One of the biggest trends of the 21st century is an increasingly digital world. With this increased internet usage, online shopping and marketplaces have become commonplace. Thanks to the surge in online marketplaces, almost any product can be purchased, sold, and shipped with just a few clicks. But have you ever stopped to consider how all of this is possible? This article will take a peek behind the curtain and examine supply chain analysts and their salaries.
So, what is a supply chain analyst? Why are supply chain analysts essential? What is the salary for a supply chain analyst? How can you become a supply chain analyst?
Here is a detailed guide on supply chain analysts and their salaries.
What Is A Supply Chain Analyst?
Have you ever been shopping in a store and stopped to consider how they keep all of the shelves stocked? Most retailers make purchases for large quantities of products for their original sellers. These products are sold to retailers, and then shipped and stocked on their shelves. Supply chain analysts serve a crucial part in the sales and shipping process. They typically have the most considerable impact on companies selling products to wholesale retailers such as Walmart, BestBuy, Target, etc.
Supply chain analysts are responsible for optimizing the shipping and selling process to ensure that company supply aligns with customer demand. The shipping process can be disrupted by any number of issues such as; transportation issues, trade regulations, logistic issues, and more. It is the responsibility of supply chain analysts to quickly solve these disruptions and ensure swift and efficient product supply and shipping.
As the name suggests, supply chain analysts review and analyze data to optimize the shipping process. Typically supply chain analysts will be assigned to specific products or projects at a time. It is their responsibility to ensure that the product or project release is not interrupted by supply issues. Some typical responsibilities of supply chain analysts include; managing and maintaining professional relationships, optimizing supply chain processes, evaluating and assessing staff, tools, and technology in the supply chain, and more.
Why Are They Essential?
Supply chain analysts serve a vital role in the supply chain process. As aforementioned, it is the supply chain analyst’s responsibility to ensure speedy shipping and transport and to resolve any issues that may arise during the process. This can be particularly important when dealing with expensive products that are in high demand. If consumers are unable to access a product that they want due to supply chain issues it can reflect poorly on the company as a whole.
For example, let’s say that a car dealership is offering a new model of one of their cars. The new model draws more interest than they anticipated and soon they have a large pool of customers trying to get their hands on a product with limited supply. It is the responsibility of the supply chain analyst to ensure that the dealership can get its hands on enough new models of cars to satisfy customer demand. The supply chain analyst needs to ensure that the dealership can get access to these models quickly as each sale is crucial to the dealership’s overall profit margins. If customers cannot get access to the product in a timely manner then they take their business elsewhere and the dealership and manufacturer will lose the sale. This is just one very basic example of the importance of supply chain analysts.
What Is The Salary?
Supply chain analysts are a very valuable commodity as the position requires an in-depth understanding of the supply process, the product market, and even the technological tools used in the selling and shipping process. Because of that, supply chain analysts typically find themselves well compensated for their work. Here is the average annual salary of supply chain analysts according to several professional sites:
Glassdoor – $74,397
Indeed – $71,074
Zippia – $67,450
As you can see, supply chain analysts on average make around $70,000 per year in the US. However, there is a huge opportunity for growth in the position as many of the top earners in the field can bring in six-figure salaries on a yearly basis.
How Can You Become A Supply Chain Analyst?
In an industry seeing rapid growth and good salaries, there are many people who would like to entertain becoming a supply chain analyst full-time. In order to become a supply chain analyst, you need to have great analytical and mathematics skills. It also helps to have some experience working with supply management, retail management, or another related field. From a school perspective, you should consider a 4-year degree in a field such as; supply chain management, business management, logistics, mathematics, or another related field.
Summary
In summary, supply chain analysts serve a vital role in optimizing the sales and shipping process. Supply chain analysts are responsible for clearing bottlenecks in the supply chain and ensuring that product supply meets customer demand. It includes an average US salary of around $70,000 per year. Those looking to enter into the field should consider getting a related college degree and trying to build experience in the supply chain or retail industries. With the industry continuing to grow it is a great time to consider becoming a supply chain analyst.
