Summary: An inventory manager supervises the movement, storage, and control of the raw material inventory. Although being an inventory manager is quite exciting and demanding, one may be successful in it if he has exceptional skills in record keeping and product maintenance.
Duties: An inventory manager spends most of the time working with various departments to try to improve the processes involved in warehousing and purchasing. He may also find means of saving money on raw materials expenses. The inventory manager also spends a lot of time studying data from the warehouse processes and the inventory control area in order to minimize any damage and shrinkage that may be occurring. He must make sure that there is enough supply of materials, products, parts, and stock items. Inventory managers must maintain records and order stock at proper times. They must also keep track of shipping schedules and delivery. Inventory managers are in charge of tracking and restocking goods found in retail stores, warehouses, food service establishments and manufacturing facilities. They try their best to make sure that inventory levels are maintained within proper guidelines. The inventory manager must arrange the inventory in the most competent, well-organized and easily accessible way. This manner is commonly known as slotting and makes sure that inventory can be reached and shipped without delays. Inventory managers also bear the responsibility of maintaining costs under control. This means that they must ensurethat inventory is not destroyed, stolen, lost or counted wrongly. Some inventory managers are in charge of negotiating with sellers and buying of inventory for the replenishment of stock.
Education and Training Requirements: In general, an inventory management position will require a 4-year bachelor’s degree, with major work course in business management or accounting. Being certified in Inventory and Production Management may also be useful. Employers also prefer previous experience in Inventory Control.
Knowledge and Skills Requirements: Inventory Managers must have the ability to pay attention to details and be competent in managing huge volume of data. In addition, those who succeed as inventory managers are able to foresee supply patterns with the use of analytical thinking.
Working Conditions: An inventory manager typically works in an office environment. However, they may also be required to drive to different sites to perform their duties. They may occasionally work outdoors stacking and unloading goods. Their work may involve talking, walking, stooping and kneeling
Salary: The average salary for an inventory manager position is $45,000. This average salary can differ significantly due to company, location, industry, experience and benefits.