Supply Chain Management (SCM) is the management of the complete flow of goods from their original manufacturing location to their consumption point. It includes tracking the shipment, managing inventories, reverse logistics, overseeing production, warehousing, boosting sales, and enhancing distribution. Thus, the supply chain plays an integral role in the success of the manufacturing and retail business. Between 2022 and 2027, the supply chain industry is expected to grow at a CAGR of 14.72%.
The top trends of SCM in 2022 are technological advancement and digitisation, tech-enabled remote sourcing using technologies like AI, Virtual Reality and Blockchain, usage of drones for last-mile deliveries, energy-efficient smart warehouses, and usage of greener transportation methods. As per Technavio, due to increasing manufacturing and government reforms, the third-party logistics market in India is expected to grow by $10.74 billion from 2020 to 2025 growing at a CAGR of 8%.
India’s e-commerce & Supply Chain Management Market Trends
The pandemic gave a huge boost to cloud technology, and it is now expected to be an estimated $1,250 billion industry by 2028. Technological advancement and digitalisation opened the door to transparency and end-to-end encryption of the sensitive data involved, which is valued tremendously in this era. This enables the stakeholders to make instant decisions in real-time without worrying about their privacy and security.
The post-pandemic restrictions have made it quite difficult for logistic businesses to enable standard procurement procedures. Travelling or shipping through the standard procurement process is often halted, and the only feasible solution to tackle this problem is tech-enabled sourcing.
The third-party e-commerce platforms have gained more power in their favour, giving them more control over the global retail sector. SME retailers will probably emerge as a sector with a greater share, resulting in a shift of sourcing towards small sized retailers. Small-sized retailers who work for multiple buyers will lead to a global sourcing shift, changing the traditional industry algorithm.
Companies are becoming more environmentally friendly, and even customers favour such companies. There is increasing use of green energy in the transportation segment as companies are adapting to greener alternatives.
Common Myths About Supply Chain Management
Myth #1: Technical/Engineering background is a must.
It is true that the logistic and SCM domain is witnessing significant technological advancement and sophisticated engineering. Yet, there is no rule or requirement that anyone with no such background is barred from entering this domain. If you are a graduate, you can do one of the short-term courses in logistics and supply chain management, and open doors to immense opportunities. TimesPro’s short-term online e-commerce course will make you adept in domain-related knowledge and industry-relevant softs skills to help you wider your horizons.
Myth #2: A career in Supply Chain Management is monotonous.
Many people associate supply chain jobs with monotony and dullness; however, the truth is different. In fact, supply chain jobs are quite challenging and exciting for those with an analytical bent of mind. The lack of proper research and knowledge of this stream is the core reason why people usually overlook it as a good career option.
To know more: https://earlycareer.timespro.com/blog/the-most-common-myths-about-supply-chain-management-debunked/