Why Choose Logistics and Supply Chain Management
Logistics and supply chain management are essential to many businesses that the public relies on. This includes the production and distribution of everything from food and medicine to luxury items.
Logistics and supply chain management deal with the procurement and transportation of raw materials and completed products.
Both supply chain and logistics management determine the efficiency of the overall process.
Studying logistics and supply chain management can ensure workers are up to date with the latest technologies and software, and will also allow them to enter the industry. These programs will teach them ways to streamline processes and reduce costs.
Being able to reduce costs in the current economy is essential. It also allows the end cost of products to remain affordable.
Keep reading to learn more about the benefits of studying logistics and supply chain management. We will explore the career opportunities open to graduates and the latest trends and best practices of both.
Benefits of Studying Logistics and Supply Chain Management
Studying logistics and supply chain management is a great option because of the extensive range of careers it is relevant to.
The industry is crucial to others as a way of receiving materials and distributing products.
Studying logistics and supply chain management provides an understanding of the latest technologies and software used. It will also cover the fundamentals that will prepare graduates for a career in the supply chain industry.
Studying logistics and supply chain management will provide the skills required for a range of careers. Some of these include:
- Forecasting analyst
- Warehousing manager
- Transportation director
- Operations manager
- Logistics manager
- Supply chain consultant
Many types of organizations are involved in the supply chain. A good education can open up opportunities in the following sectors:
- Customer service
Supply chain managers have a range of responsibilities. These will vary depending on the nature of the organization and specific job title. They can include overseeing and engaging in:
- Supplier negotiations
- Vendor management
- Risk management
- Monitoring current trends
- Inventory management
- Warehouse management
- Logistics management
The Bureau of Labor Statistics projected job growth in the logistician industry of 28% between 2021 and 2031. This is more than five times the national average of 5%.
This equates to almost 25,000 job openings every year. This will be a mix between new positions and openings for existing positions.
Entry-level positions for logisticians typically require a Bachelor’s degree. Degrees will provide the required credentials and better prepare candidates for the role.
An average wage of over $77,000 per year makes it an appealing option for those considering supply chain jobs.
Emerging Trends in Logistics and Supply Chain Management
Supply chains benefit from constant appraisal. Ensuring complex supply chains are as efficient as possible will make targets more realistic and can help to reduce costs.
Making use of the latest technologies and software will benefit anyone in a supply chain job.
Improved technology and software have greatly improved efficiency and visibility.
It allows supply chain professionals to see real-time updates on tracking and inventory levels. Automated systems also improve the speed at which processes can take place.
Using AI (artificial intelligence) and IoT (Internet of Things) can also help with forecasting. Complex algorithms can explore a range of factors to present the best solution for a supply chain manager.
Other relatively new factors are the sustainability and ethical considerations of the supply and distribution processes.
Customers want low prices and speedy deliveries. They also want to know that workers are not being exploited and the companies involved are environmentally friendly.
Running a global supply chain can provide cheaper materials. Laws in other countries may not protect workers in the way they do in the U.S. so it is important that this is checked as well.
Finding ways to reduce carbon emissions is also a challenge. Global supply chains have sizeable carbon footprints. This is why customers and regulatory bodies expect companies in a supply chain to use renewable energy and environmentally friendly processes where possible.
Globalization has undoubtedly improved choices within the supply chain. Skilled professionals negotiate the logistics of efficiently moving materials.
Those that study supply chain and logistics courses will learn about developing trends. This will help them with job opportunities in the business world.
Best Practices in Logistics and Supply Chain Management
Another benefit of a supply chain and logistics education is that you will get to learn the best practices to use.
It is easy in any industry to fall into following the most convenient route or learning shortcuts. Learning the correct way to follow processes will help you understand the importance of following them. This will improve visibility and make collaboration easier.
Best practices for supply chains and logistics include:
- Integrating supply management systems
- Implementing the use of tools to collaborate clearly and efficiently
- Measuring and evaluating performance
- Collating and analyzing essential data
- Set realistic KPIs
- Monitor distribution efficiency
- Monitor production efficiency
- Build strong relationships with suppliers and vendors
- Focus on staff retention and talent recruitment
- Risk Management and contingencies
- Investing in the latest software
- Optimize distribution routes
- Provide clear visibility
Communication and collaboration are essential to a successful supply chain. This is because there are so many people involved in the supply chain process.
New technology and software can provide greater visibility with real-time updates.
This allows easier collaboration and communication. Everyone can collate and analyze the relevant data when needed.
The use of inventory management systems to understand how much and where everything is is essential. This will provide data that will make forecasting more accurate.
Accurate forecasting is needed to minimize the risk of excess stock and warehousing costs. It also ensures suppliers can keep up with market demand.
Exploring the best transportation and distribution options is another important process. This is because it can significantly impact running costs. It will also impact any environmental targets set by an organization.
Distribution routes and methods should be regularly analyzed to ensure they are the most efficient. Rising fuel costs can impact this regularly.
New technologies make tracking everything that impacts the supply chain easier. It can provide a detailed analysis of areas that aren’t performing well. It can also identify the areas that are causing the biggest drain on finances.
Supply chain managers will benefit from following best practices. They can then implement the changes required to put the organization back on track.
Logistics and supply chain management is essential to most manufacturing and distribution organizations. Globalization has meant that these companies can have a far greater reach as well.
This is why supply chains and logistics are so important. Disruptions to supply chains can cause shortages and price increases that nobody wants to see.
By studying logistics and supply chain management you will have endless opportunities. It is a career path that looks secure in the coming years and provides you with the skills to carry out a range of services.
Graduates will have the ability to move into a company and perform their roles efficiently. This will include implementing new technology and strategies to help the environment. It can also save the business some money.
With a healthy wage and great job growth predictions, studying logistics and supply chain management is a good option.
What is the difference between logistics and supply chain management?
Supply chain management is concerned with the process of procuring raw materials and manufacturing products. It then supplies finished products to consumers or retailers. Logistics is to do with the efficient transportation of goods.
What are the emerging trends in logistics and supply chain management?
The emerging trends in logistics and supply chain management focus on new technologies. AI and automation are particularly popular at the moment.
AI can be used to analyze data and forecast valuable information that creates a more efficient supply chain.
Can you study logistics and supply chain management together?
Logistics and supply chain management are closely related. Because of this, there are a number of programs available to study across the United States.