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Interested in a career in supply management and unsure of what’s involved? Managing a company’s supply chain involves minimizing inventory costs in all its forms, managing a company’s vendors and ensuring the company never purchases too much or too little inventory. Most importantly, it means making sure the supply chain management approach meets the company’s needs, its customers’ order patterns and the market or industry the company services. In essence, supply management involves ensuring the inventory levels are sufficient enough to meet the demand of the company’s sales forecast. The supply chain manager must be able to secure favorable pricing on parts and materials, minimize the impact of freight costs and guard against inventory damage and obsolescence. It’s a tall order! However, it’s an extremely rewarding career and supply management professionals have an immediate impact on a company’s success. Every dollar saved on prices, freight and inventory goes directly to the company’s bottom line. So, what are the necessary criteria for a career in supply management and what can someone expect in terms of income?
Education required for a career in supply management
Typically employers look for individuals with degrees in operations management, business administration or purchasing and inventory control. Most supply managers make it a point to join APICS, which stands for the American Productivity & Inventory Control Society. APICS members benefit from constant training modules and case studies in order to improve their abilities and keep their skills up to speed. Since managing a supply chain involves an understanding of logistics management as much as it does procurement, professionals make sure to constantly upgrade their abilities.
Salary expectations for supply management professionals
According to the National Association of Colleges & Employers, the average starting salary for new supply managers is typically around $47,000.00 annually. In terms of the top salary for supply managers, it really depends upon the industry and the scope of responsibilities. It’s not uncommon for supply chain executives to earn upwards of $250,000.00 or more in salary and compensation. However, it requires years of training and experience to achieve this level of compensation.
Becoming a supply manager requires the ability to manage multiple functions at the same time. It’s as much about negotiating favorable pricing and supply agreements as it is about managing vendor relationships. It requires the ability to pursue the most cost efficient method of procurement while mitigating the costs of inventory at every opportunity.
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Management Career Objective?
career management
What you are pursuing?
I am not in pursuit, I am engaging in the supply of answers.
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