If you have an advanced degree in Business Administration, you have probably realized that there are more business opportunities and career paths available that you hadn’t been aware of in the past. One of these such paths is Supply Chain Management (SCM).
SCM explained simply is the management of the flow of goods from the point of origin to the point of consumption. It may sound simple enough, but there are many tasks and processes involved with SCM. Allocation of production, inventory, location, and transportation in the supply chain, as well as analyzing these actions to achieve the best combination of responsiveness and efficiency are among the duties involved in a proper SCM.
There are five different factors that help an SCM run smoothly.
- Planning,
- source (suppliers, pricing, delivery, and payment),
- accurate scheduling of production activities,
- managing orders,
- and creating a supporting network are the backbone of any profitable SCM.
If you have these five things then your business will be able to thrive.
With the internet and mobile devices being at your fingertips, it is easy to keep track of and manage business data. Some of the tools of the trade include electronic data interchange (EDI) to manage business documents, barcode and point-of-sale (POS) digital data to instantaneously record sales, and the Supply Chain Operations Reference (SCOR) framework, which is a basic model for all SCM.
If you decide that being a supply chain professional is your calling, there are a variety of different areas of expertise in which you could work. Global operations are becoming more complicated, so companies are rushing to hire people with supply chain knowledge. Some of the areas of work include purchasing, logistics, product development, quality management, inventory control, operations, and supplier relationship management. By 2018, the supply chain business is looking to hire about 1.4 million jobs or roughly 270,000 jobs per year, so there is a lot of opportunity in this field.
Created by Norwich University’s Master of Business Administration online program, the infographic below goes into detail about the many aspects of SCM. Not only does it describe the basics in detail, but it also talks about companies that have seen a rapid rise in the area of supply chain management positions. It also shows you different SCM jobs and their average annual salary, so you can make a better decision on which career path is right for you.
Infographic Source: Norwich University Online
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