Supply Chain Management Salary in India in 2024 [For Freshers & Experienced]
Supply Chain Management Salary in India in 2024 [For Freshers & Experienced],Feb 06, 2024
Feb 06, 2024
When considering a profession in the dynamic realm of Supply Chain Management, salary becomes a significant consideration for potential candidates. Salary packages in Supply Chain Management may fluctuate based on several factors. However, laying the foundation for a career in Supply Chain Management necessitates a strong grasp of business complexities and supply chain operations.
An advantage of venturing into the field of Supply Chain Management lies in the potential for substantial growth and progression. Working professionals already working in the dynamic domain of supply chain management can anticipate earning competitive salaries, mirroring the escalating significance of Supply Chain Management in contemporary business landscapes.
What is Supply Chain Management?
Supply Chain Management refers to the strategic coordination of the flow of goods and services, from raw material sourcing through production, warehousing, and finally reaching the end consumer. It aims to simplify operations and efficiently deliver products to meet customer demand while minimizing costs.
An effective supply chain strategy connects all involved parties – suppliers, manufacturers, transporters, warehouses, retailers, and customers – as a unified ecosystem focused on value creation. By streamlining the linkages across the chain, businesses can reduce expenses, enhance quality control, improve timeliness, and build resilience against uncertainties.
With the growth in globalization and e-commerce, supply chains have become more complex with many interdependent components. This increases the need for logistics, procurement, operations, and relationship management expertise. As a result, skilled supply chain professionals are in high demand across industries like manufacturing, transportation, retail, and technology. The field offers expanding career prospects and strong salary potential.
What is the work of a Supply Chain Management?
Companies worldwide continuously import raw materials from different parts of the world, So the global supply chain is growing. Efficient handling is necessary at both ends of the transportation process for these raw materials.
The job of a Supply Chain Manager involves supervising the entire process of planning, implementing, and controlling the efficient flow and storage of goods, services, and information from the point of origin to the end consumer. Professionals already working in this field play a crucial role in optimizing every step of the supply chain, from procurement and production to distribution and delivery. Supply Chain Manager collaborates with suppliers, manufacturers, and distributors to ensure smooth coordination and improve overall efficiency. Key responsibilities include strategic planning to minimize costs, inventory management to maintain optimal stock levels, and the utilization of technology for real-time tracking and data analysis. Ultimately, the work of Supply Chain Management aims to streamline operations, reduce lead times, enhance customer satisfaction, and contribute to the overall success of the organization.
The following are the key roles and responsibilities of a supply chain manager:
- Strategic Planning- They develop supply chain strategies aligned to business goals related to efficiency, costs, sustainability, etc.
- Network Design- They design optimal supply chain networks, and determine locations and capacity of suppliers, plants, warehouses, distribution centers, etc.
- Inventory Management- Manage inventory levels across the supply chain, set targets, and create inventory control systems.
- Transportation Management- Design transportation strategies, select carriers, negotiate rates, and create routing plans.
- Warehouse Operations- Supervising daily warehouse activities, labor planning, layout optimization, automation, etc. to maximize productivity.
- Supplier Management- Manage relationships with suppliers, evaluate performance, build sourcing strategies, and negotiate contracts.
- Logistics Coordination- They oversee daily logistics activities, track orders, and optimize routes and transport capacity.
- Forecasting & Planning- Forecast demand and coordinate timeline for material sourcing, production planning, and product delivery.
- Performance Assessment- Monitor KPIs at each touchpoint to identify inefficiencies and enhance productivity.
Key Points Highlighting the Importance of Supply Chain Management
We have mentioned below some of the key points highlighting Supply Chain Management:
- Cost Reduction and Efficiency: Firstly, Supply Chain Management (SCM) is the backbone that helps every business run more efficiently. Ever noticed how some products are cheaper than others, even though they seem the same? It could be because of a more efficient supply chain. It reduces unnecessary expenses by streamlining operations, like optimizing routes for product delivery or negotiating better rates with suppliers.
- Boosts Customer Satisfaction: Who doesn't love getting their orders on time? Supply chain management (SCM) plays an important role in ensuring that happens. A well-managed supply chain means customers get their products when expected, which is a surefire way to keep them happy.
- Enhancing Sustainability Practices: In contemporary times, being environmentally friendly is not just a trend but a necessity of every business around the globe. Supply chain management can significantly contribute to a business's sustainability efforts. By optimizing routes, reducing packaging, and choosing eco-friendly materials, companies can lessen their environmental footprint.
- Helps in Improving Risk Management: Things do not always go as planned, Supply chain management includes having contingency plans. Whether it's a natural disaster disrupting shipments or a supplier facing issues, solid Supply Chain Management provides real-time visibility into the entire supply chain, enabling better decision-making and responsiveness to changing market conditions.
- Inventory optimization: Supply chain management (SCM) helps in maintaining optimal inventory levels, preventing excess or insufficient stock. Supply chain management strategies help organizations around the globe adapt to unforeseen internal or external challenges.
- Global Expansion of Businesses: Supply chain management (SCM) practices contribute to environmental sustainability by optimizing transportation routes, reducing waste, and promoting eco-friendly sourcing and manufacturing processes. These sustainability efforts in the supply chain align with the growing importance of corporate social responsibility.
- Data-Driven Decision Making: Supply chain management utilizes data analytics and technology to offer insights into diverse facets of the supply chain. SCM leveraging data-driven decision-making empowers organizations to make well-informed choices, forecast trends, and optimize processes.
