Supply chain analysts help facilitate and manage the complex world of supply chain for companies. Discover the steps to becoming a supply chain analyst and explore the career prospects in this vital field.
Have you ever wondered how your laptop went from China to your nearest Reliance Digital or Amazon warehouse and into your hands? Or where the trendy new Chinese restaurant in your neighbourhood gets its soy sauce?
Even in the most rural towns, you’ll likely encounter products and services that are part of the global supply chain. In recent decades, the expansion of trade has required supply chain management to become leaner, more efficient, and flexible. However, these supply chains can face disruption from political and other unforeseen events, such as Russia's invasion of Ukraine or the COVID-19 pandemic.
Shortages due to transportation, logistics, and government sanctions can drive up prices of food, gas, and other essentials, as evident with the current global supply chain crisis. While supply chain analysts and managers were previously able to make quick adjustments to resolve bottlenecks, the compounding forces have created some severe global damage.
Yet, India's supply chain management (SCM) market remains robust. Valued at 3,421 million USD in 2023, the Indian SCM market is fueled by several supportive elements, such as rapid economic growth, strategic location, and a favorable business climate [1]. It’s an excellent time to become a supply chain analyst. Read on to learn how to begin.
A supply chain analyst plays an essential role in planning, analysing, and monitoring a company’s supply chain distribution to ensure products reach their destinations in a timely, cost-efficient manner.
Supply chain analysts usually work on specific projects. These could include a product launch in a new country or lowering costs by identifying new routes or suppliers. As a supply chain analyst, you serve as the liaison between a company and its (usually overseas) suppliers. You may be in charge of researching fair prices and negotiating good deals. A supply chain analyst also monitors warehouse inventory stock and tracks how much more product volume companies need using tools such as SAP Supply Chain Management (SCM).
Supply chain analysts are the contact person for organisations that purchase overseas. They often work on end-to-end projects to ensure products get from Point A to Point B.
Explore some common supply chain analyst responsibilities and tasks:
Monitoring data on current business operations, managing different pieces such as sourcing, warehousing, deliveries, and scheduling production
Collecting and analysing data to reduce costs and increase efficiency
Maintaining professional relationships with vendors, acting as representatives of the company or organisation to promote a positive image
Consistently seeking ways to improve supply chain management, including evaluating approaches, processes, tools, and technology
As a supply chain analyst, you will likely work in one of the primary industries in which supply chain management is needed. These might include retail or e-commerce stores that sell food, soft goods like clothing, shoes, and toiletries, and large goods like cars, electronics, furniture, pharmaceuticals, and more.
That means you could work as a supply chain analyst for top companies. These companies could include big names like Nestle and Toyota, but supply chain analysis is also needed at smaller companies like Nykaa, a high-end beauty and personal care brand.
You might also need supply chain analysis skills if you are a business consultant working for a firm such as McKinsey, which is dedicated to creating Lean teams and eliminating unnecessary processes.
You’ll need core workplace (soft) and technical (hard) skills like any other business role. The following is a list of what a supply chain analyst needs to demonstrate to succeed in the role:
Effective communication: To collaborate with cross-cultural teams and colleagues, including suppliers and customers
Critical thinking and problem solving: To develop and implement logistical plans, respond to issues that inevitably arise, and find solutions to improve costs and efficiency
Interpersonal skills: To coordinate the complex movement of products between suppliers, warehouses, and customers. Active listening and a love of people can be helpful, especially if you rise in supply chain roles.
Organisational skills: To maintain records across various tools and systems and manage multiple simultaneous projects
Time management: To keep up with the fast-paced environment with competing priorities and deadlines
Knowledge of tools and technology: To handle all of the data on enterprise resource planning (ERP) technology like SAP or Salesforce and process it in a way that makes business sense
Supply chain analysts play an important role at each stage of supply chain management. Below are some stages and focus areas that you could specialise in.
Production planning
Inventory management
Raw material sourcing
Demand planning
Supply chain network design
Distribution planning
According to Glassdoor, the average annual salary for supply chain analysts in India is ₹6,50,000 [2]. The job outlook for supply chain analysts is promising. A report by UBS indicates that India is likely to benefit from supply chain shifts driven by the US-China trade war, amongst other global considerations, which could lead to increased jobs [3]. The report forecasts growth of 6.25 to 6.75 percent year-over-year (YoY) by 2030 in an optimistic scenario and 6.75 to 7.25 percent YoY under a blue-sky scenario [3].
Government initiatives such as the Make in India campaign and the streamlined Goods and Services Tax (GST), which ease cross-border business, will likely further accelerate growth in the supply chain sector.
You should have a bachelor’s degree to become a supply chain analyst. If you already have one and are hoping to switch careers, you can skip the first step and build up your skills and work experience.
Read on to discover how to get started as a supply chain analyst.
While not all supply chain analysts need a bachelor’s degree to land a job, the chances of you getting hired are much higher if you do.
Because supply chain management is complex, fast-paced, and requires managing many moving parts, you should have a strong technical know-how of tools like SAP and a strong foundation in business acumen, problem-solving, and quantitative analysis. Pursuing a master’s degree in supply chain management, logistics, or a related field may boost your earning potential as a supply chain analyst.
Build your supply chain management and analytics skills with a course. If you need to brush up on communication skills, you can enroll in courses that challenge you to public speaking or practice active listening at home or in the workplace.
If you require technical skills, play around with SAP or Excel. To get more familiar with Microsoft Excel, these short Guided Projects on Finding, Sorting, & Filtering Data in Microsoft Excel and Create Charts and Dashboard using Google Sheets might help.
You might want to start by researching companies or organisations you’d like to work for and narrowing down your search from there.
Create (or clean up) your resume and write an original cover letter for the supply chain analyst roles that interest you. If you switch careers, modify your resume and improve your interviewing skills.
“Supply chain analysts” might look different when you’re searching for jobs on LinkedIn or other sites. Some other names for similar job roles include sourcing analyst, materials planner, production analyst, transportation analyst, logistics analyst, demand planning analyst, and supply chain modelling analyst.
The title “analyst” might be at the same level as “specialist” in some companies, whilst “specialist” at other companies is a step up from “analyst.” Further, “manager” tends to be a step above “specialist.”
As a supply chain analyst, you will hold an important position in your organisation, coordinating and directing each stage of the production lifecycle, from sourcing raw materials to distributing goods. Launch your career in supply chain management with a specialisation in Supply Chain Analytics from Rutgers University. In approximately five months, you’ll master all the data-driven tools you need to improve a company’s supply chain performance.
Financial Express. “India as the rising giant in the supply chain industry: Emerging opportunities and challenges, https://www.financialexpress.com/business/industry-india-as-the-rising-giant-in-the-supply-chain-industry-emerging-opportunities-and-challenges-3536812/.” Accessed 12 October 2024.
Glassdoor. “Supply Chain Analyst Salaries in India, https://www.glassdoor.co.in/Salaries/supply-chain-analysts-salary-SRCH_KO0,21.htm.” Accessed 12 October 2024.
Economic Times. “India’s growth could rise to 6.25-6.75% by 2030 owing to supply chain shifts and reforms: UBS, https://economictimes.indiatimes.com/news/economy/indicators/indias-growth-could-rise-to-6-25-6-75-by-2030-owing-to-supply-chain-shifts-and-reforms-ubs/articleshow/102809279.cms.” Accessed 12 October 2024.
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