| Supply Chain Management |
| Supply chain management refers to management of the acquisition, movement, and storage of raw materials, inventory, and finished goods. The management of supplies is an essential function in terms of overall business success. Supply chain management is part of every industry and degree programs are commonly available at the bachelors and masters level |
| |
| To be effective in supply chain management you need strong verbal and written communication skills, analytical skills, an aptitude for technology, the ability to work in a team, and the ability to maintain positive professional relationships. As computers take over more and more technology and clerical functions, supply chain managers have opportunities to work with management on strategy, planning, policymaking, and product development. |
| |
| When companies list their most important assets, inventory is often at the top. Properly managing company inventory is an essential aspect of business success. In this capacity, individuals with specialties in supply chain management are called upon to not only control the company’s inventory cost of ownership, but also to eliminate waste in all its forms. A properly managed supply chain not only includes reducing costs, but also adopting the most proactive approaches to vendor management. Companies must not only control the cost to purchase parts and raw materials, but also reduce their incoming freight costs by pursuing vendor consolidation practices that improve both a company’s volumes and its purchasing power. |
| |
| Individuals pursuing an BSc,MBA in supply chain management will learn the importance of managing time sensitive deliveries, multi-faceted approaches to business and vendor negotiation, and the principles behind reducing the costs of both holding and managing the company’s inventory. The skills applicants learn include: |
| |
- Understanding the importance of proper vendor management
- The impact of time and money on inventory
- Importance of proper operations management
- Fundamentals of improving inventory turnover rates
- Essentials of inventory cost of ownership
- Strategies to reduce incoming and outgoing freight costs
- Soft & hard cost reduction approaches through vendor consolidation
- The importance and essentials of proper inventory forecasting methods
|
|
