5 Reasons To Consider A Degree In Supply Chain ManagementJune 14, 2022 2022-06-14 9:47
5 Reasons To Consider A Degree In Supply Chain Management
5 Reasons To Consider A Degree In Supply Chain Management
Table of Content:
- The components of the supply chain include:
- 5 Reasons why students should pursue a degree in Supply Chain Management
Supply Chain Management is the systematic and strategic management of products, from raw materials to finished products. SCM helps companies maximize production. SCM is also the technology that manages the right products by delivering them to customers at the right time, place, and at the correct cost. Providing products and services at the right time, in the right place, at the right cost, in the correct quantity, and in quality is central to logistics and supply chain management, retail, perfect order delivery, and customer accessibility. And cost efficiency is an essential competitive priority.
Companies need to monitor these processes closely to meet product quantity and quality requirements most cost-effectively and efficiently. This includes ordering the right amount and type of material, hiring the correct number of team members, and contracting with a trusted vendor.
The components of the supply chain include:
- Logistics: The logistics team manages supply from supplier to consumer and product flow. This includes step-by-step processes related to procurement, manufacturing, and delivery.
- Operations: The operations team works on standard policies and procedures to ensure safety, compliance, and efficiency at all supply chain stages.
- Budget: The supply chain finance components focus on budget management, inventory monitoring, collecting financial data from each supply chain manager, and tracking expenses. (“Supply Chain Policies And Procedures Samples”)
Thus, it is an area with multiple employment opportunities, as every retailer has a supply chain.
5 Reasons why students should pursue a degree in Supply Chain Management
1. Demand is growing
As the worldwide financial system keeps developing and low- and middle-profits international locations hold to trap as much as the high-profit value in terms of consumption, supply chains need to be greater robust, too.
The opportunities in SCM are growing from sourcing to distribution and sales globally. As the demand for raw materials is increasing, warehouse requirements are changing, and overall logistics management is becoming more stringent. This also means that there is a growing demand for highly qualified supply chain professionals.
Currently, there are more opportunities for those who want to engage in the operation of the supply chain. Companies are more and more aware of the impact of talented supply chain professionals on the entire organization and are willing to pay the best talent at market prices.
2. Well-paying Career Sector
Jobs in Supply Chain Management are typically highly rewarding. This sometimes comes as a secret, perhaps because many consider supply chain and logistics management jobs to be fairly functional and unattractive. Whether financial interests are the main motivation for seeking a particular career path or not, supply chain professionals are well rewarded. (“11 reasons to consider a career in supply chain management”) With CPD opportunities and in-house promotions, your role in the supply chain can easily be tied to six numbers for most careers. The average salary of a few of the popular job profiles in SCM are:
|PROFILE||AVERAGE SALARY (in INR)|
|Inventory Manager||1L to 10L PA|
|Logistics Manager||0.2L to 10.5L PA|
|Transport Manager||4L to 26L PA|
|Facilities Manager||5L to 21L PA|
|Supply Chain Specialist||3.5L to 22L PA|
|Distribution Manager||5L to 20L PA|
|Purchasing Manager||4L to 18L PA|
|Quality Manager||3L to 20L PA|
|Capacity Manager||5L to 20L PA|
|Global Commodity Manager||11L to 32L PA|
3. Low barriers to career
Supply Chain management provides workers the opportunity to work in high-paying positions without a graduate degree. While some occupations might require college education or other forms of higher education, most individuals with a bachelor’s degree can find a good opportunity without any barrier.
In many high-paying opportunities, candidates must have a graduate or an industry-specific qualification, but a standard bachelor’s degree can often play a role in the supply chain. Some companies may not even need this. In addition, your employer often provides you with training and additional qualifications that will make you stand out in your work. So they are paying to make you better, as well as rewarding you with promotions and salary increases.
4. Diversity in roles
The supply chain is often considered another industry in itself. While that’s true to some extent, there are differences between working in a particular industry’s supply chain and working within the supply chain.
Supply chains are needed in almost every industry from tech to fashion. Each stage of the product life cycle, from procurement, distribution, and staging to delivery, is part of the supply chain. This list continues and is evolving rapidly with the introduction of new technologies such as blockchain and cloud computing. Your organization relies on you to predict where the market is heading, make sure the right people are in the right place, and parts arrive on time and bounce off quickly when they don’t. While working in SCM one can opt for,
- Inventory Manager
- Logistics Manager
- Transport manager
- Facilities Manager
- Supply Chain Specialist
- Distribution Manager
- Purchasing Manager
- Quality Manager
- Capacity Manager
- Global Commodity Manager
5. Opportunity for Advancement & Travel
Due to the structure of the supply chains, there will be no day same as others. This also applies to simple supply chains, and there is even greater diversity in complex global supply chains. Talking about global supply chains, if you manage a global supply chain, your work may offer you a great opportunity to see the world. Many logistics operations require frequent overseas travel. While these trips are much more focused on work than tourism, they offer many opportunities for those who later want to enter the field of international business.
If you’re a millennial early in your career, you’re probably concerned about how your role can help you succeed in using technology and reach your potential. The good news is that supply chain and logistics management capabilities are becoming more and more technology-driven and the advantage of this development is that while automation plays a role, there is always a need for highly-skilled supply chain management staff.
Working in supply chain management requires such a wide range of skills, it makes you work on your soft skills every day and grow further. This not only enhances opportunities for career development within the company but also makes it a more attractive candidate for recruiters if they decide to work elsewhere.
Many SCM professionals have stayed in this area for decades, and others use the skills they have acquired to switch to other areas. Hence, this field provides individuals with various opportunities to increase their skills and bring development while giving them good opportunities to travel the world.
The bottom line is that new supply chain technologies are constantly emerging. Even if the global supply chain is severely disrupted like during the COVID-19 pandemic, the supply chain can always recover.
Some of the ways supply chains have been rethought in the wake of the COVID19 pandemic include accelerating digital supply chains, focusing on supply chain mapping, and increasing supply chain sustainability.