Navigating challenges and seizing opportunities in today's SCM industry
Supply chain management (SCM) involves all the activities that a company performs to make its products available to consumers. This involves processes from procuring raw materials to delivering finished goods. At present, SCM is a promising industry that provides career growth opportunities in various sectors. Along with listing the top 5 supply chain analytics courses, this article will also discuss the challenges and opportunities in the SCM industry today.
Challenges of the growing SCM industry
Consumers in today's world expect faster deliveries without any delays. However, when it comes to the supply chain, time delays are bound to happen. Various factors involved in the supply chain make it tricky to predict delays. These include longer delivery distances, modes of transportation and sourcing overseas products. There can also be delays due to inefficiencies in manufacturing and production processes. These delays can be due to human errors, a lack of standardised processes or the inability to adapt to changing demands.
Digitisation of the supply chain is an important step to drive growth in the industry. However, what makes it challenging is the implementation of technologies in an effective and efficient manner. Access to the supply chain data is crucial in managing the supply chain efficiently. Since global supply chains have a large number of data points, data management can become difficult. This will, in turn, create challenges in demand forecasting.
Opportunities of the growing SCM industry
The technological advancements in the supply chain are facilitating a shift to a digital and more connected supply chain. Supply chain management technology allows businesses to adapt to changes in the industry. This includes changes in manufacturing or distribution, changes in market demand or any other changes that affect the value chain.
Today, supply chain visibility technology helps in identifying the root causes of shipment failures. This information will come in handy in better decision-making for inventory management. Then, there is risk management software that provides real-time monitoring and data analytics services. These technological innovations will help in reacting to adverse situations quickly. Better, it will identify potential risks and prevent them from occurring.
All these developments call for the need for experienced and skilled professionals in SCM. One of the significant sectors of SCM that is in need of a talented workforce is forecasting. This area involves supply chain analysts who use data analytics and logical thinking to manage supply chain processes. As a supply chain analyst, your job is to analyse supply chain data and draw insights that are valuable for business growth. Your focus should be on improving the SCM processes. It involves identifying prospective problems and finding their solutions.
Top 5 supply chain analytics courses of 2023
Executive Programme in Supply Chain Management and Analytics, IIT Delhi
This programme is designed for those who are looking for a job in logistics and SCM. It will provide in-depth knowledge about supply chain management and analytics. This programme covers multi-criteria decision analysis techniques such as TOPSIS, DEA, AHP and regression models. The course will give you hands-on experience in real-world problems through case-based training.
Duration: 6 months
Fees: Rs.1,18,000
Supply Chain Analytics at MIT Cambridge
This supply chain analytics course provides information about the various tools and practices used to better analyse supply chains. The curriculum designed by MIT experts promotes practical learning. While it gives in-depth knowledge about various concepts in analytics, it also teaches their practical applications.
Duration: 15 weeks
Fees: Free
Demand and Supply Analytics at Columbia University, New York
The course aims to provide an understanding of data usage. It will equip you with the capabilities required for predicting issues in SCM. Candidates will be prepared to handle adverse situations and make better decisions. You will learn how to overcome operational challenges by making use of statistical tools.
Duration: 12 weeks
Fees: Free
RA: Data Science and Supply chain analytics (A-Z with R), Udemy
This programme is ideal for people who wish to become supply chain data scientists. The course combines data science and supply chain knowledge. It provides 38 hours of detailed video content on topics such as forecasting, inventory management, revenue management etc. Projects and assignments are also given to make sure the candidates gain practical knowledge.
Fees: Rs.3,499
Professional Certification in Supply Chain Management and Analytics, Imarticus Learning
In collaboration with IIT Roorkee, Imarticus Learning has designed a supply chain analytics course that will prepare you to make data-driven and strategic decisions at different levels of SCM. The course provides the latest theoretical and practical knowledge to excel in the supply chain analytics field. It covers different approaches that can be adopted to improve performances in different areas of the supply chain such as operations planning, distribution, sales etc. You will also learn to manage uncertainties and tackle real-world industry problems.
Duration: 6 months
Fees: Rs.1,60,000 + GST
Final words
There is a rise in demand for skilled professionals to work in the analytics area of SCM. If you want to secure a job in this sector today, taking a supply chain analytics course is essential. Getting a certification from a reputed institution will improve your chances of receiving job opportunities with a good compensation package. If you wish to join the course, visit Imarticus Learning now.
