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Where is supply chain management field going in the future?

What is Supply Chain Management

Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product’s flow, from acquiring raw materials and production through distribution to the final customer, in the most streamlined and cost-effective way possible.

The most basic version of a supply chain includes a company, its suppliers and the customers of that company. The chain could look like this: raw material producer, manufacturer, distributor, retailer and retail customer.

A more complex, or extended, supply chain will likely include a number of suppliers and suppliers’ suppliers, a number of customers and customers’ customers or final customers. All the organizations that offer the services required to effectively get products to customers, including third-party logistics providers, financial organizations, supply chain software vendors and marketing research providers.

The SCM program helps you demonstrate your knowledge and organizational skills for developing more streamlined operations. Since its launch in 2006, more than 25,000 professionals in 100 countries have earned the CSCP designation.

Rating of the key challenges within current and future SCM:

Over the last couple of years, tremendous technology shifts and innovations have been developed that are about to influence the way of doing business thoroughly and that will likely change many aspects of our daily transactions as consumers, customers, suppliers and manufacturers.

Key challenges in managing the supply chain in the context of wider global trends affect corporations of all sizes and pose threats to existing supply chain organization. In addition, moving with the trends and incorporating their benefits requires a restructuring of operations whilst being able to maintain a competitive position in the market.

The study was conducted with interviewees from automotive original equipment manufacturers (OEMs) and supplier’s industry, machinery industry, consumer products industry and high tech industry.

In order to consider both the past and the present, the 2019 survey built upon the last “futures” survey CAPS Research. While some items were updated to reflect today’s business environment, most of the items remained the same. Specific supply strategies are influenced by forces of change, business strategies and supply missions.

SCM in the digitalized economy:

Supply professionals see that their organization’s business strategies are becoming more customer-oriented, reflecting the shift in the forces of change toward meeting downstream customer requirements.

It is very important to understand supply chain management needs in future as its education increases the salary by 27% on average designees, improves hiring potential by 65%, maximize organization’s ERP investments moreover it helps to effectively manage global end-to-end supply chain activities which ultimately increase your professional value and secure the future of supply chain management professionals.