Supply chain management is one of the most lucrative industries today. The global Supply chain management made revenue of 28.9 million USD in 2022. Also, Canada was reported to have seen a 13% increase in supply chain management salaries in the last two years.
Additionally, experts have predicted growth in job opportunities in the supply chain management sector in the coming decade. 356700 job openings in Supply Chain Management may surface in the next five years, according to industry experts. Even international students with a degree in this field can work in management positions earning up to USD 83,000 annually.
Supply chain management and logistics can be a great field to major in, given the demand for high-caliber professionals in this sector.
What are the Most Important Supply Chain Management Trends?
The supply chain management industry is also facing a major upgrade. With the introduction of automation, Artificial intelligence, and blockchain technology, the supply chain management sector is no longer the same!
Here is how the latest trends in the technological world are affecting the supply chain management industry.
Future Trends in the Supply Chain Management Industry
Artificial Intelligence:
Automation is already in play in supply chain management. Programmed droids automate processes like counting, sorting, packing, and labeling. However, Artificial Intelligence has taken this to another level. Artificial intelligence can predict and even formulate a better strategy to enhance supply chain management activities and workflow. This factor is a game-changer to look out for.
Blockchain technology:
The onset of cryptocurrency and blockchain technology has flipped the financial world for good. Blockchain technology is a high-security crypto currency-driven system with 100% transparency of the flow of funds from source to recipient. This technology has brought a great revolution to the supply chain management industry with its potential to eradicate billions of dollars of loss due to mismanagement of funds and third-party involvement.
Other supply chain management trends include Sustainability and reduced Carbon footprint, Cloud-based solutions (Software as a service-SaaS), and The Internet of Things (IoT).
Is Supply Chain Management a Good Career to Invest in?
When almost 90% of the world went online, logistics and supply chain managers had to showcase their resilience to the changing world. Because of the onset of the pandemic, supply chain management and logistics departments all around the globe are implementing technological updates and better ways to serve the rising demand for products.
Statistique Canada reports that these trends will continue in supply chain management over the next few years and that businesses must gear up to match the changing spectrum of consumer needs and expectations.
In Conclusion
Given this change in the business, a degree or course in supply chain management and logistics from the heart of the business capital of Canada can be a great investment for your career. Toronto is home to over 800000 businesses and active startups and tech companies. With the industrial tie-ups and industry-ratified curriculums, pursuing a degree from a college in Toronto can greatly update your skills and knowledge base in supply chain management and logistics. Enroll today!
