What You Need to Learn in Business School
Most of us have taken some business school courses only to learn that most didn’t really relate to the job of supply chain manager in which we’re working today. On the other hand, I thought I would talk about the four business courses (below) that I took and that I believe are essential for supply chain managers, (if you haven’t taken them already) and which will give you a solid foundation in your chosen career:
1. Business Law
This course was invaluable to me over my four decade supply chain career. I’m still asked questions related to this subject almost weekly by my staff and clients. In this course we studied the “Uniform Commercial Code” which is the bible for all business transactions (written or oral). What constitute a contract? What is consideration? Who is to be considered an agent? I therefore believe that Business law courses should be a prerequisite for all supply chain professionals, since it’s something we deal with everyday of our supply chain career (i.e. contracts, purchase orders, business transactions, risk and liability) and is critical for your supply chain success.
2. Accounting
Next to business law, accounting, in my opinion, is the next most important course a supply chain professional can take. I call it the language of business (double-entry bookkeeping was invented in Italy in the 1400s). This enables you to understand your hospitals chart of accounts, charge master, cost accounting and inventory management. Don’t leave business school without taking at least accounting 101 and 102, if you want to understand how your hospital business works.
3. Purchasing
Unfortunately, most colleges have dropped this important course from their curriculum in recently years. Although, a quick Google search shows that a number of colleges still offer this course either in a classroom environment or on line. I was very lucky not only to have taken this course, but to have had a seasoned purchasing director present the course. I found it priceless to learn from a purchasing veteran who had been in the trenches for 30 years. If you haven’t attended a professionally taught college purchasing course please sign up for one today. You will never regret that you have done so.
4. Statistics
Although statistics 101 and 102 are intellectually demanding, they are the foundation for all of the analytics you will need to perform on your supply spend (and other operational areas) to determine savings and operational improvements for your healthcare organization. If you haven’t been exposed to these enlightened courses you will be challenged with knowing the who, what, and where you can save money or get better at your operations.
I’m sure I had a few more courses in business school that helped me enormously in my supply chain career but the four that I have described above have made a real positive impact. I hope this knowledge will help motivate you to either sign up for one or more of these courses at your local college or to take a refresher course to sharpen, hone and refine your basic skill sets.
Filed Under: savingsblog • Supply Chain • Training
