MBA in Supply Chain is a growing education program popular for students interested in becoming leaders and managers for a company’s supply chain and logistics processes. Specialized education in Supply Chain confers multiple benefits. This field of study is one of the fastest growing sectors in business, and therefore, students who graduate with an MBA in Supply Chain Management have smooth sailing in finding a job.
Supply chain management and global logistics influence every organization, person, and entity. It is one of the fastest-growing and most prominent areas of business that is also witnessing significant levels of innovation in process and technology year after year! Logistics is a crucial success factor for businesses as they continue to rely more and more on supply chains with a global footprint. If done well, logistics can have a beneficial effect on the performance of the company. On the other hand, if done correctly, logistics can directly increase speed and reduce cost.
There will always be a need for supply chain talent as long as products are produced in one location and purchased in another, especially as globalization becomes the norm for every industry. In addition, many supply chain executives are essential members of senior management and boardroom teams because of the value of this discipline to the bottom line.
As the recent global disruptions in supply chains have showcased clearly, the increasingly globalized world has done the job of supply chain managers considerably vital and more complex. An MBA in Logistics & Supply Chain Management elucidates the operational and strategic role played by logistics and supply chain in the business environment, with a focus on global logistics system as it relates to sourcing, production, operations management, materials management, storage, warehousing, and distribution or last-mile delivery operations.
To sustain and improve their competitive advantage, businesses increasingly rely on and work with downstream and upstream channel partners in the value chain to render products and services that satisfy their customers’ preferences and needs. Therefore, whether you aspire to become an entrepreneur or work in a corporate setup, you must know how a supply chain operates. An MBA in Supply Chain Management program is meant for entrepreneurs and professionals looking forward to mid or senior management roles in e-commerce, logistics, manufacturing, shipping, warehousing, aviation, consulting, research, and other related industries within India and globally.
An overview of MBA in Supply Chain Management
When you think of Supply Chain Management, you usually envision companies like Amazon, FedEx, or Safexpress. Undoubtedly they account for a large percentage of this industry. But today, any organization that aims to streamline its processes and increase efficiency wants to keep supply chain professionals in their teams.
Managing the flow of goods and services, including transforming raw materials into final goods, is termed supply chain management. It helps cut companies’ high costs and deliver products to consumers efficiently. Supply Chain Management comprises five critical elements: sourcing raw materials, production, distribution, and returns.
Unknowingly, supply chains have existed for ages but have only garnered attention recently as companies have started recognizing them as value adds to their operations. However, it is an important part and parcel of businesses nowadays as it successfully has achieved business objectives showing visible results. For example, supply chain processes help improve product quality, which minimizes the risk of product recalls and sometimes saves the companies from lawsuits, thereby aiding in maintaining the brand name. It also helps with controlling shipping procedures. As a result, the company can save on stock charges and avoid oversupply or shortages.
The requirements for an MBA in Supply Chain Management are like any other MBA program. To qualify, you must appear for an entrance exam, garner valid test scores with a letter of recommendation, and have an updated resume. Some B-Schools also prefer to have test scores, a group discussion, and a personal interview to select a candidate.
What an MBA in Supply Chain Management comprises?
Undertaking an MBA in Supply Chain Management to get a sustainable superior customer experience that is efficient and cost-optimized, you will design complex supply chains, learn integrating technologies, develop managerial and technical capacity and equip for evolving channel models. With a degree in Supply Chain Management, you will learn the following skills:
- Auditing and Quality Management
- Transportation and Logistics Management
- Effective Communication
- Business Modelling and Forecasting
- Project and Operations Management
- Purchasing and Inventory Management
For any right person, an inclination towards Supply Chain can be an excellent opportunity to enhance and work upon what interests you, along with being an incredible career option. To beat the crowd, you need to have a degree from a reputed institute, post which you can see the direct impact of your contributions in a stable yet well-played field. The market for professionals in Supply Chain is fast growing. Is a master’s degree in Supply Chain Management worth it? The simple answer is Yes! Previously a candidate without much education and degree was also considered for such positions. Still, with the ever-increasing demands of jobs, educational qualification has become the need of the hour. From a technical and analytical point of view, the degree is worth it in today’s business scenario.
If you are ready to take the plunge in pursuing an MBA in Supply Chain Management, an MBA degree will equip you with cutting-edge technologies and some critical thinking skills that will pave the way to success ahead. So buckle up and be ahead in this fast-paced and dynamic field with an MBA degree.
At Prestige University, an MBA in Supply Chain & Logistics Management is an industry-relevant course with an extensive curriculum offering internships and capstone projects that equips an individual to design supply chains for superior customer experience, help innovate business solutions to build complex supply chains, and deploy innovative tech-based supply chain solutions. In addition, you can build domain expertise during the last two terms by choosing from any specialization tracks, such as Procurement and Sourcing, Process Excellence and Supply Chain Planning, and Warehousing and Logistics.
After this program, you will be able to:
- Understand the fundamental supply chain management concepts
- Apply valuable skills to evaluate and manage an effective supply chain
- Learn to evaluate the effectiveness of emerging technologies in logistics and project management
- Recognize the fundamental role of logistics as it relates to transportation and warehousing
- Learn how to align supply chain management with corporate goals and strategies
- Learn techniques for project planning, cost reduction, and optimization
- Apply real-world expertise in a variety of areas, including purchasing, materials management, supply-chain management, transportation, customs regulations, international trade, and information technology
- Demonstrate strategic planning and analytical abilities in Logistics & Supply Chain management concerns
An MBA in Supply Chain Management is worth it for several reasons
According to the Indian Logistics Industry Outlook 2020, the Logistics sector is supposed to grow by $350 billion by 2025.
- First, the field of supply chain management is in high demand. The global economy continues to boom, and so does the need the effective supply chain management. Professionals with an MBA in Supply Chain Management have the requisite knowledge and skills to identify and implement solutions that can save companies millions of rupees.
- Second, an MBA in Supply Chain Management provides a strong foundation in business. This broad-based education equips graduates with a comprehensive understanding of how businesses operate. This knowledge is valuable for anyone looking to advance their career.
- Third, an MBA in Supply Chain Management offers many career opportunities. Graduates can work in various roles, including logistics, procurement, production planning, and inventory management. They can work in manufacturing, retail, pharma, oil & gas, and healthcare industries. They can also work in different organizations, including large multinational corporations, small and medium-sized enterprises, and government agencies. A Supply Chain Management degree entails many job positions, such as working as an Industry Analyst, Project Manager, Transportation Director, Supply Chain Sales & Marketing, Supply Chain Consultant, Transportation Director, Material Manager, Demand Planner, and Procurement Analyst/ Purchasing Manager.
- Fourth, an MBA in Supply Chain Management can lead to higher earnings. According to a study by PayScale, the average salary for an MBA in Supply Chain Management is around INR 10-12 lakhs per year. This is significantly higher than the median salary for all MBA graduates, which is around INR 8-9 lakhs per year.
In addition to these points, the Indian government has also been focusing on infrastructure development, which has increased the demand for supply chain professionals. There are also many opportunities to work in the e-commerce and retail sector, which are rapidly growing in India. The ‘Make in India’ initiative, which aims to increase the manufacturing sector in the country, also requires professionals with skills in supply chain management to succeed. So, hone your managerial and administrative skills and couple them with a solid global logistics understanding with an MBA in Supply Chain Management from Prestige University.