As the name suggests, Material Management is the study of management in order to facilitate the materials, planning and building designs for flow of materials within or outside the organization. It includes Supply Chain and Quality Control as one of its prime operation features for a better efficiency.
Importance in Business World
- Acts as a link between raw materials and finished products.
- Helps in procurement of all essential materials for production process.
- Timely delivery of materials.
Requirements in a company
Being a unique propaganda, different companies use different techniques to manage materials as for example many companies now-a-days are using SAP and ERP systems to manage the control of materials. ERP being costlier many companies use man-operated spreadsheets for the same.
If we look for Materials Management in regards to career prospects then it’s quite an interesting field in both private as well as public sector in the departments of purchasing, sales, supplying and storing in sectors like Railways, Pubic transport , Supply chain industries etc with following posts :
- Inventory Planner
- Inventory Manager
- Materials Manager
- Maintaining a proper and coherent flow of materials in the firm for the process of production.
- Accuracy of materials required and materials used may differ thereby resulting in inadequate supply.
- Incorrect bills, error reports are some other challenges being faced by the managers.
- An effective and efficient Material Management technique can advance for a well perceived objective and thereby attainment of the objective of the firm.
- It results in a proper management of resources and planned way of working.
- It gets more into the practical aspect thereby yielding more productivity and maximizing profits.
Pursuing a career in Materials Management:
As population of our nation is rapidly multiplying and with this the resources are getting scarce. So, this coupled effect in today’s global world has made the subject of Materials Management very important. There are ample job opportunities in this field of management now. Very attractive packages are offered to the deserving candidates in this field with exciting bonus and incentive plans.
Materials Management is a specific Management programme offered in many Management institutes in our nation. The minimum eligibility criteria to take admission in it is Graduation in any stream.Engineers are preferred due to it’s technical aspect t a later stage.
COLLEGES WITH MATERIALS MANAGEMENT:
- Indian Institute of Material Management, Mumbai.
- Indian Institute Of Material Management, Bangalore.
- All India Institute of Management Studies, Chennai.
- Indian Institute of Social Welfare and Business Management [IISWBM], Kolkata.
- College of Material Management, Jabalpur.
- Balaji Institute of Management Studies, Pune [Distance Learning]
The courses offered at IIMM are PGDMM and MBMM both distance learning with a total fee structure of around 45000/- (Inclusive of all). Others colleges come with a moderate fee structures.Placements come with companies in the field of logistics and supply chain.
Career in Materials Management is a very nice option with great acquisition of knowledge and money making in the field with gaining experiences.
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