- Competitive Advantage: Organizations equipped with well-designed and efficiently managed supply chains secure a competitive edge in the market. Supply chain management (SCM) serves as a distinguishing factor for businesses, enhancing responsiveness, reducing costs, and optimizing overall operational performance.
Supply Chain Management Salary in India
The salaries in Supply Chain Management in India depend on various factors such as location, experience levels, and most importantly the company individuals are employed in. As far as PayScale is concerned, individuals get annual salaries for a supply chain manager in India between INR 30,000 and INR 20,00,000/-. Bonuses, overtime, and other benefits such as health insurance and vacations are very common in the supply chain management field motivating individuals to work with focus.
However, we are mentioning a rough list of salaries of individuals employed in the supply chain management field at different levels:
- Entry-level: An individual who is just stepping in or has experience of less than 1 year in the supply chain management field as a manager can earn around INR 340,334 per year on average.
- Early-Career: Professionals who have gained experience of up to 4 years in managing supply chains can earn up to INR 5,00,000 annually on average.
- Mid-Career: Professionals with at least 9 years of experience in this domain are expected to earn about INR 10,00,000 annually.
- Experienced: An average salary package of individuals who have working experience of at least or more than 10 years is INR 15,00,000 annually.
- Late-Career: Late-career individuals are those who have gained a professional experience of more than 20 years in supply chain management expected to earn more than 20,00,000/- annually.
Top Career Prospects in Supply Chain Management
Following are some of the most in-demand career prospects in Supply Chain Management, One can look into:
- Logistician: People are necessary for logistics. The logistics sector as a whole would disappear without logistics. Individuals who have attained qualifications in supply chain management can take on management or even analyst-related tasks. They'll need to be observant with a keen eye, proactive enough to spur advancements and possess an eye for detail. Without the necessary abilities, it is difficult to obtain respectable pay as a supply chain manager.
- Purchasing Manager: If the focus of individuals is more on the business side of supply chain management, they may find that a purchasing manager profile is more appropriate. This position is comparable to an industrial shopper's. they have the opportunity to buy business supplies or even equipment necessary for production and delivery processes in bulk. The three most important abilities for success in the supply chain field are effective communication, skillful negotiation, and astute customer relationship management.
- Transportation Manager: As per the name recommended, Transportation managers cater to handle all the operations related to transportation. Transportation managers hire trucking companies for their transportation operations and collaborate closely with the logistics departments.
- Data Analyst: The position of a Data analyst is a fantastic fit if they enjoy managing schedules, sales, and inventory. The field of supply chain management handles enormous volumes of data. In actuality, the Data analyst field anchors big data and analytics in addition to standard statistical techniques to leverage the best possible result with the data at hand.
- Project Management Skills: To excel in their careers Supply chain management individuals must adeptly handle numerous concurrent projects. Success in the ever-evolving domain of Supply chain management as a project manager demands the ability to prioritize tasks, manage timelines, and allocate resources efficiently. Professionals need to navigate the complexities of simultaneous project management to ensure optimal outcomes and overall success in their careers.
- Supply chain engineers: When applying for a supply chain engineer’s post, one should have skills in applied mathematics, IT, and also logistics for optimizing all the aspects of supply chain operations. They may be able to get employment in the niches of manufacturing, warehousing, or even transportation. Individuals can focus on creating the best algorithms to optimize the delivery of commodities as a whole. When interested candidates first start in an industry, even the Indian salary for a fresher in logistics is respectable. As a result, individuals should explore the profitable subject of supply chain management given the wide range of options available.
Online courses in Supply Chain Management
|Online MBA Dul in Logistics and Supply Chain Management
|Online Executive MBA In Global Logistics and Supply Chain
|Online MBA in Supply Chain Management
An emphasis on supply chain management in the majority of business administration bachelor's degree programs. This can help individuals enter the workforce as a transportation manager, logistician, or purchasing manager, among other positions. A combination of hard and soft skills are required of supply chain managers, such as strong analytical aptitude, attentiveness, effective communication, computer system, accounting, and finance expertise, and a fundamental awareness of various cultures, to mention a few.
To maximize the production and efficiency of the organization individuals work for, they need also be sharp thinkers with a knack for arithmetic and data analysis. They must be familiar with the fundamentals of databases, management software, and analytical tools.
Frequently Asked Queries
A1. A supply chain manager plays a pivotal role in overseeing the end-to-end logistics and operations of a company's supply chain. Key responsibilities include formulating and implementing strategic plans, managing supplier relationships, optimizing inventory levels, coordinating logistics and distribution, and ensuring compliance with regulations. Additionally, supply chain managers focus on cost management, process improvement, risk mitigation, and leveraging technology to enhance efficiency and maintain a seamless flow of goods and services throughout the supply chain. Successful supply chain management requires a blend of strategic thinking, operational expertise, and effective collaboration with various stakeholders.
A2. Data analysts are crucial to any kind of company becausee they employ data analysis to support organizations in making informed decisiony. They assist companies in comprehending the performance of their enterprise, enabling them to make more informed judgments. Data analysts support efforts to guarantee that workers have access to and make efficient use of the resources they require. This implies that to ensure that the data being gathered is reliable and helpful to all parties engaged in the process, data analysts must collaborate closely with supply chain engineers and other staff members.