In this article, we will show you the detailed and updated Inventory Manager job description. Here you will also find the duties of the Inventory Manager, responsibilities, qualifications, skills, and estimated annual salary.
This Inventory Manager job description template provides critical duties and responsibilities for an Inventory Manager. It’s ready to post on various job sites to assist you to recruit and hire people who oversee the inventory levels of businesses and lead a team to receive and record new stock. As a job seeker, you can use this information to make a very rich resume and as well get yourself prepared for an interview.
Inventory Manager Job Description
An Inventory Manager, also known as an Inventory Control Specialist, is in charge of the ordering, storing, receiving, and distributing of an organization’s products and supplies. Their primary responsibilities include monitoring the flow of supplies and equipment, tracking and assessing inventory maintenance, and designing loss mitigation strategies.
Inventory Managers are typically employed by departments or retail stores, where they design systems for properly managing and maintaining a company’s inventory. They will execute inventory counting operations to ensure that a company’s cargo is precise. The Inventory Manager additionally oversees and manages the warehouse’s inventory storage space to ensure there is enough capacity to keep fresh product shipments.
As an Inventory Manager, you are in charge of keeping track of all entering and outgoing products and supplies. To prevent inventory loss, you will plan purchase and procurement to maximize efficiencies and apply best supply chain practices. You will also be in charge of hiring, training, and guiding inventory employees to ensure that they follow safety protocols and use technology responsibly. Inventory Manager Job Description
Duties of Inventory Manager (Inventory Manager job Duties)
- To optimize inventory control operations, design and install an inventory tracking system.
- Examine supply and raw material levels to identify shortfalls.
- Document daily deliveries and shipments to keep inventory up to date.
- Detailed reports on inventory activities, stock levels, and modifications must be prepared.
Responsibilities of Inventory Manager
- Maintain an accurate supply and product inventory.
- Staff supervision and mentoring
- Staff should be hired, trained, and given opportunities for advancement.
- Create an inventory crew schedule.
- Investigate and rectify inventory irregularities.
- Maintain a safe working environment.
- Make recommendations to leadership regarding inventory life cycle improvements.
- Reduce inventory loss by implementing effective supply chain procedures.
- Communicates with inventory staff in order to fulfill corporate objectives and resolve human issues.
- Establishes commercial partnerships with suppliers and customers.
- Proposes solutions for lowering costs and improving supply chain logistics procedures.
- Monitors demand and analyze data to forecast future supply and logistics requirements.
- Reports to higher management on inventory levels, supply chain progress, procedural efficiency, and personnel difficulties.
- Manages the hiring and training of new inventory workers.
Contributes to team effort by achieving necessary results.
- Examine new inventory to confirm it is fit for dispatch.
- Perform daily inventory analysis to forecast potential inventory issues.
- To avoid inefficiencies or excessive surplus, order a new supply.
- Examine many providers to find the most cost-effective deals.
- Identify shortages and take appropriate action.
- Define inventory KPIs and track them on a regular basis.
- Monitor daily activities and identify bottlenecks.
- Provide suggestions for continued development.
- Keep up with the newest technologies and best practices.
Qualifications for Inventory Manager (Inventory Manager job qualifications)
- A bachelor’s degree in business administration, finance, or a related discipline is required.
- A minimum of 5 years of experience in a similar job is required.
- Data analysis, inventory management software and forecasting methodologies are all essential skills.
- Certification in CPIM is desirable. Inventory Manager Job Description
Inventory Manager Job Skills
- An analytical intellect with a keen eye for detail.
- Excellent organizing and problem-solving abilities.
- Outstanding communication and leadership skills.
- Training, coaching, and mentoring experience
- Capable of operating a computer and other office technology
- Inventory software knowledge is required.
- Capable of standing and bending for extended periods of time in a warehouse environment
Inventory Manager Job Salary
Based on 36 salaries, an entry-level Inventory Manager with less than one year of experience can expect to make an average total compensation (tips, bonus, and overtime pay) of $50,436. Based on 805 salaries, an early career Inventory Manager with 1-4 years of experience gets an average total salary of $52,595 per year. Based on 459 salaries, a mid-career Inventory Manager with 5-9 years of experience earns an average total salary of $59,215 per year. Based on 404 salaries, an experienced Inventory Manager with 10-19 years of experience gets an average total salary of $64,038. Employees in their late careers (20 years and up) get an average total salary of $66,040.
In summary, Inventory managers are in charge of a company’s inventory levels. They supervise a group of inventory or warehouse workers who receive and record new stock as it is delivered and shipped. Their responsibilities include keeping track of daily deliveries, appraising new shipments, and comparing different vendors.