With a 28 percent job growth rate, there hasn't been a better time to enter the job role of a supply chain analyst. Supply chain analysts play a significant role in the industry by allowing timely product delivery from generation to the end user. They work to plan and implement strategies for an effortless supply of products in any part of the world, combatting issues arising from several factors among the nations.
The article enlightens the public about their role and further states how to positively and effectively change the supply chain in sectors like food, processing, manufacturing, technology and government.
What is Supply Chain?
From the product's manufacturing to its delivery to the consumer, it might be locally traveled or come from across the nation. The flow of a product reaching its destination from creation to delivery is the supply chain. It involves the network of companies and individuals who make the tasks possible. The process is crucial and requires significant attention to varying forces that hold the potential to disrupt the chain involving numerous people.
The disruption in the supply chain is often witnessed as an abrupt price change affecting the common individual. The supply chain analysts are expected to multitask and collaborate with different departments, individuals and professionals inside and outside the company to achieve their aim.
For instance, political issues, such as the Russia-Ukraine war, atrocities on Palestine and Syria, miscommunication, and the covid-19 pandemic halted or disrupted the supply of essential products. The shortages due to logistics, transportation and government sanctions increase goods prices. The similar and multiple other challenges and optimum predictions for smooth working require managing the supply chain through learned and experienced individuals.
Who is a Supply Chain Analyst?
The supply chain analyst aims to combat any of the above mentioned issues or other unforeseen problems. They achieve the same by planning, developing strategy, analyzing the possibilities, improving and monitoring and tracking the supply chain distribution. They ensure timely delivery of the products at each step without incurring extra costs.
They identify the risks associated with time, distance, and routes and involve individuals while working on specific projects. They can be handed over to new branches in a different country or aim to lower the supply cost by identifying new methods. The supply Chain Analyst is also responsible for setting up the prices, monitoring the warehouse and analyzing the life cycle of goods movement.
Roles and Responsibilities of Supply Chain Analyst
The candidates looking forward to a career in supply chain analytics will be expected to accomplish the following duties:
- Plan and work on large scale-projects involving different countries
- Manage the supply chain operations and train the supply chain teams
- Analyze the risks beforehand and derive strategies for these
- Develop standards for procurement, packaging and delivery
- Increase business revenue through research, contacts and building relations
- Remain in compliance with company policies and procedures
- Improve the company's efficiency and reduce investments by planning and effectively monitoring the inventory
- Interact with vendors and other personnel involved in the supply chain to get hold of issues
- Maintain proper and friendly contact with them
- Report the supply chain's performance
- Negotiate to end up with cost-effective deals for the company
- Monitor the KPIs of professionals involved in the supply chain
- Collect stepwise procedure details and analyze them to decrease the investment without compromising the quality
- Be involved and initiate large international purchases
- Collaborate with different departments in the organization to understand the supply chain process for the organization.
Education Requirements and Skills
The candidate must have a bachelor's degree in Mathematics, Logistics, Business Analytics or another related field to begin a career as a supply chain analyst.
Experience as a supply chain analyst, logistics coordinator or other similar roles gained through internships is more desirable. Familiarity with the following tools and the presence of stated supply chain analyst skills is also required:
- MS Office
- ERP systems such as SAP, supply chain processes and relational databases
- Problem-solving attitude
- Ability to multitask
- Time management
- Business ethics
- Critical thinking skills
- Attention to details
- Ability to carry out complex operations independently
- Experience working with SQL analysis tools
It involves analyzing the data using different software and tools. The ultimate aim is to choose the most cost-effective path for the supply chain.
Fluent mathematics skills with instant calculation come in handy while discussing options with individuals involved in the supply chain. The applications of mathematics are seen in logistics, automation, optimization technologies, predictive maintenance, machine learning and inventory management.
Quantitative and Analytical
It is required for the analysis of huge data sets and analyzing information. Further, it is also crucial to make judgments based on the data.
Supply chain analysts are expected to work on specific projects. Thus, handling the team, multitasking and having the ability to monitor the smooth operations of a project is a must. Leadership skills are also crucial for handling and managing the project.
The available information is a set of facts. To remove bias and achieve efficient results, logical thinking is the key to achieving the best results. It is also required to identify the practicality of proposed modifications and find suitable alternatives.
Dealing with numerous authorities, stakeholders and consumers requires interpersonal skills to understand the issues faced by each of them and the company. Active listening, empathy and relationship building are some of the most wanted skills.
The ability to communicate effectively with proper presentation is also a must. The supply chain analyst must be able to share ideas, suggestions, and improvements with clarity and logical reasoning to influence the listeners.
Multitasking and working with different teams is only possible with proper organization. Not only will it increase efficiency, but it will also aid in producing better results and managing the workload without feeling exhausted.
Working on projects, training the supply chain teams and dealing with different departments will require handling every individual. It requires the art to interact with everyone regardless of the type of personal relations and change in ideologies with them.
The supply chain analyst can expect to earn about INR 2.5 lakhs salary in India, with a maximum limit of INR 12 lakh. Thus, the average annual salary can be estimated to be around INR 5.2 lakh per annum. The salary is also expected to increase based on experience. Besides, the average range of take-home salary for supply chain analysts in India is around INR 39,472 to INR 40,645 per month.
How to Become a Supply Chain Analyst?
Candidates aspiring to become supply chain data analysts must gain a Bachelor's degree in a related field. For instance, they can opt for B. Com. in supply chain management, BBA in Business Analytics or BBA in logistics and supply chain management. They must inculcate skills and experience through enrolling in different internships.
Individuals in different fields of interest in this specific domain must undergo online available courses while continuing their current jobs to land a position as a supply chain analyst or supply chain business analyst. Prior related experience in business operations is a boon and encouraged among companies hiring new candidates.
Types of Job Roles
Supply chain analysts or supply chain data analytics deal with increasing the existing supply chain programs' efficacy or working on a new project for the same goal. They are also responsible for performance and data analysis, problem recognition and coming up with effective strategies. The different job roles offered to supply chain analysts can be:
- Commodity Specialist
- Data Analyst
- Materials Analyst
- Director of Supply Chain Management
- Purchase Manager
- Director of Operations
- Warehouse Manager
- Demand Planning Manager
- Distribution Manager
Kickstart Your Supply Chain Analyst Career with Simplilearn
Simplilearn offers a Post Graduate Program in Digital Supply Chain Management in association with Purdue University to bring quality education and real-world experience to the comfort of your home or workplace. The online hybrid-based learning course suits busy individuals enrolled in any engagement. The educators enlighten the candidates about the competitive marketplace and polish their skills to be ready to face the challenges in the new field. Simplilearn's career assistance service has the potential to increase chances of securing a job through the participation of more hiring companies and better salaries.
Frequently Asked Questions
1. What is the salary of an SCM fresher in India?
The SCM fresher in India is expected to earn around INR 3 lakh per annum. The salary is further increased subject to performance and expertise.
2. What is the highest salary of an SCM in India?
The highest salary of SCM in India is around INR 28 lakhs per annum. Candidates with experience of around 18 years or more can expect to earn the stated figures.
3. What is the salary of an SCM analyst at Deloitte?
Deloitte pays around INR 5.6 lakhs to INR 11.5 lakhs to supply chain analysts. The average annual salary from the company can be expected to be around INR 8.5 lakhs.
4. What is the salary of an SCM analyst at HCL?
HCL pays around INR 2.5 to 3.5 lakhs per annum to the employees working as supply chain analysts. The average annual salary is around INR 3.5 lakhs per annum.