A supply chain analyst ensures that everything in the supply chain of a company works in the best way. They usually work on project-by-project basis. For instance, when a new item is released, they identify the cheapest and fastest methods of distributing the item to customers. They can also bargain with suppliers in an effort to obtain favorable prices and quality items. Sometimes they also look for more effective methods of delivering products and cutting costs.
Planning
1. Demand Planning
Before firms make anything, they must have an idea of how many customers will buy the product. This is referred to as demand. Firms can then plan how much to make once they have an idea of how much to sell. They also plan how much raw material to purchase and where to store it. Computer aids assist in estimating how much will be required today.
2. Raw Material Planning
After the business knows what it needs to manufacture, it can then plan on buying the appropriate quantity of raw materials. These are the raw materials that are used to manufacture a product. A supply chain analyst helps to identify the best suppliers who offer good quality and prices.
3. Production Planning
After the raw materials are acquired, the factory must prepare to start manufacturing the goods. The team makes a schedule and ensures all the machines are in working order. Everything must be ready to make the goods in the specified time.
Discovery
1. Sourcing a Supplier
A supplier is an individual or an organization that supplies raw material to a business enterprise. The company has to identify reliable suppliers who will deliver the right product at the right time and at a cost-effective price. This makes the company's operations smooth.
2. Selecting the Vendor
Once you've established a good supplier, the company negotiates things such as price, quantity to purchase, and when to have it shipped. A supply chain analyst attempts to negotiate the best price. It's all written down and distributed to the people who need to know.
3. Delivery Modes
There are various means of acquiring raw materials. Some acquire them in small quantities at a time, while others acquire supplies just in time, when needed. It depends on the nature of products the business produces and the pace at which the customers demand them.
Stock
1. Inventory Cost
Inventory of materials and finished goods is expensive to maintain. But it has to be done so that the business can produce and deliver goods in a timely manner. A supply chain analyst assists in figuring out the correct level of inventory to stock—enough to be economical yet meet customer needs.
2. Recording Inventory
There must be a way of knowing how much is stored so that there is not too much or too little. Some companies monitor inventories at regular intervals, and others monitor every single item that enters or leaves. This may require special computer programs.
Production
1. Production Units
Here, a single product is produced at a time, as per the desire of the customer. Like a bespoke dress or a car. The company traditionally purchases the raw material only after placing the order.
2. Batch Production
This is common for companies that manufacture various types of the same product, e.g., cookies or soap. The company makes a batch—or "batch"—of products simultaneously depending on the number of orders they receive.
3. Mass Production
This is used when the business produces a lot of the same thing, such as cars. The process is the same, and every step on the production line does one thing. A supply chain analyst assists in planning out what needs to occur at each step.
Data
1. Information Needed to Complete Orders
In order to make customers happy, the companies must know what they want. The salespeople must offer this information promptly to the manufacturing department so that the products can be produced and sent promptly.
2. Reduces Costs
Having excess inventory on hand is expensive but doesn't generate revenue. That is why companies attempt to have supplies on hand that only equate to what customers purchase. Accurate forecasting of sales prevents companies from losing money on surplus inventory.
3. Raw Materials Stocks
By being current with the market, the companies can determine if prices are increasing or if the raw materials are in short supply. A supply chain analyst assists by monitoring this and suggesting how much raw material to hold.
Transportation
1. Price of Products
Transportation adds to the overall price of a product. Firms are required to choose the best and lowest means of moving the products. They may adopt various means of transportation based on the margin of profit they earn from the product.
2. Customer Satisfaction
Quick and safe shipping is extremely important. If a product is delayed or is not in good condition, individuals will not purchase from the same company again. A good shipping strategy is therefore important in making customers happy.
3. Shipments Prioritization
Shipping costs a lot, and thus companies will have to choose the most suitable mode of shipping to send products to various customers. A supply chain analyst considers customer behavior and advises the firm when rapid delivery is needed and when slow and less expensive shipping would be appropriate.
Return of Goods
1. Return Policy
Returns do occur, so there must be policies regarding them. All employees of the company must know the policies. Returns also assist in product improvement by indicating what needs to be improved.
2. Gatekeeping and Disposition
Gatekeeping is tracking returned products. Businesses also have to consider what is being returned and at what cost to accept returns. In some cases, it is less expensive to simply give a refund and not take the product back.
3. Re-entry and Reselling
Returns have to be brought back into the company stock. This keeps the company informed of what is there and identifies what is in need of repair and what can be sold.
Skills Required for a Supply Chain Analyst
Data Analysis
The primary responsibility of a supply chain analyst is to analyze all aspects of the supply chain and determine how to make it better. They assess how each aspect is performing and determine how to cut costs and get it done faster.
Mathematics Skills
There are many expenses a supply chain has. The analyst has to be a math genius to understand these expenses and know where to cut costs.
Technical Skills
Analysts deal with a lot of data, therefore they must be familiar with using computer software like Excel, SQL, and other software that helps them comprehend and structure information.
Statistics
Analysts work with big volumes of data. They must be capable of interpreting this data and presenting simple-to-understand reports to others.
Reasoning rationally
Merely looking at the numbers is not enough. Analysts need to sit and think and come up with the most optimal solutions that will be less costly for the company and perform better.
People Skills
Analysts interview numerous people both inside and outside the company to get crucial information. They need to listen carefully and understand people well in order to receive all the information they require.
Communication Skills
They have to be able to describe what they discovered clearly to their group and also communicate with vendors, transporters, and distributors. This implies that they have to be effective at speaking and writing.
Project Management Skills
Many analysts work on special projects, such as reducing inventory costs or finding less expensive transport. They need to manage these projects properly to complete them on time.
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Conclusion :
Supply chain analysts make businesses operate more efficiently and save money by taking care of each component of the supply chain. Supply chain analysts utilize their data analysis, communication, and problem-solving skills in order to keep things moving and keep customers satisfied. With proper training, supply chain analyst can have numerous opportunities to make a positive impact.
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