Inventory Manager Responsibilities Inventory management is nothing but organization, coordination, counting, purchase of various merchandise, material, goods, products, etc., and ensuring that they are available and stocked properly whenever there is a demand. All these are the inventory manager responsibilities. The inventory manager makes sure that the business or the organization he/she is working for earns maximum profits by establishing contracts with different suppliers by trying to grab the best deals and ensure profits for the organization. He/she also keeps a close eye on the prices as well as the quality of the products that have been delivered to make sure whether it meets the standards required by the organization.
Key Responsibilities
The inventory manager is responsible for performing a wide range of duties that are aimed at ensuring that all the merchandise, products, etc., are at the required levels. He/she supervises a team of junior professionals to ensure that the inventory is maintained as per the needs and keeps a track of the sales as well as to make sure that there are no shortages that may impact the sales, manufacturing, production processes, etc. Similarly, he/she makes sure that there are no surpluses as the ordered material may get wasted, thus resulting in financial losses. The detailed description of the key responsibilities handled by the inventory manager is given below for your reference that will help you to understand the exact role of this professional in a better way:
In addition to the above responsibilities, the inventory manager also needs to handle some other duties as well. He/she is involved in packing and unpacking stocked items, disposing the damaged items, returning the defective items to the respective vendors, keeping the stocking area clean and safe, etc. He/she also checks and inspects the received stocks, counts it physically and reports if there is any damage and is involved in labeling, marking and putting identification tags, etc. He/she maintains accurate records of the stock and verifies the inventory computations with the manual counting.
He/she is involved in distributing the material, products, etc., as per the requisitions received and ensures that they are assembled as per the requirements. He/she assesses the needed supply and compiles, reviews, and maintains the data from contracts, requisitions, etc. He/she confers with other departments to be updated with the stock procurement as well as availability. He/she is also involved in sequencing and releasing the orders as per the available stock. He/she is responsible for maintaining and updating records of inventories, its relevant reports, expenses, price lists, shipments, etc. He/she sometimes negotiates with the vendors in order to replenish stocks. Thus, he/she ensures effective inventory management and tries to deliver operational excellence by doing optimum savings on the costs while meeting the organization's and customers' requirements.
Essential Skills and Abilities
The inventory manager should have the ability to identify the discrepancies or inefficiencies and implement measures to improve the same. He/she should be skilled at handling high volumes, maintaining records, and should be ready to work in a complex, fast paced work environment. Strong attention to detail, good supervisory, organization and management skills would be an advantage too. He/she should be passionate about delivering excellent customer services, self motivated and take an initiative to accomplish organizational success. Exemplary analytical, decision making skills combined with in depth knowledge of computer that involves tracking of inventories would definitely prove to be an asset.
Educational Requirements
The minimum basic education required is a high school diploma; however, those individuals who have completed a bachelor's degree from an accredited university or college in business, engineering, supply chain management, economics, applied sciences, etc., would definitely be more preferred. The individuals with previous inventory management experience or additional certification would definitely be at advantage.
Work Environment
The professionals in this field normally work in the interiors of the office, but may require traveling at times. This is a full time position that requires him/her to work for nearly forty to forty five hours per week.
Salary Details
The remuneration package will differ depending on the type of employer and the skills, practical experience, educational background, etc., of the individual applying for this position. The average salary roughly ranges in between $48,000 to $75,000. Those with more experience, i.e., more than ten years can expect a salary in the range close to $100,000.
Career Prospects
The job opportunities for these professionals is expected to rise by about seven percent in the coming years. Those with demonstrated success will continue to get promoted based on their performance.
Now that you are well acquainted with the various duties, education and skills that are required for this position, handling the inventory manager responsibilities would definitely prove to be much more easier.