Are you ready to learn about inventory management, job descriptions, duties, and salary? Then keep reading this article.
An inventory manager oversees the warehouse team and monitors the company’s inventory levels to make sure it has enough stock to sell, ship, or deliver.
Moreover, their duties are working with suppliers, hiring and training new warehouse staff, and using data software to record inventory.
Having more understanding of the responsibilities skills and requirements of inventory managers will help you to determine if you want to pursue the career.
In this article, you will learn what an inventory manager does, outline the requirements to become one and offer additional details about the role to help you explore the career path.
READ MORE: What Is An Inventory Management System?
Inventory Manager Responsibilities
Table of Contents
An inventory manager supervises the employer’s updated products, supplies and materials.
They usually administer inventory clerks and warehouse staff and liaise with members of diverse departments within the business.
Also, they work in businesses of all sizes in a variety of industries. They specialize in different kinds of inventory like raw materials or finished goods.
Moreover, their responsibilities depend on their industry and the type of inventory management but they are:
- To count or use computerized inventory monitoring or supply chain software tools to track stock levels accurately.
- To conduct regular cycle counts or stock takes to determine available inventory.
- Numbering the additional inventory when stocks are low.
- Sourcing suppliers and maintaining relationships with them.
- You will address problems in supply and delivery and find appropriate solutions.
- Also, prepare inventory for delivery or shipping to customers.
- Hiring and training inventory clerks and warehouse staff, giving tasks to create schedules for them.
- Studying sales numbers and forecasting the needs of inventory in the future.
Inventory Manager Salary
Nationally, inventory managers earn an average salary of $61,982 yearly. Your salary in this position can vary based on your employer, location and experience.
For instance, large businesses pay inventory managers higher salaries than smaller firms. Also, certifications can help you earn a high salary in an inventory management role.
Inventory Manager Requirements
For this position, employers will require you to have the following qualifications:
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Education
Businesses require inventory managers to have at least a bachelor’s degree in inventory management, supply chain management, operations or business administration.
Moreover, some employers hire people without degrees if they have enough experience in inventory control and distribution.
While in school, taking information technology courses will help you develop skills to use supply chain and forecasting software.
However, you can choose to further your chosen discipline with a master’s degree though it’s not the requirement for the role.
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Training
This manager works in inventory control or distribution roles before transitioning to a senior position.
Moreover, working as an inventory control clerk or warehouse will help to be familiar with inventory management and supply chain software.
Also, in these roles, you can learn about picking-packing procedures, use the warehouse equipment and occupational health and safety procedures in the supply.
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Certifications
As certification is not required many employers prefer candidates that have Certified in Production and Inventory Management (CPIM) designation.
Also, you can earn the certification through the Association for Supply Chain Management (ASCM).
Moreover, to become certified, you must pass the examination assessing your skills in supply chains and strategy, inventory, distribution and operations planning, among other areas.
Furthermore, you can study for the exam as you attend classes physically or online class. The ASCM offers study materials to be purchased if you want to study independently.
READ MORE: What Is An Inventory Management System?
Skills You Need To Have As An Inventory Manager
Having strong leadership and technical skills will help inventory managers to perform well.
Different businesses are looking for inventory manager candidates who have the following skills:
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Inventory Management
You must have a comprehensive understanding of inventory management techniques so that you can supervise the stock accurately and order supplies on schedule.
Moreover, you need to become familiar with processes like periodic and perpetual systems, to ensure optimal productivity when completing your tracking duties.
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Supply Chain Software
Most inventory managers make use of inventory monitoring or supply chain software tools to keep track of stock levels and reorder stock on time.
Moreover, the forecasting tools will help them predict the needs of inventory. When you know how to use these tools it will assist you in becoming proficient in the programs you use daily.
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Mathematics
They had the mathematics skills to track the stock levels manually, using track software and adding it to the budgets and reading to create invoices.
Also, you can make use of mathematics skills to detect and correct errors when you track reports that seem inaccurate.
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Physical Fitness
Doing this job can be physically demanding. They spend more than the workdays standing and walking between business departments, like the sales floor, store office, warehouse or stock room.
Overall, you can use your physical fitness skills to lift and move heavy stock within the warehouse.
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Leadership
Also, they provide guidance, direction and coaching for warehouse team members and inventory clerks. Moreover, in a big company, the manager controls hundreds of warehouse team members.
Furthermore, these leadership skills will help you motivate teams, settle disputes and keep morale high within the workplace.
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Interpersonal Skills
Managers rely on interpersonal skills to interact with suppliers, warehouse staff and professional contacts.
Also, you can make use of your interpersonal skills to develop meaningful relationships so you can secure the best deals on inventory.
Moreover, these skills can also help you communicate effectively with other business departments such as sales or operations.
READ MORE: Inventory Manager Job Description: Top Duties and Qualifications
Conclusion
Inventory managers play a vital role in the efficient operation of businesses by managing inventory controlling costs, and ensuring products are readily available to meet customer demand. Their job descriptions and duties encompass many aspects of inventory control, procurement and data analysis.
