OVERVIEW
What is a Supply Chain Analyst?
Supply chain analysts focus on analyzing inventory data, identifying market trends, and providing key insights to improve supply chain operations. They keep an eye out for issues that could disrupt or stop the flow of the entire supply chain, from initial product sourcing and procurement to distribution and customer delivery. They also implement strategies to enhance supply chain efficiency.
RESPONSIBILITIES
Key Responsibilities of a Supply Chain Analyst
A supply chain analyst’s day-to-day tasks typically include the following:
- Collecting and analyzing supply chain data. This is the primary means by which analysts identify trends and areas for improvement.
- Developing and implementing process improvements and cost-saving strategies. A steady-moving, financially efficient supply chain benefits both businesses and consumers.
- Monitoring and forecasting inventory levels and demand patterns. Analysts use prior data to determine how much inventory is needed and what consumer demand might look like.
- Collaborating with other departments. In addition to communicating with other internal teams, supply chain analysts keep in touch with suppliers and distributors.
- Preparing and presenting supply chain performance reports and dashboards. These reports keep company leadership informed of supply chain operations.
- Evaluating supplier performance. Often, analysts use supplier relationship management software to track this performance.
- Supporting procurement and logistics activities as needed. Supply chain analysts help ensure that enough raw materials are sourced and procured in the beginning of the supply chain.
Where Does a Supply Chain Analyst Work?
Most supply chain analysts work for manufacturing and production companies. Many others work for the federal government, retail and wholesale businesses, transportation and logistics firms, and consulting firms.
Retail and manufacturing organizations depend on many factors to turn a profit: seasoned executives, sufficient funding, and a clear vision, to name a few. But they also rely on dedicated analysts to keep their supply chain operations running smoothly. A supply chain involves all stages of a product’s life, from its conception to its eventual sale to consumers. Supply chain analysts play a vital role in optimizing the processes involved in the chain and improving its overall efficiency.
EDUCATION & BEST DEGREES
How Do I Become a Supply Chain Analyst?
While the job of a supply chain analyst typically requires at least a bachelor’s degree, the further you take your education, the more opportunities you’ll have for higher-paying jobs. Consider the following steps:
- Complete a bachelor’s degree in supply chain management, logistics, business management, or a related field.
- Earn a master’s degree in supply chain management or a related field to qualify for advanced analyst positions.
- Obtain professional certifications. These might include the following: Certified Supply Chain Professional (CSCP), Certified in Planning and Inventory Management (CPIM), and Certified in Logistics, Transportation, and Distribution (CLTD). Certification isn’t always required, but it can give you specialized knowledge and an advantage in the job market.
Best Degrees for a Supply Chain Analyst
Business
Supply Chain and Operations Management - B.S.
This online supply chain and operations management program will prepare...
This online supply chain and operations management program will prepare you for real-world experiences in business.
- Time: 61% of graduates finish similar programs within 19 months.
- Tuition: $3,755 per 6-month term.
- Courses: 36 courses in this program.
Skills for your résumé that you will learn in this program:
- Project Management
- Strategic Planning
- Detail Oriented
- Management
- Leadership
- Operations:
Business
Business Management – B.S. Business Administration
Hone your business acumen and garner added respect:...
Hone your business acumen and garner added respect:
- Time: 61% of graduates finish within 19 months
- Tuition: $3,755 per 6-month term
- Courses: 40 total courses in this program
Skills for your résumé this program will teach you include:
- Business communication
- Product development
- Decision making models
- Project management strategies
- Budgeting for business
This online degree program is an excellent choice for kick-starting your organizational management career.
Business
Supply Chain Certificate – School of Business
Boost your résumé and gain valuable experience with a supply chain...
Boost your résumé and gain valuable experience with a supply chain certificate from the School of Business.
- Time: 6 months from start to finish.
- Cost: $2,500 for the certificate.
- Courses: 4 courses total in this program.
This program is designed for individuals who are ready to take their supply chain experience to the next level and become a front-line leader in their organization.
Whether you want to advance your career in this field, or you're just getting started, a supply chain certificate can help you be ready for your next career step. You'll be prepared to work in a variety of industries including:
- Startups
- Healthcare
- Manufacturing
- IT
- Retail
- E-Commerce
How Much Does a Supply Chain Analyst Make?
$77,520
According to the U.S. Bureau of Labor Statistics (BLS), the average annual salary of supply chain analysts in May 2022 was $77,520. During that time, the lowest 10% of earners made less than $46,260 while the highest 10% earned more than $124,050.
What Is the Projected Job Growth?
18%
Supply chain analyst jobs are projected to grow by 18% from 2022 to 2032, according to BLS. Increasing focus on data-driven decision-making and supply chain efficiency will drive more demand for skilled supply chain analysts.
SKILLS
What Skills Does a Supply Chain Analyst Need?
This role requires a breadth of knowledge and skills related to supply chain management. You should acquire and cultivate the following:
- Strong data analysis and problem-solving abilities.
- Proficiency in data visualization and reporting tools.
- Excellent communication and presentation skills.
- Knowledge of supply chain management software tools.
- Understanding of inventory management, demand planning, and risk mitigation principles.
- Ability to work effectively in a team environment.
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