Studying supply chain management is a good major as it opens you up to different opportunities and lets you branch out to other areas later in the future. When you study supply chain management, you are equipped with diverse knowledge to succeed in various fields.
Jump To A Section
- 1 Key Takeaways
- 2 Overview of Supply Chain Management
- 3 Below Is A Table Showing The Salaries Of Supply Chain Managers In Different Areas:
- 4 Benefits Of Studying Supply Chain Management
- 5 Things To Note In Supply Chain Management
- 6 FAQs
- 7 Conclusion
- The concept of supply chain management is a business and organizational function that follows a product until it reaches the end-user, the consumer
- The duties of a supply chain manager are almost similar to that of a product manager, but it still differs
- If you study supply chain management, you are exposed to money flow and begin to understand the importance of money
- You will need to be a leader as a supply chain manager because you will have to manage people regularly
Overview of Supply Chain Management
The concept of supply chain management is a business and organizational function that follows a product until it reaches the end-user, the consumer. The idea here is that a supply chain manager oversees the affairs of a product from inception to the end.
The duties of a supply chain manager are almost similar to that of a product manager, but it still differs. A product manager deals with a product till the end of its lifecycle. However, supply chain management monitors the product from its raw form to when it is manufactured, sent out to the market, and gets to the user.
For example, suppose you run a business and do delivery of products. Your supply chain manager has a duty of ensuring that the product gets to the consumer whenever there is an order. Also, the supply chain manager must ensure that the product is in good shape when it gets to the consumer.
A supply chain manager engages in various roles, so some people say that it is a tasking occupation. However, it is important to note that studying supply chain management lets you access various job opportunities. In society today, there is an increased demand for supply chain managers.
So, wouldn’t you rather study a major that is in high demand? It is almost impossible for you not to get a job if you study supply chain management. Therefore, one can say that supply chain management is a good major.
Below Is A Table Showing The Salaries Of Supply Chain Managers In Different Areas:
Seeing the salaries that supply chain managers earn, it is not surprising that you may be considering going for a supply chain management major. Below are some of the benefits of studying supply chain management:
Benefits Of Studying Supply Chain Management
Helps You Become Better In Decision Making: While taking a course in supply chain management, you are presented with different industry problems, and you will need to make choices. It is important to note that whatever choices you make will affect both the product and the business. Therefore, you always need to make the best decisions. When you are constantly presented with case-study solutions, you will become better at decision-making. You will spot risks and challenges when you look at an option, and you can now decide on the safer option. Even if you decide to go with a tough option, you can also develop solutions for it.
It Encourages Financial Security: Now, suppose you have never had experience with the business industry before. While studying supply chain management, you are exposed to money flow and begin to understand the importance of money. In addition, you get to see how difficult life will be without money, and you would not want to go through such difficulty. Therefore, you are learning financial security indirectly, and it helps you have a lesser waste culture. Now, you can evaluate options and decisions before spending money because you understand financial security and want to be finically secured. Also, you will even become an advocate of financial security to your peers.
Customer Satisfaction: If you love to help people satisfy their needs, then studying supply chain management is the right choice. The course lets you know how to get customer satisfaction. It comes in handy when you own a business or are a part of a business organization. As you study this course, you get to learn the concept of carrying out market analysis to determine the needs of consumers and building products that will meet these needs. If this is an area that you are passionate about, you will notice that you will also have a sense of happiness and satisfaction while studying the course.
It Opens Doors To Other Opportunities: Recall how we earlier mentioned that supply chain management allows you to branch out to other areas. Yes, studying supply chain management can open doors to other opportunities for you. Asides from being a typical supply chain manager, you can also venture into other careers like being a business analyst, logistic manager, project manager, procurement manager, research analyst, and much more. As you can see, many career opportunities come from studying supply chain management. Also, you can decide to switch careers so that you can have experience in various areas regularly. It is based on your choice and preference.
It Helps You Keep Up With Trends: Studying supply chain management will give you a better understanding of the industry as it lets you keep up with trends. Now, you get to know the importance of always being alert, so your eyes and ears will always be active to the latest trends. As you familiarize yourself with the latest trends, you are also becoming familiar with the latest technology. Being technologically savvy always comes in handy in various areas of life, and you can gain it by studying supply chain management. By the time you are done, you have the confidence that you can succeed with all the knowledge you have gotten.
But before you rush into starting a career in supply chain management, there are some things that you should note.
Things To Note In Supply Chain Management
It Is Data-driven: By pursuing a career in supply chain management, you are opening yourself to work with data as assumptions are out of place in this career. In supply chain management, you always need to research and get facts. After that, you need to process the information or data that you get. If you are the type of person who is too lazy to research, then you should not consider pursuing a career in supply chain management as you would slack and be inefficient. But, if you love working with data and doing data analysis, you will enjoy the job.
There Is No Boring Moment: We need to let you know that you will always be on your toes when you work in the supply chain, and you should always be ready for the unexpected. Sometimes, things may pop up, and you will need to take charge even if you have never dealt with such an issue before. If you are looking for a job that lets you lazy around or probably sleeps, you should not think of supply chain management as this career path is intense. Also, if you are not strong-willed, it is easy to get overwhelmed while working in this industry.
It Deals With Networking: Do you like meeting new people? If your answer is no, you will find it hard to survive when pursuing a career in supply chain management. From the suppliers to the delivery guys, you will always need to network and meet new people. Therefore, you need to start harnessing your networking skills if you are sure that you want to go into supply chain management. You might not be a networking expert, but you can be efficient with good practice.
It Allows You To Manage People: You will need to be a leader as a supply chain manager because you will have to manage people regularly. It could be the people who supply raw materials. Hence, you will need to instruct them on quantities and how you want the delivery process. As a supply chain manager, you are a tree with many branches (people working under you). So, you will also need managerial skills to survive the position.
There Is More To It Than Meet The Eyes: Recall how we earlier mentioned that you need to be ready for the unexpected as a supply chain manager. Well, allow us to repeat it now as it always comes to play. Some people sometimes think that supply chain management only deals with logistics, but we have seen many aspects. Therefore, you need to be open-minded and willing to learn. It is the only way to succeed when pursuing a supply chain management career.
Here are some of the frequent questions associated with supply chain management:
Does Supply Chain Management Pay Well?
The concept of pay is usually relative, so we would prefer not to make a statement on it. But, from the salaries that we have highlighted above, you can decide if supply chain management pays well.
What Supply Chain Jobs Pay The Most?
Almost all supply chain jobs have excellent pay. But, you can consider being an inventory manager if you are looking for the branch with the best pay.
Is There A Demand For Supply Chain Management?
Yes, there is a high demand for supply chain management, and it keeps increasing. Therefore, it is an excellent decision to go into a supply chain management major.
Supply chain management is a good major, and we advise anyone interested in this path to jump into it now!
Last Updated on October 30, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.