Whether it's rising costs or expectations about delivery times, there are many challenges facing the logistics and supply chain industry.
What is logistics and supply chain management?
A supply chain consists of getting a product, service, information, or transaction from the original producer to the end user. It usually requires multiple processes, activities and relationships.
Logistics is the planning and execution of storage or accommodation and delivery of goods or services to the consumer. It is a vital part of the supply chain as it controls the efficient flow of goods and services through the chain.
Ensuring that the supply chain process goes smoothly involves supply chain management – from the procurement of raw materials to the delivery of the final product to consumers. With the advent of technology and the influence of the internet, the global supply chain has become a complex network, especially as globalisation brings nations closer and makes trade easier.
Today, supply chain management is integral to any business, playing a vital role in its success.
What are some of the key challenges faced by the supply chain industry?
Increasing costs across the supply chain
Be it the rising price of fuel, making it expensive to transport goods; the steep costs of raw materials; high labour costs; or the global supply chain system which requires higher charges for storage or management of products, the rapidly increasing costs incurred by the company across the supply chain are proving to be detrimental and one of the biggest challenges that are faced by logistics and supply chain companies today.
Complex logistics
Thanks to globalisation, the supply chain now spans multiple countries, meaning that there must be coordination between different places, transport carriers, and other dynamic parts of the system.
Add in other factors like language and culture barriers and time zones, and the result is an intricate and complex web of networks that must function smoothly to give the end user a satisfactory experience.
Lead times
Most of us have experienced the ease of using Amazon Prime first-hand – you order a product and it arrives on your doorstep within the next 24 hours. Whilst this is great for the consumer, it has set a precedent.
There is now mounting pressure on supply chains for quicker deliveries, meaning that supply chain companies must now look for more efficient ways to get to the consumers as soon as possible. This isn’t just about rapid last-mile delivery, but about optimal storage solutions, which in turn make local logistics run smoothly.
How can an MSc in Logistics and Supply Chain Management help address these issues?
Offered by the Hull University Business School, which is accredited by the Association of MBAs (AMBA) and the Association to Advance Collegiate Schools of Business (AACSB), the Hull Online MSc Logistics and Supply Chain Management is a fully online part-time course that will help you develop your vision for supply chain and logistics operations.
This two-year course is accredited by the Chartered Institute of Logistics and Transport (CILT), recognition of the high-level and holistic professional training needed to succeed in the logistics and supply chain industry.
You won’t just cover the basics. Throughout your studies you’ll delve deep into the industry, focusing on an area of specialism in your dissertation.
Modules include:
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Logistic Systems and Supply Chain Principles
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Supply Chain Analysis and Decision-Making
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Strategies for Sustainable Business Logistics
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Supply Network Design and Global Logistics
If you’re interested in creating a successful and sustainable supply chain within your organisation, check out Hull Online’s MSc Logistics and Supply Chain Management:
