In the fast-moving business environment of today, the requirement for skilled Supply Chain Management professionals is at an all-time high. A report by Supply Chain Management Market Size shows that, in 2023, the global SCM market value stood at USD 23.58 billion. It is expected to reach from USD 26.25 billion in 2024 to an outstanding value of USD 63.77 billion by 2032, growing at a CAGR of 11.7% during this period. Growing at this pace, the importance of undertaking a Free Supply Chain Management Course is a significant way to acquire the required knowledge and abilities that can help an individual shine in this line of work.
The Significance of Supply Chain Management
SCM has very vital functions to play in the success of businesses in many industries. Supply Chain Management primarily deals with the flow of products, information, and finance starting from the suppliers down to the consumers. It ensures timely delivery of products at minimum costs while customer satisfaction is maximized.
How Does Supply Chain Management Operate
Supply Chain Management involves coordination and collaboration. It brings under one umbrella activities such as procurement, production, logistics, and distribution. In that way, the integration of the various segments adds value to the business by reducing waste and enhancing efficiency. Anyone who wants to pursue a career in SCM should know how SCM works.
The Five Key Stages of Supply Chain Management
To grasp the complexities of SCM, it’s essential to understand its five key stages, which ensure a smooth flow of products from origin to consumer:
Planning: This initial stage is used for demand forecasting, strategy development, and determination of the utilization of available resources. Good planning helps to keep demand and supply in balance for any organization, thereby reducing costs and maximizing efficiency.
Sourcing: In this stage, an organization selects suppliers to deliver the various materials. It includes negotiating contracts with suppliers, developing relationships, and assuring quality of supply.
Manufacturing: This stage involves the transformation of the raw materials into finished products through sourcing materials. This includes production scheduling, quality control, and making sure that the manufacturing process aligns with demand forecasts.
Logistics: This includes transportation and storage. The management of goods from the end of manufacturers, through warehouses to the final consumers characterizes these activities. Efficient logistics are a must for reducing costs and delivery times.
Returns Management: This stage considers the process of returns handling. Effective returns management is crucial in realizing customer satisfaction while ensuring minimum loss. It will thus involve establishing the reasons for returns and forming strategies to improve the experience.
Explore UniAthena’s Free Supply Chain Management Course
This Online Free Learning course will enhance your knowledge of the fundamentals of SCM, such as how to strategically align with organizational objectives for greater efficiency and effectiveness. Besides, you will also learn the use of information technology in SCM and ERP systems in smoothing operations and also gain insights into Logistics and Procurement Management.
In this course, you will learn about various modes of transportation and distribution channels involved in logistics, including many challenges faced within this dynamic field. This self-paced program makes this 1–2 week learning course fit easily into your schedule, with the added benefit of a Blockchain-verified certification. Enroll in this Supply Chain Management Course today and take an ideal step forward in your career in this booming industry.