Top 6 Benefits of Supply Chain Management: You Need to Know

Supply chain management is the process that includes the production of any product, from taking its raw material to giving the new shape according to the client’s needs, what they want, how they want, and when they want. Apart from this, supply chain management requires a systematic process to accomplish the task of becoming an expert in the business industry because business is all about the customer’s feedback. Hence, to satisfy the customer and stand on their expectations is all that a business desires.

The main goal is to modify efficiency, quality, productivity, and customer satisfaction. It can only be done if you are certified in MBA in logistics and supply chain management.

Have you wondered about your surroundings? Every minor and major thing you will see that there would nothing be without a supply chain. If we look into the static image, the SCM market size was valued at approximately $16.64 billion in 2023 and is projected to grow at a CAGR of 11.7% from 2024 to 2030. Moreover, the majority of companies are running based on supply chain management, and to be a master in SCM in this global economy is utmost you all need being a business entrepreneur. The machinery and the system process have evolved which made the SCM more convenient to the companies.

If you ever looked around your surroundings then only you will be amazed that a very tiny thing or object is from SCM. Hence, the quality and productivity of the SCM could boost customer harmony with the company to reach the peak level of success with an MBA in logistics and supply chain management.

To achieve mastery in supply chain management (SCM) and drive spectacular outcomes, it is essential to focus on SCM effectiveness. The supply chain management process is depicted below:

1. Planning

The first and foremost step is to establish and gather the raw material according to the process of SCM to get the top-notch product for the customers, who are the primary source of SCM. Here, the core is planning: where to take the raw material, its quantity, and quality both matter. If the planning is not set up appropriately, then the customer’s need would not be fulfilled. So, to make your product up to the mark, you should do planning.

2. Sourcing

This is the second crucial path to deliver the goods to the customers. It includes receiving, delivering, inventory management, and authorizing the supplier. These aspects should be managed while commencing supply chain management. Also, monitoring the relationship with vendors and customers is key.

3. Manufacturing

Manufacturing is accountable for monitoring, documenting, tracking, and controlling the process of manufacturing the goods. It makes the process easy and clean during the supervision of manufacturing, dealing with the right tools, and ensuring customer satisfaction.

For instance, companies can ask for 3D printing, and the process will go in accordance with that, further divided into sub-tasks like assembly, testing, inspection, or packaging.

4. Delivery and Logistics

This step is about the keen observation of warehouse management and transportation management, which include customer services like payment methods, stock lists, delivering, and dispatching tasks. The returning and recycling policy also comes under this, which is a pivotal part of the process.

5. Returning

This step involves taking back defective products and poor-quality goods from customers. They can return the product if it does not meet the required qualities and standards. The supply chain management does not cease here; it will support and maintain the return and re-dispatching of the goods.

By adopting the supply chain management process across the system, companies can improve productivity and customer feedback to make them constant utilizers. Here are the top 6 benefits of doing an MBA in logistics and supply chain management:

1. SCM aids in lowering the costs
2. Customer satisfaction
3. Better collaboration with suppliers
4. Escalating the risk mitigation
5. Sustainability with consistency in business
6. Transport optimization

Other benefits of supply chain management include: Quality control improvements, stronger cash flow maintenance, more agile business, top-notch feasibility and data analytics, improved customer communication, flexibility to meet changing demands, and revenue growth and profitability.

Shutter.com

Mastering supply chain management requires significant effort to gain the exact knowledge, strategies, and continuous management skills necessary to become an expert in SCM. Looking deeper into business through supply chain management is key to mastering the field.

Some strategies you need to be skilled in:

1. Attain a Strong Educational Background

Get a strong educational foundation with an Online MBA in supply chain management from Dr. D.Y. Patil University. The university offers a curriculum that caters to both theoretical and practical knowledge, including industry-related learning, hands-on experience, a global perspective, and a capstone project. Learn more here.

2. Key Objectives Covered During the Course

Some key features of an MBA in logistics and supply chain management include:

• Supply Chain Strategy & Planning
• Logistics and Distribution Management
• Procurement and Sourcing
• Inventory and Warehouse Management
• Global Supply Chain Management
• Technology in Supply Chain (ERP, AI, IoT)
• Sustainability in Supply Chain
• Operations Research & Analytics
• Risk Management in Supply Chain

3. Duration of the MBA in Supply Chain Management

The 2-year MBA Online program in Logistics & Supply Chain Management consists of 4 semesters. The minimum eligibility requirement is graduation in any stream from a recognized university with the required marks. Learn more here.

4. Supply Chain Management Job Roles or Career

MBA graduates in Logistics and Supply Chain Management are hired for various roles, such as:

Popular recruitment areas for postgraduates include business sustainability, general management, operations management, project management, and entrepreneurship. These fields offer promising job roles in supply chain management with competitive salaries.

Jaro Education provides expert guidance to help you navigate these opportunities. Register with Jaro Education to take a significant step toward achieving your career goals.

In summary, pursuing an Online MBA in Logistics and Supply Chain Management from Dr. D.Y. Patil University represents a strategic step toward achieving a prestigious position in today’s dynamic business landscape. As we look to the future, supply chain management stands poised to emerge as one of the most promising fields, enabling you to excel as a transformative leader adept at meeting and exceeding customer expectations through innovative tools and strategies. With access to comprehensive and cutting-edge insights in supply chain management, you will be well-equipped to drive success and achieve remarkable growth in your career. Seize this opportunity to position yourself as a leader in the evolving landscape of business.