply chain, such as a natural disaster or political unrest. Whatever the source, it is crucial to have a plan to manage this type of uncertainty.

One way to manage supply uncertainty is to have a buffer stock. It is when you have extra inventory on hand in case of disruptions. Another way to handle it is to have multiple suppliers. If one supplier cannot meet your needs, you can rely on another supplier.

Uncertainty 2: Internal Uncertainty

This type of uncertainty manages within the company. It includes uncertainties such as production line downtime, quality issues, employee absences, etc. The goal is to minimize the impact of these events on customer service and order fulfillment.

Some critical practices can help companies manage internal uncertainty:

  • Developing standard operating procedures for critical processes
  • Establishing buffer stocks of essential materials
  • Training employees on how to deal with disruptions
  • Investing in technology to automate and monitor processes.

By following these practices, companies can minimize the impact of internal uncertainty on their operations.

Uncertainty 3: External Uncertainty

This type of uncertainty is managed by looking at the larger environment in which the company operates. It includes uncertainties such as market demand, technology changes, etc. Companies can develop plans to mitigate their impact by understanding these external uncertainties.

The first step is to identify the external uncertainties that could potentially impact your business. Once you have recognized these uncertainties, you need to develop plans to mitigate their impact. It could involve developing new products or services to address changing market demand.

The key is to have a comprehensive understanding of the external environment and develop plans that will help you mitigate the impact of these uncertainties. By doing so, you can ensure that your business remains resilient in the face of change.

The need for supply chain management courses has arisen due to the increasing complexity of supply chains. As businesses have become more globalized, their supply chains have become more complex. It has created a need for professionals who understand how to manage these complex supply chains.

Discover Certificate Course in Supply Chain Management with Imarticus Learning

The supply chain certification provides cutting-edge expertise to those interested in entering the operations or supply chain analytics course. This supply chain management training online will teach students for jobs such as Demand Planner, Data Scientist, and Supply Planner.

Course Benefits For Learners:

  • We immerse students in in-demand technologies and projects, including six real-world projects that will give them a complete grasp of the industry to prepare them for a satisfying future in Supply Chain Management and Analytics.

  • Students who complete a supply chain management online course will prepare for competitive careers such as Demand Planner or Data Scientist, which are in great demand among companies today!

  • This supply chain management career will help students become more data-centric and improve Supply Chain decision-making by harnessing the power of Python.

Take your supply chain analytics skills to the next level with a supply chain analytics certification

Posted on by Imarticus Learning

A supply chain analytics certification can help you take your skills to the next level. This certificate will teach students everything they need to know about supply chain analytics, from forecasting and inventory management to demand planning and supplier performance. With this program, you will be able to analyze and optimize your company’s supply chain operations confidently. This blog post will cover everything you need to know about supply chain analytics certification, including how to get started and what courses you should take.

An overview of supply chain analytics

Supply chain analytics uses data and analytics to improve the performance of a company’s supply chain. It can include reducing costs, improving customer satisfaction, or increasing efficiency. 

Supply chain analytics generally falls into two broad categories: operational and strategic. Operational analytics focuses on improving day-to-day operations, while strategic analytics focuses on long-term planning.

Financial data, customer data, supplier data, manufacturing data, logistics data, and others can all get utilized in supply chain analytics. Supply chain analytics aims to make sense of all this data and use it to enhance the performance of the supply chain.

Why get a supply chain analytics certification?

A supply chain analytics certification will give you the skills and knowledge to confidently analyze and optimize your company’s supply chain operations. With this certificate, learners will be able to:

  • Understand what data is vital for supply chain analytics.
  • Collect and clean data for analysis
  • Perform statistical analyses on the data
  • Interpret results and make recommendations.
  • Communicate results to stakeholders

A supply chain analytics certification can be a great way to take your career to the next level. It will show companies that you have the required skills and knowledge to improve their supply chain operations. 

How to get started with a supply chain analytics certification?

