Being considered as the backbone of the Indian economy, the logistics sector accounts for 14% of the country’s GDP at $400 billion, contrary to the global average of approximately 8%, according to a report by Arthur D. Little India in collaboration with Confederation of Indian Industry (CII). With most companies opting to lend services to external third-party logistics service providers, getting customized logistical support has never been easier.
According to a report, “Supply Chain Management Market by Component, User Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027,” the size of global supply chain management market size was valued at $15.85 billion in 2019 and is projected to reach $37.41 billion by 2027, growing at a CAGR of 11.2% from 2020 to 2027.
As Indian logistical firms move away from traditional and outdated practices and adopt new technologies and trends, the industry is likely to continue growing at a rate of 10-15% annually.
With the growing avenues and opportunities in logistics and supply chain, a career in this field provides opportunities in but is not limited to, investment recovery, distribution, inventory control, logistics, manufacturing supervision, materials management, packaging, procurement and purchasing, quality control, receiving, transportation and shipment, product and service deployment, warehousing and storage, and strategic sourcing.
Moreover, as the sector progresses and introduces new technologies like artificial intelligence (AI), Internet of Things (IoT), predictive analysis, 3D printing, etc., one can only imagine the growth the sector is yet to witness.
Ranked the No. 1 graduate supply chain management program, the Master of Science in Supply Chain Management (MSSCM) at Michigan State University is a 21-month long program that provides students with a deeper knowledge of supply chain practices and technologies, focusing on various topics like SCM theory and how it applies to the daily operations of an efficient supply chain.
The Supply Chain and Information Systems program at Penn State is ranked No.3 according to Gartner, Inc., a technology research firm that ranks the top supply chain universities in the country. The program helps students to develop skills and knowledge in three critically important areas – core flow functions, the role of information systems with their role in integrating supply chains, and cross-functional planning perspectives that focus on core functions, customer relationships, post-sales support and new product design and launch.
The MS in supply chain management and engineering is a 2-year program at Arizona State University, which provides students with the knowledge of fundamental foundations across supply chain management. The course equips working professionals in the field to analyze, control, and monitor supply chains.
MBA in Logistics and Supply Chain Management develops students into future leaders and managers by focusing on the various facets of the supply chain – purchasing, material management, customs regulations, global supply chain management and transportation.
This premium institute in Chennai offers a range of courses in logistics and supply chain at different levels – undergraduate, postgraduate and diploma programmes. A state university accredited with an A+ Grade by NAAC, the Indian Institute of Logistics aims to enhance the competitiveness of the Indian logistics industry.
In addition to the esteemed educational institutions, working professionals in supply chain and management can also upskill and hone their skills by enrolling in a plethora of online courses offered by various online course providers. For instance, Coursera provides a course in Supply Chain Management Specialization offered by Rutgers; LinkedIn offers a range of courses including Supply Chain Foundations, Become a Supply Chain Manager and Advance your skills as a Supply Chain Manager; edX too provides various courses in supply chain management offered by institutes like MIT, IIMB, Chalmers, etc. Udemy is another in the list of portals delivering several supply chain courses. Some of these courses are also self-paced, allowing individuals to take their own time while also managing their work.
We, at Varuna Group, provide our employees with a meaningful and high growth career by facilitating internal and external training focusing on behavioural, functional and technical leadership development of employees. Our philosophy to develop better business leaders and drive business success encourages us to constantly upskill our employees and assist them to develop their competencies through a range of courses. Wholesome skill development programs to promote leadership development for team building, bonding exercises, training and induction are provided by the Varuna Group.
Given the size and scope of the logistics and supply chain management sector, the possibilities for growth and development are endless. The upcoming institutes and programs open avenues for individuals to think of pursuing a career in this field right after school and allow working professionals the opportunity to grow, enabling them to become future leaders. Career variety, job growth and career advancement in this field are some of the factors that make careers in supply chain and logistics lucrative. Moreover, with the introduction of technology in supply chain and logistics, the sector is likely to witness new changes and ways of working, making processes smoother and more efficient.
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