Why is the supply chain a principal driver of business growth in 2023?
Table of Contents
- 1 Why is the supply chain a principal driver of business growth in 2023?
- 1.1 There are many ways in which the supply chain is evolving in this ever-changing world -
- 1.2 Importance of Supply Chain as a Driving Force of a Business
- 1.3 Supply Chain Management Course
A supply chain is a network of people, resources and organisations involved in creating a product for sale. This chain-like system starts by sourcing the raw materials, turning them into valuable products, and finally making them ready for sale.
In recent times, the supply chain has evolved by streamlining the process of making goods available to consumers at a much lower cost. This has increased the living standards of society as a whole. The entire process of manufacturing and producing goods has become a whole lot easier. The supply chain keeps the group of suppliers and producers connected and managed efficiently.
There are huge growth opportunities in this field as jobs are increasing with each passing day. To become a supply chain analyst, more people are showing an interest in this field and looking for the best supply chain management courses to pursue.
There are many ways in which the supply chain is evolving in this ever-changing world -
- They are making it easier for the consumer to purchase products from a store or online websites.
- They are incorporating a lot of climate-friendly measures in the production of goods. They are making sustainable environment-friendly goods to attract climate-conscious consumers.
- They are constantly adopting new practices of sourcing raw materials and also trying out new suppliers to bring in a variety in their product ranges and make them appealing.
Importance of Supply Chain as a Driving Force of a Business
Better after-sales service
The main responsibility of an efficient supply chain is its customer service and how it manages the flow of services required after a sale is made. This decides the satisfaction of a customer and ultimately, the fate of the company. Customers should get optimum support, answers to all their queries, and solution to their issues. The job of the supply chain is to keep the after-sales service accessible for all so that the customers can contact them as and when required. This will make them feel connected to the organisation.
- Upgrading the product quality
This is one of the most important tasks of a supply chain. In this dynamic world with fast-paced industrial evolution, they should try to upgrade the quality of launched products constantly. They should play around with the packaging to make it lucrative or they should work on procuring long-lasting, durable products which are eco-friendly to attract all kinds of consumers. They can also invest in sourcing high-quality raw materials, which will make the products heavy-duty, adding to the goodwill of the business.
Reducing manufacturing costs
Reduction of costs is the most difficult task for a business to handle and that is why supply chain teams try their best to incorporate cost-effective measures for the production of goods. This involves introducing newer low-cost machinery, buying raw materials at the wholesale rate, reducing the number of defective items, and increasing the efficiency of the chain system. They could also work to limit the number of suppliers so that the cost can be managed as well as try to target a large range of consumers so that the sale increases, generating profits for the company.
Introducing optimal marketing strategies
It is the role of the team to come up with alluring strategies to increase sales. They should present the product in the best way to attract customers to make a purchase. Increased use of advertisements and social media can also be fruitful in generating buzz about a product. This is the deciding factor for the success of a product.
Bettering the financial condition
The supply chain team has to work towards improving the financial position of the business. It has to produce good quality products so that the customers return to make a purchase again. This is linked to the company's goodwill, helping it build a brand name and bettering its position. It has to work in a way that the company generates profits, has reduced production costs, increased cash flow, and reduced fixed assets. This will prove that the company is adapting to new changes and making progress, adding to its success.
Supply Chain Management Course
Supply Chain Management is a course that is very much in trend these days. In this dynamic, ever-changing industry, businesses require huge teams with adequate supply knowledge to help and guide them in this process for a company to emerge successful.
Several courses provide certifications for supply chain professionals, but they are not always legitimate or helpful in improving your skill set or providing you with proper training. The best supply chain management course with analytics is provided by Imarticus. Their professional certification in supply chain management and analytics is in collaboration with IIT Roorkee.
This program provides you with live classes by top professionals and industry experts, hands-on learning experience with real-life supply chain management project work, and an IIT Roorkee alumni status. This certificate course will help you gain relevant skills and will help you take data-driven decisions at strategic levels. It helps you with impressive learning and project portfolios that will help you in the placement process. If you want to enrol in a supply chain management course, this is it.
A Supply Chain Analyst is a profession that has been rapidly evolving in the last few years. It deals with the most important aspect of a business — demand, and supply. One needs to take up a proper course to know the trends and dynamics of it to be able to contribute to the growth of an organisation. The right course will provide you with the accurate skill set and proper training, making you lucrative to recruiters. Supply Chain Management is not as easy as it looks and requires one to take decisions that could make or break a business, so it is advisable to take the required guidance before you step in.