If you’re interested in getting a supply chain analytics certification, there are a few things you need to do first:

  • Choose the right program: There are many different supply chain analytics programs. Make sure you choose one that is reputable and offers the courses you’re interested in.
  • Complete the required courses: Most programs require you to complete several studies before receiving your certification. Make sure you meet all the courses necessary to get your certificate.
  • Pass the exam: Once you’ve completed all the required courses, you’ll need to pass an exam to receive your certification. Make sure you study for the exam to pass it with flying colors.

Discover Certificate Course in Supply Chain Management with Imarticus Learning

The supply chain certification provides cutting-edge expertise to those interested in entering the operations or supply chain analytics course. This supply chain analytics course will teach students for jobs such as Demand Planner, Data Scientist, and Supply Planner.

Course Benefits For Learners:

  • We immerse students in in-demand technologies and projects, including six real-world projects that will give them a complete grasp of the industry to prepare them for a satisfying future in Supply Chain Management and Analytics.
  • Students who complete a supply chain management online course will prepare for competitive careers such as Demand Planner or Data Scientist, which are in great demand among companies today!
  • This supply chain management career will help students become more data-centric and improve Supply Chain decision-making by harnessing the power of Python.

Supply Chain Planning: Blockchain to the rescue

Posted on by Imarticus Learning

New technologies are showing optimistic prospects for advancement across the supply chain planning. Blockchain can improve supply chain traceability and transparency while reducing administrative expenses. Corporates are realizing that blockchain-driven innovations in the supply chain, have the potential to offer immense business value as they reduce risk, increase transparency, and improve the efficiency of the overall supply chain management. 

With the increasing popularity of blockchain, startups, as well as large-scale corporations, are experimenting with this technology in different sectors apart from financial services. Imarticus Learning has come up with a Supply Chain Analytics course that will help young professionals to build a supply chain management career and learn about the operations and supply chain industry from the industry leaders and the experienced faculties of DoMS and E-learning Centre, IIT Roorkee. This article will give you a cursory understanding of blockchain and its benefits in supply chain planning. 

What is blockchain?

Blockchain is a kind of shared database, but it is fundamentally different from a typical database in its method of storing information. While a traditional database usually reserves its data into tables, blockchains store data in blocks and connect them via cryptography. It enters fresh data into a new block and chains it onto the previous block after it gets filled. As a result, the data gets linked together in chronological order with blockchain technology.

You can use blockchain to store various types of information, but its primary use has been a ledger for financial transactions till now. The most famous example of this is Bitcoin, where blockchain has been used in a decentralized manner. As a result, all users collectively keep control instead of any individual or particular group retaining control over it. Also, decentralized blockchains are inflexible, and hence the data entered cannot be reversed in any way. This is why all transactions in Bitcoin are perpetually recorded and can be viewed by everyone. 

Benefits of using blockchain in supply chain planning

Companies can use blockchain to effectively manage the supply chain by recording relevant information, such as time, date, price, quality, location, etc. The availability of these details within the blockchain has the potential to lower losses from the counterfeit and grey market, improve compliance over outsourced contract manufacturing and visibility, increase traceability of the material supply chain, and enhance the user’s prowess in responsible manufacturing.

Some of the main benefits of using blockchain in supply chain planning are:

  • Manage an international business spread across multiple countries
  • Track the day to day working of third-party agents
  • Follow the mechanics of the supply chain through its several stages
  • Execute supply chain contracts by self
  • Organize and enforce any form of agreement
  • Run the regulation of cold chain management without the help of any third party 
  • Ensure the whole process is more secure and transparent
  • Solve auditing problem and information sprawl
  • Track whether there is mishandling or damage to any product
  • Solve customer dissatisfaction swiftly in an organized manner

Conclusion

Multiple corporations are already experimenting with blockchain innovations to accomplish their needs. Monegraph utilizes blockchain to secure the usage and sharing privileges of digital media and to share revenue with distributors, publishers, and media creators. Provenance has recently conducted a six-month pilot using blockchain to track responsible sourcing of tuna in Indonesia.

Skuchain constructs blockchain-based B2B trade and supply chain finance products that target the $18 trillion global trade finance market involving banks, buyers, logistics providers, customs, sellers, and other relevant third parties. Imarticus Learning’s Supply chain management course will help you build a career in this prospective and lucrative field. 

