Top enterprises worldwide have started seeing the value in driving business growth through supply chain management. Earlier, the supply chain was a way for businesses to mitigate any risks in the delivery process. Today, it is one of the fundamental components of revenue growth.
The evolution of supply chain management functions was the focus of a research project at the Haslam College of Business by J. Paul Dittmann. Describing how enterprises drive value for shareholders by using the supply chain, he stated that most companies hold an outmoded perspective regarding the supply chain, seeing it as nothing more than warehouses, pallets, and trucks. These businesses don’t take advantage of the excellence the supply chain can provide.
supply chain managers today need modern and comprehensive expertise in the industry overall. they need to understand global ecosystems where supply chains are present, the potential this technology has for disrupting traditional supply chains and how this disruption is a huge opportunity .
What Do Supply Chain Managers Do?
Supply chains across the globe have been thriving since globalisation, with enterprises regularly importing materials and products from various parts of the world. Transporting these goods from one point to another requires efficient project handling from both the supplier and the client.
A supply chain manager is responsible for ensuring that operations run smoothly, right from inventory to service to delivery, without failing to fulfil every other need in between. Supply chain managers play a pivotal role in the import-export process, from sourcing materials to delivery to post-delivery customer support.
The typical tasks that a supply chain manager completes in a day vary. However, their essential roles look like this:
- Procure services or raw materials from various global suppliers and manage every order.
- Supervise operations, deliveries and logistics.
- Streamline shipping and packaging operations.
- Reduce costs in enterprise-level supply chains.
- Increase efficiency and productivity using scheduling activities and planners and review performance records regularly.
- Manage orders and returns while optimising inventory.
- Strategise ways to add new products through productive relationship formation.
- keep away from laws uits.
- Deal with end consumers to resolve any conflicts.
- Purchase, develop and deploy products
How Much Do Supply Chain Managers Make?
According to statistics by the US Bureau of Labour Statistics, the salary of supply chain managers can range from USD 44,440 to USD 119,250 per annum. The average salary of most SCMs today stands at an average of USD 74,600 per year.
According to numbers shared by PayScale, supply chain managers earn so much higher. In a survey, SCM professionals shared that their average salary was USD 81,436 per annum. However, this includes bonuses, base salary, profit sharing and commissions, thus providing variance.
As an aspiring SCM professional, you must know the impact of training and education on a candidate’s earning opportunities. With the current rate of evolution that supply chain management is following, enterprises are looking for more and more managers who have post-graduate degrees or updated certifications. Transformation is the future of supply chain management.
There are many complexities that continue growing in supply chain management. We have entered an era where proper supply chain management is a leading factor in giving companies a competitive advantage. In other words, very soon, supply chain management will focus mainly on driving value and growth for consumers and companies. Today, supply chain managers need relational, analytical, technical, and strategic skills that must evolve as the industry grows.
Even an advanced supply chain management certification can boost a candidate’s earning potential and help grow their career. With a master’s degree in supply chain management, salary options can go up to USD 92,000 per annum, which is USD 10,000 higher than the US national average.
Operations management professionals in the supply chain domain supervise various supply chain functions, from personnel to purchases. These professionals earn an average salary of $99,310 per annum. Earning a master’s degree or advanced certification in supply chain management or logistics will prepare you for top-level leadership roles. According to PayScale, the top positions available today to candidates with a supply chain management degree are:
- Business unit managers
- COOs
- CEOs
In each of these roles, salaries go higher than $129,000 per annum.
Supply Chain Management Careers:
1. Purchasing managers:
Also called procurement managers, purchasing managers are accountable for fulfilling purchase orders for products or services. They are also given designations like material managers.
A purchase manager interacts directly with the supplier to get materials and must have strong negotiation and communication skills. The demand and need for purchasing managers are predicted to advance by 9% in sectors like healthcare, hospitality, food and finance.
2. Logistics manager:
A logistics manager handles day-to-day warehouse and storage facility management. This professional is responsible for the movement and transportation of goods, services and raw materials.
Logistics managers essentially solicit coordination and schedule these duties. They generally work with operations managers and supply chain managers. However, sometimes they also take on responsibilities of either position, particularly in medium and small businesses.
3. Transportation manager:
A transportation manager is responsible for all transportation operations. This person works closely with logistics departments and employs trucking companies for their operations. Any service that demands the movement of products from one destination to another will need a transportation manager.
4. Logistics analysts:
Logistics analysts are mostly employed in industries manufacturing, food, hospitality and automotive, among others. Their leading objective is analysing data from logistics teams and improving supply chain operations. Experts estimate a growth of 5-9% in logistics analyst jobs by 2026.
Supply Chain Management Career Path:
You have a promising professional journey ahead with a supply chain management degree. In addition, most managers get promoted to senior management positions. Others can opt for a General Manager or Operation Manager role. Still, others can go on to become Supply Chain Specialists. Each post comes with a varied set of specialised responsibilities and salaries.
Supply chain managers at the entry level can also advance to director-level and upper management roles. According to the 2020 Logistics Management Annual Salary Survey, the surest ways to advance in the supply chain management domain are through higher education, training and certification courses.
Having a knowledge background or experience in the supply chain, transportation, management, or logistics are valuable skills when planning a clear career path.
With more enterprise-level operations getting up and running, the demand for individuals with training in supply chain management principles is at an all-time high. With the lucrative supply chain manager salary rates today, there is no better time than right now to switch to this future-proof career. Give your career the boost it needs and enrol in a supply chain management training course today.
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