The inventory control coordinator plays a crucial role in controlling and managing the flow of inventory. The inventory control coordinator responsibilities comprise analyzing, developing and coordinating all the assigned tasks that are related to inventory control. This professional is responsible for making sure that all the required materials and products are available. He/she makes reports to keep a track of the stock as well as the inventory gaps and takes actions and decisions that would help the organization to earn maximum profit margins.
Key Responsibilities
The nature of the job of inventory control coordinators is basically of administrative and clerical type. They need to perform a variety of tasks that are related with the maintenance of the inventory control system. They need to determine and analyze the requirements of the stock, monitor the flow of inventory and reorder in order to maintain an optimum minimum level. They need to verify and record orders as well as invoices to ensure that they are complete and accurate. They also make the necessary adjustments or changes and then enter it into the appropriate system for approval of payments. They verify the statements given by the vendors, investigate and take lead to resolve issues if they find any discrepancies. Here is a list of duties that are typically performed by these professionals and may vary depending on the requirements of various employers:
They need to load as well as unload inventory on or from the bins, shelves, etc. They need to enter the accurate material information and the pricing data that is being used by the staff members onto the work orders that have been generated from the inventory management system. The details of the the inventory control transactions may include description, cost, vendor, inventory adjustments, etc. They evaluate the needs of the department and accordingly purchase the required materials and equipment. They also review the vendor costs, discounts offered, contracts, etc. They keep in touch with the vendors and keep themselves updated with the details of the product, shipping services, costs, etc. They may also be involved in the preparation of bid specifications and requirements for various materials that require formal bids.
They coordinate and process the material requisitions and implement the inventory analysis procedures as per the requirement. They also participate in the year end inventory audit and other related activities. They compile, maintain and analyze the inventory reports and develop solutions for specific problem areas. They perform the root cause analysis and provide suggestions to the management for improvement. They verify, compile and report the trends in customer escalations by providing the management detailed statistical information. They monitor the orders, investigate and resolve delays and handle all the rush orders and returns. They maintain account system that produce profit and loss statements and balance sheets. They perform data retrieval and analysis for the inventory information system. The last important duty that they need to do is to adhere to the inventory processes as well as the procedures of the organization. They may need to perform additional duties as and when required by the management personnel.
Necessary Skills and Abilities
The professionals working in this field should have the ability to establish and maintain effective working relationship with their colleagues as well as should be able to maintain professional relationship with the vendors. They thus need to be excellent communicators, both verbal and written, and should be able to integrate it with their duties and work comfortably within a team environment. Excellent organizational, analytical, interpersonal and follow up skills would be preferred. Good problem solving skills and the ability to make sensible decisions in case of emergencies, familiarity with computers, basic book keeping knowledge, ability to handle office equipment, etc., would definitely prove to be an asset.
Educational Qualification
The inventory control coordinator should have completed at least a high school diploma or GED. The individuals with an associate degree or equivalent from a technical school or two year college with previous inventory control experience would definitely have an edge while competing with the rest of the applicants for this particular job.
Work Environment
The inventory control coordinators need to work in an environment where there is moderate to occasionally high noise. The work is physically demanding and they may need to work outside in wet or humid conditions, extreme temperatures and at times may be exposed to caustic or toxic chemicals. They may need to lift and move materials weighing up to twenty five pounds and may require occasional climbing, balancing, kneeling, stooping, etc.
Salary Range
The salary data that is available on various sites indicates that the average remuneration package offered for these professionals is $39,000. The experience, skills, qualifications, etc., are the key factors that are counted while determining the package, and it may vary from one employer to the other depending on the needs of the organization.
Career Prospects
Individuals who have the relevant qualification, skills and knowledge would definitely find it easier to get the job. Not only this, if they have relevant work experience in a similar role with higher qualifications and have demonstrated good work, then they would surely be promoted to higher posts.
Therefore, to ensure efficient handling of inventory control coordinator responsibilities, it should be rightly supported with the relevant education, skills and inventory control, coordination, and management experience.