Supply Chain Management and Operations Management (OSCM) are the two foremost rising industries in the current business environment. Supply chain management deals with the movement of raw materials from suppliers to the manufacturers and then delivering the final product or service to the consumer. On the other hand, operations management involves making strategic decisions regarding the inventory levels, remuneration methods, maintenance of materials in order to achieve maximum efficiency in an organisation’s day-to-day activities.
Operations management in earlier times emphasised the amount of work done by the human capital. The revolution in the industry began when Henry Ford, an American automobile manufacturer, introduced his scientific management principles through the assembly line. Ever since then, the industry has taken a 360-degree turn in its functioning. Fast forward to the 21st century, the industry is moving towards automation at full speed by incorporating advanced technological tools like Artificial Intelligence (AI), Cloud Computing, Internet of Things (IoT), and more in everyday work. In fact, in 2018, Forbes published a report stating that “50% of companies believe that technological advancements have a strong impact on the supply chain, logistics, and operations.”
1. How Technology Is Disrupting the OSCM Industry
The ease with which devices can be connected with one another across large geographical areas has pushed the operations and supply chain industry towards another evolution. Gartner predicts that “by 2023, at least 50% of large global companies will be using AI, advanced analytics and IoT in supply chain and operations.”
The existence of the internet of things is evident in various facets of the supply chain and operations industry. Businesses have replaced traditional tracking tools like barcodes with IoT devices and sensors that help track inventory location, thereby reducing the chances of inventory theft. These tools help maintain a smooth flow of operations by giving constant updates about inventory levels.
Another component where the use of IoT has created numerous benefits is customer support. Organisations can collect real-time data about how consumers interact with their products or services. The operations department can then use this data to suggest modifications in the final product in order to increase customer retention.
Undoubtedly, technology will be a significant part of every aspect of business in the future. The technologies that are becoming a priority in the supply chain and operations industry are data analysis (41%), IoT (39%), cloud computing (39%), and information security (31%). Organisations not only have to look for employees with managerial skills but also with technical skills.
Key Points
- Technological advancements have led to the development of various analytical tools like excel, python, and more to assist operations managers with day-to-day work. The need for employees who have a vast knowledge base in these fields is considerably rising.
- Employees with a well-established career should also opt for upskilling themselves through executive education to stay updated and gain valuable insights about the industry that will help them to progress in their careers.
2. Skills Required For Contemporary OSCM Functions
Earlier, operations managers would have to manually input data about inventories or the work in progress. Supply chain managers, too, faced problems on similar lines with so many parties involved in the delivery of the product that it would become arduous to keep track of raw materials and final products.
However, times are changing now! With internet-enabled devices being used in daily business operations, data can be accessed with a click of a button, fetching insights regarding performance, scale, delivery, etc. That’s why, in the current scenario, professionals from the OSCM industry are required to have adequate knowledge of various data analytical tools like Python and Tableau, while also executing managerial functions like staffing, communication, team management, and more. Similarly, employees at the senior level should understand tools like AI, cloud computing, and more to maintain frictionless decision-making.
3. Preparing OSCM Professionals For the Future of Jobs
Working professionals who want to build their careers in OSCM should examine their existing skill gaps and identify executive certification courses that allow them to fill those gaps. In fact, it is also essential on the organisation’s part to help their employees upskill by funding their executive education programs.
Certification courses help keep career stagnancy at bay, and they do so by helping working professionals gain modern skills that act as a catalyst for career transition. While supply chain management courses and certifications in operations management assist in understanding the present scenario of the industry, they also ensure the overall development of the learner. As such, they build existing core and managerial skills.
In India, there are many top-tier institutes that offer an executive program in OSCM. One of the most sought-after executive programmes currently in India is IIM Indore Operation and Supply Chain Management programme.
4. Case Study of IIM Indore’s OSCM
IIM Indore’s Operation and Supply Chain Management executive programme combines theoretical and practical learning initiatives that promote fast learning in the participants. The unique pedagogy comprises online lectures, case study discussions, project work, and regular quizzes to assess the learner’s understanding. Another interesting point to consider is its three-day campus immersion program which allows learners to connect with peers in real-time.
Many supply chain management courses and certifications in operations management are available today, but an executive programme from a top-tier institute like IIM Indore offers additional benefits that help aspirants accelerate their career growth through various networking and career opportunities.
To know more: https://timestsw.com/course/iim-indore-executive-programme-in-operations-supply-chain-management/
Operations and Supply Chain Management (OSCM) encompasses a broad range of functions involving sourcing, forecasting, operations planning, materials management, distribution, retail, logistics, and order fulfilment.
It covers both the manufacturing and service industries.Today, the global SCM and Logistics market is projected to reach nearly $13,000 billion by 2027, with India emerging as one of the key players in the industry.
As per estimates, India’s supply chain and logistics market will reach $307 billion by the end of 2021.
And during the upcoming decade, the global supply chain management market is expected to more than double in size.
In the current economic scenario, where India OSCM sector is experiencing an increasing influx of domestic and international capital, the growth of businesses depends on robust OSCM strategies to improve value, efficiency and profits.
Evolving Skill Requirement in OSCMModern supply chains represent complex systems of organisations, human resources, activities, data, and technologies to move a product or service to the end customer.
