As the world continues to get more globalized, the demand for products and services to be delivered at the right place, time and cost have never been more critical.
Logistics and supply chains are all around us and we often take them for granted. The global logistics market reached a value of $4.92 Trillion in 2021 and is poised to grow annually by 4.7% for the next five years to an impressive 6.55 Trillion by 2027.
Logistics – The Beating Heart of Global Commerce
Ever wondered how businesses send their products across the globe? From ‘made in China’ to ‘sold in America’, logistics and supply chain professionals are working to ensure goods are shipped efficiently and effectively.
They coordinate the delivery from the point of origin or manufacture all the way to the final destination, often under tight deadlines and strict costs.
Logistics and supply chain professionals are some of the most sought-after professionals across a spectrum of industries. These include established shipping and freight companies to exciting ecommerce giants that integrate technology into the heart of their logistics solutions.
With a career in logistics and supply chain, you’ll gain exposure to a bigger world filled with cutting-edge technologies while playing a pivotal role in the growth of international trade.
But before you embark on your journey in this vibrant field, here’s what you need to know about the logistics and supply chain sector.
What Is Logistics and Supply Chain Management?
Logistics and supply chain management is a discipline that is the beating heart of today’s world of commerce.
It focuses on the sourcing, selling, coordination and transportation of goods and services across trading partners. Without a proper supply chain and logistical support, businesses can’t function efficiently and global trade will grind to a halt.
What is Logistics?
Logistics is a core activity in supply chain management. It is one essential component of the bigger picture of supply chains but is highly essential to ensure goods are delivered on time and margins are protected.
What is a Supply Chain?
A supply chain is the sequence of activities and processions involved in the production and distribution of goods.
It represents an entire network between a supplier and the customer or final buyer. It includes the different activities, people, companies, information and logistical resources.
The Differences Between Supply Chain Management and Logistics
Supply chain management covers a whole spectrum of activities including planning, material sourcing, labour and facilities management in addition to logistics. It is more comprehensive.
Logistics, however, is a specialised activity within supply chain management. It focuses primarily on the efficient and cost-effective delivery of goods from the supplier to the end customer.
Logistics is an essential part of supply chain management and fits into the bigger picture of enabling global commerce and trade.
The Role and Importance of Logistics in Supply Chain Management
Logistics are a critical piece of supply chains, covering the management and tracking of the people and resources needed to store and transport goods.
The end goal? Ensuring products and materials reach their destination on time and on budget.
Specific aspects of logistics supporting supply chains include:
- Delivering the right products in a timely manner
- Reducing costs and maximising efficiency
- Boost consumer retention and loyalty
- Increasing a business’s value proposition
- Providing the service of delivering goods from the production location to the end consumer
A career in logistics and supply chain management entails diving deep into the world of regional cross-border trade and understanding how supply chain management hubs work.
You will work with professionals across the globe, gain insight into the most innovative solutions and understand the challenges suppliers and purchases face.
Your career paths and potential in logistics and supply chain management are truly global and limitless.
- Data: In order to excel, people who are driven to understand trends, draw insight from data and work with stakeholders to find common solutions will be particularly employable.
- Procurement management and sourcing is an essential skill that graduates will need to grasp in order to better understand the dynamics of supply chains. This involves being able to find the best scheduling solution, and vendor options to meet the business needs.
- Negotiation skills: Having a strong suite of negotiation skills is also very useful to clinch the best deals with customers and clients alike.
- Data-driven economy: as we move toward a data-driven economy where technologies like the Internet of Things (IoT) become more commonplace, graduates will also learn the importance of supply chain management and analytics.
- Analysis: If you are drawn to analyzing trends, interpreting data and problem-solving, you’ll have an edge working across a variety of industries from retailers and ecommerce giants to international delivery companies.
For a successful career in logistics and supply chain management, you’ll also be expected to understand transportation and freight logistics. This means developing skills in forecasting and optimization to ensure outgoing and incoming shipments are done on time, within budget, at the right quantity and to the exact location.
With the right university and course, these skills will be imparted to you and honed through a rigorous curriculum, internship opportunities and practical training. This will help equip you with a breadth of skills, preparing you for an exciting career as you progress across various roles and responsibilities in the logistics industry.
Why Choose Logistics and Supply Chain Management
Upon graduation, you’ll be able to access a spectrum of logistics and supply chain career opportunities across various industries. These include established businesses including manufacturing and freight to innovative technology companies that are revolutionizing the world.
Here are some of the career paths and roles that you can expect to embark on:
- Procurement managers
- Warehouse management managers
- Transport coordinators and planners
- Sourcing and purchasing officer
- Logistics and planning analyst
As a procurement manager, you will become an expert in helping organisation effectively acquire the most relevant and cost-effective deals to help them reach their goals. This is a complex role not just with vendor analysis, but also in building interpersonal relationships with the various suppliers to meet your goals.
Embarking on a career as a warehouse management manager means being in charge of the storage and distribution of products for your company. This is a role that will challenge you to resolve delivery and efficiency issues. You will be working closely with various departments across the organization to ensure the inventories and supplies coming to your warehouse are well looked after and shipped to the right destination on time.
As a logistics and planning analyst, you will be working out supply and demand forecasts for your organization. This will be critical when it comes to optimizing the production of products in the company to ensure an optimal level of inventory while minimizing waste. In addition, this role also allows you to work closely with other logistic professionals to problem solve complex issues and deliver accurate insights.
Embark On Your Logistics and Supply Chain Management Career With SIM
Keen on taking the next step and start pursuing a career in logistics and supply chain management?
At SIM, our new Bachelor of Business programme with a major in Logistics and Supply Chain, awarded by RMIT University, is designed in consultation with employers and industry groups to provide you with the most relevant education in the field.
This programme gives you how to manage the sourcing of primary materials, the transportation of goods, and the negotiation of services to satisfy end users. RMIT courses prepare you for a challenging career that requires business knowledge, cultural sensitivity, and good project management and negotiation skills.
As the leading private education institution in Singapore, our lecturers demonstrate both professional and academic competence in the industry, ensuring you receive the very best learning experience possible.
It’s time to join an evergreen industry brimming with potential for you to develop a fulfilling career across various exciting roles.
The course is offered by RMIT University, one of Australia’s original educational institutions founded in 1887. It has a reputation for academic success with a 5-Star QS Ranking for excellence in higher education. It is also ranked 14th in Australia and scores high for graduate employability.
Learn more about RMIT’s new Bachelor of Business (Logistics and Supply Chain Management) undergraduate degree programme today.