As board exam results are announced, students are ready to move from schools to colleges. The first step in this transition is choosing a career. To help you choose the right career path for you, we explore new career paths for you every week. Bring a unique career and roadmap that can help you pursue a position in this profession. If you have additional questions or have a course or career we’d like us to explore, reach out to us on Twitter at @News18dotcom.
This week, let’s explore a career in supply chain finance
Since time immemorial, humanity has felt the need to efficiently move resources, goods and people from one place to another so that people have access to the products they need. The modern world is no different, and incredible technological breakthroughs have only served to connect the world to theirs
Finished goods easier. However, someone needs to oversee this process to increase productivity, reduce costs and expedite delivery – a task tailored for supply chain managers.
A recently developed discipline of supply chain management, supply chain finance
(SCF) has the potential to help millions of businesses and solve their problems
Points. Many of these pain points arise from a lack of solid collateral and a
Lack of available credit products from financial institutions.
SCF professionals are needed where the performance of companies in the supply chain depends on the creditworthiness of both buyers and suppliers. We’ve identified four critical skills here that will help you make it into almost any supply chain finance job posting.
A daily to-do list for an SCF specialist includes: reading financial data to become familiar with balance sheets, enabling spend forecasts to stay within budget while providing financing to suppliers before shipping products and also offering suitable solutions for the target company. Most MBA, financial analyst, and business programs include math or statistics courses that allow you to develop financial/budgeting skills.
Negotiations require tact and perseverance. Communication, strategy development, planning and collaboration make you a good negotiator. You can take specific certification courses or in-person or online workshops to help you with team and one-on-one negotiation strategies.
The SCF’s area of competence includes internal reporting requirements that require consistent communication between stakeholders. Preparing and presenting results to C-suite level management is required for reporting on financial transactions, income, expenses and planning. Understand challenges in international business transactions where cross-cultural etiquette is helpful to build trusting relationships with foreign suppliers.
A finance team can be successful if the team leader has good people management skills. The role of each person is critical in implementing the solution, from your subordinates to critical stakeholders. Both graduate and undergraduate business programs cover engagement or people management.
SCF credit analysis is also changing with the use of technology. It is now possible to move away from historically graded, collateral-based pledges and work on “technology-based” credit scoring models, including real-time transaction data and “machine learning” technology.
The pursuit of sustainability is also leading to a shift in supply networks, improving supply chain due diligence to ensure all supply chain participants are meeting sustainability standards. Banks and lenders are shifting access to credit away from high-carbon supply chains, such as B. those that use coal in the manufacturing process to move towards net-zero targets.
Building a Career in Supply Chain Finance
In addition to advanced degrees in banking and finance, one must have years of financial experience as well as extensive knowledge of supply chain management. It’s an area that is expanding and changing, and one that could offer a challenging and fulfilling career.
— Written by Rishabh Agarwal-Senior Vice President, Credlix
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