Degree programs in supply chain management are growing in popularity. Because the business environment is constantly changing, the need for skilled supply chain management professionals grows with it. Take the coronavirus pandemic’s global effect on supply chains as an example. This unexpected, “black swan” event has caused many supply chains to implode often because of over reliance on single suppliers as opposed to having backup options for other suppliers should the first one fail.
As a result, many businesses are now paying much closer attention not only to how effective their supply chains are, but in these times of uncertainty, they are also exploring and implementing secondary and even tertiary options for acquiring the supplies they need to run their operations. This is driving demand for supply chain professionals, and as demand for supply chain talent grows, so does the number of schools offering degrees in this field.
Changing Global Economy
Degrees in supply chain management are growing in popularity for several reasons. The main reason the market for supply chain management professionals is growing is the economy’s changes and new growth. Increased globalization and technological advancements are driving the implementation new supply chain technology across all industries, as businesses around the world look for new ways to enter markets, reduce their costs, and increase productivity. Employers are ever more interested in hiring management professionals who can manage these changes.
Global businesses are experiencing growth, especially in the online world, and this highlights the need for effective supply chain systems and people to manage them. A map of the Chinese Belt and Road Initiative (BRI) is shown in the screenshot below. This is the most ambitious supply chain infrastructure development project in the world. It uses high speed rail and ocean shipping to connect customers and suppliers across the Eurasian continent and Africa and the Middle East. Photo inserts show the scale and location of some of the new rail freight handling facilities.
New Supply Chain Technology
Everything an economy produces and consumes must be distributed by supply chains. As economies grow so too do the supply chains that make them possible. Developments in technology to help facilitate the management of supply chains are also occurring at a rapid pace. These trends call for trained professionals to design, develop and manage these new, technology intensive supply chains.
The SCM Globe supply chain simulator is an example of software born out of the need to help businesses build better supply chains. It has its roots in education where it is used by educators and students to better understand how to manage and improve supply chains. The simulator is used by universities and training programs around the world in online and classroom courses.
Now it is also used in real companies to design and explore real supply chains. Skills learned by solving supply chain problems in the simulator can also be applied to solve problems in real supply chains.
Developing Supply Chain Expertise
An advantage of such software is that they allow businesses to try out new ideas in simulations first to see how well they could work in the real world. And once new supply chains are put in place, businesses can track changes to their production facilities, manufacturing processes, and distribution points as a whole, in real-time.
Businesses can monitor the performance of their supply chain drivers. Businesses that have access to this level of control are able to make more informed decisions that affect the overall cost efficiency and effectiveness of their operation. They can make changes to their processes, equipment, materials, or their distribution points at any given time, making the necessary adjustments to reduce the costs and improve their overall performance. as a result of any changes made.
In the competitive business environment of today’s world, business owners are taking the time to improve their supply chain management systems by implementing a strategy that focuses on the development of highly effective logistics systems. By taking full advantage of modern technology and ensuring that their company is equipped with the best tools available with the best people managing them, business owners will be able to take full advantage of the power of logistics and reduce the amount of time, money and resources required to run their business successfully.
The growing number of universities offering supply chain management as a major enables businesses to hire the professionals they need to keep up with the changes happening in supply chains and the global economy.