How to succeed in your supply chain management and analytics job search

Posted on by Imarticus Learning

Introduction

The field of supply chain management is exploding. Several new technologies are coming into the space, making it a very lucrative industry. From e-commerce companies to manufacturing companies, all of them use supply chain planning and management. If you want to make a successful career in supply chain management, you can take a supply chain management course with analytics and make yourself ready for the industry. 

There are hundreds of opportunities in the supply chain management area. You can either become a supply chain analyst or a manager in the area based on your experience. Let’s check out how you can make a career in supply chain management.

Making a Career in Supply Chain Management

If you are willing to succeed in supply chain management, you will have to brace yourself for an incredibly high-paced environment. You’ll have to figure out how to save money on inventory and shipping. However, you must prioritize customer service in everything you do. You’ll also have to deal with rising manufacturing costs and monitor the entire process. To summarise, to get the supply management career of your dreams, you’ll need a diverse set of talents.

Understand the career paths

The tasks of supply chain management are numerous. It all depends on the particular career route you choose. You must take some time and do your study to find a course that you can stick with. You can go for a supply chain analytics course training to make yourself aware of the job.

You can also work as a supply chain analyst, which entails tracking and analyzing a portion of the supply chain. You’ll also need to concentrate on process streamlining and ongoing improvement. Working as a buying manager, you’d be in charge of supplier interactions and contract negotiations. You could also work as a Demand Planner, Supply Planner, Transportation Analyst, or Inventory Specialist.

Highlight your skills on your resume

You’ll need to demonstrate softer qualities in addition to your great data analysis and financial prowess. Update your resume to reflect a commitment to effective communication. Include anything that has to do with relationship management and bargaining.

You should also demonstrate that you pay close attention to details. This is crucial because you’ll almost certainly have to undertake site audits. You can also compare and contrast various modes of transportation. To kickstart your supply chain management career, you may need to develop some of these talents. Look through internet job postings and recruitment websites to learn more about these changes.

Compensate for your lack of experience

It will be challenging to transition directly from a logistics course or a profession in a related field to supply chain management. Still, there are methods to compensate for the lack of experience. Internships are one way to get into a supply chain management field that requires prior experience, but they’re generally out of reach for experienced professionals wishing to change careers.

Training and certificate courses, which involve a minimal time commitment and provide a résumé, are an alternate kind of education offered.

Conclusion

We at Imarticus are known for our supply chain management courses. Several SCM courses will help you crack the industry code and then perform well in the industry. We also offer a Professional Certification in Supply Chain Management and Analytics by IIT Roorkee.

This course highlights everything that is there to know about supply chain management, and it also covers the application of analytics in the course. You can take up this course if you are interested in having a career in supply chain management. You will also get a certificate on the completion of the course, which you can showcase in front of the recruiters. It’s time to enroll in the course!

Best practices to set up safety stock targets in supply chain management and analytics

Posted on by Imarticus Learning

In the modern era, technology has been an indispensable part of our lives. And the fact remains constant for various industries including the field of supply chain management. With cloud computing, big data, and other forms of advanced analytics, businesses are becoming more efficient than before with their supply chains. But what exactly does this mean? 

Supply chain management is a management process that focuses on the smooth flow of information, materials, and services to meet customer demand. It is a complex process that requires the coordination of many different players, from suppliers to distributors and customers.

Now that we’ve discussed supply chain management, it’s time to learn about safety stock. Safety stocks are a component of supply chain management aimed at preventing stockouts. 

The term “stockout” refers to a situation in which a firm has run out of inventory, leaving clients without a product or service. This can be quite harmful to businesses because it could result in lost revenue and customer satisfaction. Therefore, it is clear that Safety stock targets are one of the most important aspects of supply chain management.

Essential elements of setting up safety stock goals in supply chain management and analytics:

  1. Using advanced analytics can help ensure that your company will never run out of inventory and prevent the loss in revenue that comes with a stockout. Analytics can also help you to avoid overstock, which occurs when a company has more inventory than they need. Apart from this, Advanced analytics can help you to determine the optimal amount of inventory that should be kept in a warehouse.

