By Parikshit Markanday, Chief Business Officer – Employability Programs, Times Professional Learning

Supply Chain Management is changing rapidly and requires skilled managers to keep up with the transformation. Professionals can pursue an executive education programme to boost their career growth while also upskilling themselves to stay relevant to industry trends.

Supply Chain Management (SCM) is an essential aspect of business operations, often acting as the backbone of an organisation. Supply chain management remains crucial because of rapid digitalisation prevalent across sectors and pandemic led changes. The pandemic fundamentally disrupted supply chains as the delivery time increased and organisations had to make bold digital pivots overnight. As per a Mckinsey survey, 93 per cent of companies aimed to create more resilient and agile supply chains involving reorganising and incorporating new mechanisms. The same study also points out that 90 per cent of respondents opined that they wanted to increase digital advancement in supply chain management through either reskilling or new hires.

The impact of Industry 4.0 on SCM is massive as up to 30 per cent fewer transport and warehousing costs and an 80 per cent reduction in administration costs are estimated. Supply chain management is undergoing colossal changes to adapt to the current demands and hence is an ideal time to pursue it. There is a growing demand for highly skilled managers, making for a lucrative career option. A supply chain manager in India earns about Rs. 13 lakhs per annum in India.

Fig- Why Pursue a Career in Supply Chain Management

IoT and AI are transforming the SCM industry

The digital revolution has considerably impacted the supply chain, resulting in increased efficiency leading to significant profits. The Internet of Things (IoT) and Artificial Intelligence (AI) are paving the way forward to transform the SCM Industry. Supply chain 4.0 is faster, flexible, granular, and accurate. IoT and AI are slowly changing the face of inventory, manufacturing, and other logistical aspects. The usage of IoT technologies such as asset tracking by third-party logistics services has proven profitable. It has also proven to be transformative for inventory and warehouse management as they use Radio Frequency Identification (RFID) tags help in efficient tracking. Similarly, AI will enable better transparency and faster decision making. AI-based solutions such as process optimisation or working with huge volumes of data will help with resilient supply chains.

Professional certifications can boost career growth

Individuals can opt for professional certification in supply chain management, which will help them upskill and facilitate their career growth. Executive education is increasingly becoming popular as it is tailored for mid to senior-level professionals who wish to upskill to match industry trends. As per Linkedin’s Workforce Confidence Index, 64 per cent of Indian professionals are considering upskilling to navigate the tough job market. It is becoming relevant as companies now seek highly skilled individuals over highly qualified ones.

Moreover, supply chain disruptions, especially during the pandemic, exposed the existing problems, and organisations striving towards a leaner and agile supply chain. In that regard, several universities in the country and across the world have enhanced their logistics and supply chain programme to help executives stay on top of industry trends. One such example is IIM Kozhikode’s Executive Postgraduate Certificate in Operations and Supply Chain Management (OSCM). The programme is dynamic, encapsulating contemporary theories and concepts in the field. Students can choose from a wide range of courses which include learnings such as creating lean systems and transformation in OSCM in the digital age. Such courses can help professionals upskill, learn from premier institutes with top-notch faculty and network widely with the diverse cohort.

Future of Supply Chain Industry in India

India’s supply chain industry has a bright future ahead as tremendous growth is anticipated and past disruptions are estimated to settle. India’s logistics sector, which includes supply chain and operations, is expected to expand at a CAG of more than 10 per cent, increasing from $200 billion in 2020 to $320 billion in 2025. Additionally, the Economic Survey suggests that the supply chain disruptions are set to mitigate through the year.

Furthermore, digital transformation is being recorded as the way forward. In a Supply Chain 4.0 world, predictions are being made about ‘smart factories’, which will use high technology like real-time analytics, automation and other such concepts to make the process easier and the outcomes more profitable. The future will also lead to real-time control and transparency which will be beneficial in tracking performance. Moreover, the usage of RFID tags is a good measure as it is helpful in all sectors. Integrating AI and IoT will be the way forward for companies which will help them carry out tasks efficiently and maximize potential. However, the dearth of skilled managers who can work in tandem with technology, will increase in the future.