High demand — and high pay — for supply chain managers focused on market intel

Dive Brief:

The new salary survey from the Institute for Supply Management (ISM) found that supply chain managers who specialize in market intelligence are often paid more on average than those who focus on other areas.
The average salary for a supply chain professional in market intelligence is $139,372 per annum. According to the survey, supply chain professionals with one or more certifications make an average of $123,041 per annum while those with no certifications make an average of $109,087.
The survey also found that the bigger the company, the more the average employee makes, while the gender pay gap increases as men and women move up to higher positions. Women also receive smaller average bonuses compared to men.

Dive Insight:

As the ISM survey asserts, supply chain managers who can specialize in — and are authenticated through higher education and certifications — market intelligence are in high demand, and will be increasingly so as the trend toward demand forecasting, predictive analytics and meeting consumer demands "just in time" continues.

In today's supply chain, market intelligence can refer to analyzing consumer demands as well as strategizing how to best meet those demands. Already artificial intelligence (AI) is being utilized by many tech startups targeting supply chains to help them improve their market presence.

A recent CB Insights report notes that accurately gauging and meeting consumer demands is imperative for any retailer seeking to survive "the retail apocalypse," which is why so many retailers are turning to AI to accelerate and streamline those processes. Automation is also making a splash — especially in warehouses — to rev up supply chains to meet demand as consumers' tastes change.

Even a straightforward task like inventory management relates to market intelligence. Knowing when and how to stock stores — i.e., understanding your market — can improve profit margins significantly.

As more companies deploy strategies to enhance their market presence, supply chain professionals responsible for market intelligence will likely become even more valuable and their salaries increase.