  2. In order to ensure your business is using safety stocks effectively, it’s important that all stakeholders work together from the beginning stages of an operation plan. This will allow companies to make decisions based on accurate data and demand forecasts for their products.

  3. It is also important to take into consideration the various planning horizons when setting up safety stock targets. For example, if your plan has a long-term horizon (more than one year), you will want to make sure that the inventory accounts for fluctuations in demand over time, however, if your supply chain management strategy focuses on short-term goals. You might want to have a more streamlined strategy that focuses primarily on current demand.

  4. You may also enroll in a supply chain management course to learn more about the subject and how it might assist your organization to operate successfully.

Explore SCM with Imarticus Learning:

Imarticus learning offers you a Supply chain management course with analytics that will provide you with the skills and knowledge to understand supply chain planning, management, and optimization. You will get to learn about the modern supply chain management concepts and how to apply them in your specific business environment.

This course contains numerous case studies which will help you understand exactly how these issues are handled by professionals working in Supply Chain Management across various industry sectors. Also, this course will take your Supply chain management career to the next level. 

Course USP’s:

  • Real SCM projects and case studies.
  • Industry expert faculty will help you apply SCM concepts in your organization.
  • Exclusive Videos and Podcasts by industry leaders to take your career ahead.
  • Offers you a certification from one of the most renowned supply chain management training institutes.

Should we reconcile forecasts to align supply chain management and analytics?

Posted on by Imarticus Learning

One of the biggest perks of analytics in supply chain management is its utilisation of the demand forecast. Managers at different levels of the supply chain may be using it for different purposes. The common factor is that they all use the data for making some sort of decision.

One could say that the supply chain management career will require you to make a lot of decisions based on the various data available at any given time. Decisions of different levels may be based on the same set of data or entirely different ones as well. 

One must think about whether or not to align multiple levels using the forecasts. So the question here is, will it be wise to use a unified forecast across all levels?

Unified forecast in Supply Chain Management (SCM)

The technological advancements have made it easier to unify the various sections or levels in the SCM and send a common forecast for all. But, it is the only easy path here as there are more challenges ahead for such a decision to be successful. The main challenges here are, 

  • Efficiency: It is going to be a tedious process to repeat the same process every month for the specified period.  
  • Optimality: The optimal model that is successful for one product or material may not be at the same level for another product, even for the same company. 
  • Alignment: Aligning the forecast and aligning the performance may not be the same. Even with a unified forecast, the outcome of different departments may be different so it is not advisable to take such a move. 

So, the answer to the question is, it is not advisable to align the forecast in a supply chain system. But what you can do is to provide the data in a single platform where it is accessible for all levels. This way a lot of fragmentation could be prevented. This is where a skilled supply chain manager comes into play. 

Importance of Supply Chain Management & Analytics

These days businesses rely on data to come with better plans for their future. The supply chain uses the massive data generated through its operations on a daily basis. The SCM system and analytics can use this data to predict future trends so that the companies can optimize their production or increase their sales. 

Opting for a supply chain management course with analytics will give you a clear idea about the various processes involved in these operations. The designing of the distribution network, planning, and coordination, etc are some of the topics that are included in such courses. 

The Professional certification in Supply Chain Management & Analytics course here at Imarticus is in collaboration with IIT Roorkee. The course offers live sessions, discussions, assignments, assessments, and a capstone project that will award a certificate after successful completion. You will receive career support with the guidance of experts. The career options ahead include the Supply Planning Analyst, Procurement Specialist, Supply And Operations Planner, Quality Assurance Manager, Logistics Manager, etc. 

Conclusion

Completing a course in SCM will enable you to see and make appropriate decisions based on the analytics. A smart manager will be able to run the show for any given period and will be able to adjust the decisions at crucial points, without compromising the competitive advantage. It is all about balancing the supply and demand so that neither of these is above or below the other. 

Develop the skills to become a supply chain analyst

Posted on by Imarticus Learning

Supply chain analysts are a key part of any business hoping to reach excellence in their operations. They develop efficient logistical methods by analyzing and supervising all the processes related to the supply chain management of a company.

Be it demand, cost, transportation, or even productivity, they have their thumbs into everything. This is why supply chain analysts are very high in demand. And, it needs specific requirements or eligibility to become supply chain analysts. In fact, if studies are to be believed the positions are only going to grow in numbers in the coming year. 

