What is the future in Operations and Supply Chain Management?

Business & Management
#1

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Supply Chain Management is an essential part of Operations Management, and the Broader area is often referred to as Operations and Supply Chain Management [OSCM]. The breadth of the jobs in the OSCM category is vast, making it a very lucrative field for aspirants to make their career in. Manufacturing and Distribution Companies are built on with the help of Operations and Supply Chain concepts, but its scope is not limited to that only. Every industry has specific requirements of OSCM in one way or other to improve their efficiency and flourish.
The Developments in the field of technology have resulted in the amalgamation of OSCM with areas like the Internet of Things, Artificial intelligence, Blockchain technology, etc., which makes the scope of the area immeasurable. The pandemic resulted in disruptions of Operations of the majority of the companies in the world which made the world realize the importance of Operations and Supply Chain Management. The Operations and Supply Chain Industry was valued at 307 Billion Dollars in India by the end of 2021 and is expected to grow at a rate of 9-10% every year.

#2

The influence of the Fourth Industrial Revolution, which is redefining the nature of company operations and the role of operations leaders across all industries, is explored in The Future of Operations.

  • Human delivery of operations may be phased out in several businesses.
  • Technology has advanced to the point that cognitive tools can now make choices faster and frequently better than humans.
  • Thanks to new technologies, businesses are being given the opportunity to reinvent what they deliver and how they do it.
  • With new players moving quicker than ever before, collaboration is essential, both internally with current teams and externally in the form of alliances and partnerships.
  • All of this development is taking place against a backdrop of global and political uncertainty, which means that both risk and regulation must be considered.

From the commercial to the public sector, operations are a critical component of any company. It is a well-known fact that in terms of operations management, size does not matter because any small to large business is likely to recruit operations professionals.

The service industry has recently experienced remarkable expansion, implying that the future scope of an MBA in operations management will continue to expand, and there will be more chances for operations management in the near future, particularly in the service sector.

The relevance of operation management will be apparent in the near future, as competition has increased and businesses must simplify their supply chains to compete.