Supply chain management | A handy guide for you!

An introduction to supply chain management

From the coffee table on which you keep your newspapers to your cell phone, almost everything around has been made from scratch through a combination of raw materials and hard work. In layman’s terms, this is what you refer to as logistics and supply chain management. This field has been on the rise in this fast-paced, globalized world for quite some time now. Read on to get an insight about the same.

What is supply chain management?

Supply chain management is defined as monitoring the production of goods and services, right from the raw materials to the final product. All in all, its objectives include maximizing efficiency and quality while meeting customer needs during the process.

Understanding its process

If you wish to study in this field, there are five basic tenets of the process which you should be aware of –

Supply chain management processes	How do the processes work?
Planning	Firstly, you have to chalk out an effective plan of action to fathom the customer’s demand for the said product or service.
Sourcing	After a plan is put into place, you need to build trusted relationships with providers and suppliers for the required raw materials.
Manufacturing	In this step, you have to organize the acquired resources, production of the product, and delivery schedules.
Delivery and logistics	Once your product is ready to go, this step is when they are sent out for deliveries in a systematic manner.
Returning	Not all units will survive the journey. While some can be defective, some may suffer issues. Hence, ensuring a smooth process of taking back these pieces is quintessential.

Who is a supply chain manager?

Now that you know what is chain management, let’s see who is a supply chain manager.

A supply chain manager organizes, coordinates, and monitors all the activities involved in the chain management process. In addition to this, they have to ensure the proper acquisition, production, and distribution of the organization’s goods and services. 

Responsibilities of a supply chain manager

As has been noted, it takes a disciplined and meticulous person to take up such a role. Primary responsibilities of a supply chain manager include –

• There is no stark difference between logistics and chain management. 
• The onus falls on the supply chain manager alone to ensure both work in tandem. 
• Additionally, the manager supervises the entry of raw materials and the making of the product.
• In addition to this, they are also responsible for breaking some fresh grounds. 
• Supply chain managers are also responsible for coming up with more modern methods to make the process smoother and more profitable.

What skills should a supply chain manager have?

A supply chain manager should have the following skills if they want to make it into this business:

• Budgetary and inventory management.
• Good communication skills.
• Ability to lead from the front.
• A firm grasp of the law.
• An understanding of the market and its forces.
• Iron-clad ethics.

Subjects to learn

There are numerous chain management courses across the world. As you read, a new one might be sprouting somewhere on the globe; such is the stream’s popularity. However, the journey to becoming a good supply chain manager will take some determination. 

It will be challenging to narrow down the vastness of the course, but here are some common subjects that you have to study –

• Managerial Economics
• International Marketing
• Consumer Behavioral patterns
• Distribution Management and E-Commerce
• Finance and Accounting
• Purchasing

However, these subjects may differ from college to college. Nevertheless, you will undoubtedly find yourself in a web of new topics that are key to your development as a student in supply chain management.

Top universities for supply chain management

If you want to make your career in logistics and chain management, you have to enroll yourself in a proper degree in a reputed institution.

The following are some of the top universities and colleges abroad that offer an SCM degree –

• MIT‘s Center for Transportation and Logistics
• Michigan Ross University
• WU Vienna University of Economics and Business
• Rotterdam School of Management
• Alliance Manchester Business School
• Eaton Business School
• London School of Business and Research
• Purdue University
• Antwerp Management School

Additionally, some colleges mentioned above offer an M.Sc in the subject, while others have an MBA in logistics and supply chain management.

Eligibility criteria for pursuing a supply chain management course

Each institute has its own set of application requirements; however, there are some standard eligibility criteria that you have to meet –

• GRE or GMAT scores
• Proficiency in English Language (TOEFL or IELTS)
• CV or Updated Resume
• Letter(s) of Recommendation
• Transcripts from an educational institution
• Statement of Purpose

Cost to get a supply chain management degree

The cost of getting an MBA in chain management is bound to vary from country to country.

While a Bachelor’s degree may amount to anywhere between $35,000 to $120,000, an MBA can cost $15,000-$50,000.

Moreover, most colleges offer financial aid and scholarships; you can also work a part-time job to fund the same.

*The figures mentioned above are approximate, and they do not include additional costs like housing, course materials, etc.*

Careers in this field

Just because you have a master’s in supply chain management doesn’t mean you have to restrict yourself to only being a supply chain manager. There are several other avenues one can go into with this degree.

However, some of the standard chain management jobs include 

• Operations manager
• Logistics analyst
• Storage and Distribution Manager, and so on. 

Salary in this field

• The field is so demanding that you will get a respectable position with your qualifications.
• All in all, the average supply chain management salary may range between $50,000 and $110,000.
• Hence, it is safe to say that locking a job in this field can be financially stable.

Summarizing the blog

• In conclusion, this article sums up everything that you should know about supply chain management.
• We have covered all the essential points, right from the definition of the term to the job prospects
• It should help you make the best decision for you and your career.
• If you are still not sure, then worry not! Our experts will clear all your doubts. 

Get in touch with us today!

Liked this blog? Then read Top 10 MBA programs in the USA!

FAQs

Question 1: Are the logistics and chain management courses worth doing?

Answer: Yes, these courses can hold a high value, especially if you are looking for roles in this field.

Question 2: Is the field of supply chain management in high demand?

Answer: The importance of chain management has risen substantially over the years. Some of the main reasons behind this are job satisfaction and opportunities for growth.

Question 3: What are some of the best logistics and chain management books?

Answer: Operations Management (Prof. Nigel Slack and others), Logistics and Supply Chain Management (Financial Times Series) (Prof. Martin Christopher), and Global Logistics and Supply Chain Management (John Mangan, Chandra Lalwani, and others) are some of the best books on the subject.