Considering this, it is the perfect time to do a course in supply chain management if you are looking for potential career scopes. There are lots of institutes in India that offer comprehensive courses in this domain. And, Imarticus Learnings has a cover-all, supply chain management course that will help you to learn all the desired skills you need to ace your career. You will also get excellent exposure which will put you in a league of your own.

Now, let us take a look at what this job entails and the skills that are required for a career as a supply chain analyst. 

Supply Chain Analyst: Job Description, Estimated Salary, and Prospects

The job market is supposed to grow about 5%, opening about 8,400 job opportunities across the United States. On a global scale, this number increases a lot more. As a starting salary, people can expect about $45,800. With years of experience, it can grow up to about $116,600 and the average annual salary stands at about $74,400.

As we stated before, this profile of supply chain analysts is high in demand and demanding as well. There are lots of things you need to do to fit into the job description. However, there are three major things that you need to be able to do. And, these are as follows:

 

  • Data analysis: Your job is to look for where the inefficiencies in the chain system lie and address them proficiently. The underperforming areas can be anything including productivity issues, changes in demands, delivery issues, weather problems, and so on. You need to be capable enough to find quick solutions for these problems. A lot of experts use professional tools like relational database management systems to analyze data in a faster and smoother way.

 

 

  • Improvement suggestions: This is one of the most important aspects of the job. After recognizing and addressing the concerns, you also need to put in suggestions that will help improve the plans and the system as a whole. During monthly sales and operations meetings, you will need to offer suggestions to the executives for a smoother experience all around.

 

 

  • Collaborate with different units: You will need to interact with employees across different units to come up with a plan that works for everyone. Based on the plan, the interactions then pan out to the vendors and even customers to negotiate proper deals and address their concerns. 

 

Skills you Need to Ace

Here is a list of skills that enhances your eligibility to become a supply chain analyst. 

  • Mathematical analytics
  • Analyzing big data samples quickly
  • Inventory management
  • Making educated predictions and plans
  • IT skills
  • Interpersonal connection skills

This is a tremendous career option for people who are looking for stable careers. Check out Imarticus Learnings’  supply chain management course by IIT Roorkee to gear up for your career as a supply chain analyst.

How to start a supply chain management and analytics career after college

Posted on by Imarticus Learning

An efficient supply chain management system is an asset to any business. It can completely transform a business by eliminating latencies and speeding up the delivery process. It also saves time and money for the customers. 

The key areas of Supply Chain Management are operations, and finances, which requires thorough knowledge. A Supply Chain Management (SCM) Analyst can go through the data to create predictions regarding customer demand in the future, thus creating a career in this field. If you are thinking along the lines of, how do I become an SCM analyst, we have the process explained to you. 

What is Supply Chain Management?

Supply Chain Management is the internal system of business companies that manage the flow of goods. The processes start from the raw material until it reaches the consumers as the final product. The SCM covers the major phases of planning and execution, such as production, development of the product or services, their marketing, the various operations involved in it, distribution of the materials and products, managing the finance of all the processes involved, and customer service. 

The Supply Chain Management system, which is now digital almost everywhere, generates a huge amount of data. The career as a Supply Chain Analyst is in-demand, as SCM requires analysis of performance or the system, identifying problems and finding solutions, and then developing a successful formula or ideas to improve the business.  

How do I become an SCM analyst?

To start a career in supply chain management and analyst career right out of college, one must enroll for a quality certificate course in Supply Chain Management that provides the basic qualification. Some of the careers in SCM analysis include Supply Planning Analyst, Supply and Operations Planner, Logistics Manager, Quality Assurance Manager, etc. 

The Professional Certification In Supply Chain Management & Analytics is a wonderful option as the course is approved by IIT Roorkee with a hands-on process for learning. It enables you to start a career as a Supply Chain Analyst with an attractive salary. It also provides quality mentoring during the course and beyond. 

Apart from qualifying, one must also develop analytical skills, mathematical skills, interpersonal skills, etc to excel in this career. Having 1-2 years of experience with a Master’s Degree can be highly boosting. It is a challenging career but at the same time highly rewarding to stay at the center of a business. Those who love this career often find it exciting. 

