An inventory manager tracks a company’s goods, materials, products, or parts, and is responsible for inventory control, ordering, and storage. They may use different methods for tracking inventory, and require excellent organizational and analytical skills. A bachelor’s degree and previous experience in inventory control are typically required.
An inventory manager keeps track of a company’s goods, materials, products or parts. Inventory can be for internal use or consist of merchandise sold or rented to customers. The stock manager typically works closely with other departments and is often responsible for one or more stock employees. She may work for a large or small company in the public or private sector.
Efficient inventory control is often crucial to a company’s success. The inventory manager is typically responsible for keeping track of inventory levels and ordering additional merchandise as needed to meet the needs of his business or his customers. Your assessment of current needs and ability to anticipate future requirements are often imperative to effective inventory control.
Depending on the volume of inventory and the nature of the business, an inventory manager can choose different methods for tracking inventory. Some companies that handle large volumes of components and parts regularly perform cycle counts. This practice requires that different parts of inventory be counted to ensure that all parts are inventoried at least once in a specified period, typically six months or a year. The most popular items are counted more often than the slower moving ones, with a handful of items being inventoried each day.
In an environment where inventory is relatively small or demands vary considerably and frequently, the inventory manager typically monitors it manually or through a computerized inventory tracking system. She usually has a specific stock level for each part or product in stock at which she is alerted to reorder. A system that tracks orders and returns is usually built into the mainframe of the program.
To ensure that the highest profit margins are maintained and to ensure that there are no disruptions to production or sales, an inventory manager will typically track storage costs for slow inventory. She regularly compares it to the cost of ordering goods as needed. If the latter option is more profitable, the manager often adjusts the ordering and inventory storage systems to increase revenues.
Success in this position typically requires excellent attention to detail and exemplary organizational skills. The ability to apply analytical skills to inventory control is generally considered an asset for an inventory manager. Knowledge of computerized tracking systems is generally considered useful for people with this job.
A bachelor’s degree in mathematics or inventory management is typically required to apply for a position as an inventory manager. Credentials and certifications from accredited inventory control associations are generally preferred for candidates for this job. Previous work experience in the field of inventory control is helpful for aspiring inventory managers.
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