Since SCM requires some experience to have a stronger career, enrolling in courses that can provide placement assistance is key. 

Conclusion

If you are a strategic thinker, the dynamic industry of SCM is most suitable for you. It also comes with an attractive salary range which goes higher as you move higher in this career. A career in SCM can be more than the storage and shipping of goods. It is more about data management that helps find quick solutions to the problems. 

SCM requires a broader knowledge in all the fields related to this system. While it mainly concerns goods management, it also involves people management so having key personal skills are important. 

As attractive as the career looks, it can be pressurizing. So it is important to have an experienced mentor to polish those skills and learn how to face the challenges. A good certificate course in Supply Chain Management will have such facilities. Most importantly, a career in SCM will provide multiple options from a beginner to advanced levels in the supply chain system. 

5 Reasons Why Supply Chain Snags Affect Global Economic Growth

Posted on by Imarticus Learning

The global economy depends on supply chains that have networks running across continents. This is why any issue with the supply chain can directly affect economic growth. If you learn SCM, you will notice that most of the time, supply chain snags occur due to issues with the management. Now, you can ensure that they have a positive impact on economic growth. To do this, you will have to opt for a supply chain management course. 

How Can Supply Chain Snags Affect the Global Economy?

Since supply chains are vital for most businesses, any management issue can harm economic growth. Those who opt for a supply chain management career need to be aware of the snags that can affect the global economy. 

 

  • Fluctuations in Customer Demand

 

Supply chains often depend on the demands of the customers. But due to various external factors, these demands can fall. When this happens, excess products go to waste. However, at times, customer demands can increase rapidly. If supply chains are not optimized enough to handle such a spike, there will be utter chaos. This can lead to limited products, improper pricing, and issues with the delivery of goods. If global supply chains are unable to meet demands, the economy is bound to suffer. 

 

  • Shortage of Workforce

 

While you can optimize several aspects of the supply chain, a human workforce is necessary. A shortage of workforce means less production or a slow-moving supply chain. If the supply chain gets held up due to inevitable glitches, many might quit due to extended periods of no work. When the supply chain starts working again, there will be an inadequate workforce to handle the pressure. This snag can adversely affect economic growth, particularly when production slows down or the delivery of goods stops. 

 

  • Increase of Freight Rates

 

Since supply chains are closely related to the global economy, snags may increase freight charges. If shipping routes, particularly for global supply chains, are disrupted, the freight rates will increase rapidly. When businesses cannot pay the costs, that particular link in the supply chain will stop functioning.  

 

  • A Slowdown of Industrial Activity

 

A snag in a supply chain can slow down activity in an entire industry. If one part of the supply chain does not move forward, the rest cannot follow. The economy will suffer as vast quantities of raw material go to waste, and the labour force reduces due to certain issues with managing a specific supply chain. 

 

  • Bottlenecks in Manufacturing and Production

 

Supply chain bottlenecks can occur anytime, primarily if the supply chain is not being appropriately managed. If there is a supply bottleneck, then manufacturing will be affected. While this affects the availability of products, it can also affect the earnings of those involved in the production stages. 

To understand how an aspect of the global economy is dependent on supply chains, you need to gain extensive knowledge. Learning supply chain planning can help you build the required skills. 

Supply Chain Management for Sustained Economic Growth

Supply chains, when appropriately managed, can contribute to economic growth and even maintain it. To learn about sustainable supply chains, you can opt for a supply chain management course. Imarticus Learning offers Professional Certification in Supply Chain Management and Analytics. This program is in collaboration with IIT Roorkee, DoMs, and E-Learning Centre.

The institute also has various industry experts collaborating to create a well-rounded curriculum. Imarticus Learning ensures that students can understand supply chain management from a strategic and operational viewpoint. This will help you establish a rewarding supply chain management career. 

The course offered by Imarticus Learning includes supply chain planning and prepares you for the industry through six projects. These are all based on real situations, and you can develop the experience necessary to become a successful supply chain manager. You can also opt for a job in data science, demand planning, or supply and operations planning.