Those with more experience, i.e., more than ten years can expect a salary in the range close to $100,000. The average salary roughly ranges in between $48,000 to $75,000. 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.
This is a full time position that requires him/her to work for nearly forty to forty five hours per week. The professionals in this field normally work in the interiors of the office, but may require traveling at times. The individuals with previous inventory management experience or additional certification would definitely be at advantage. 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. Exemplary analytical, decision making skills combined with in depth knowledge of computer that involves tracking of inventories would definitely prove to be an asset. He/she should be passionate about delivering excellent customer services, self motivated and take an initiative to accomplish organizational success. Strong attention to detail, good supervisory, organization and management skills would be an advantage too. He/she should be skilled at handling high volumes, maintaining records, and should be ready to work in a complex, fast paced work environment. The inventory manager should have the ability to identify the discrepancies or inefficiencies and implement measures to improve the same.
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. He/she sometimes negotiates with the vendors in order to replenish stocks. He/she is responsible for maintaining and updating records of inventories, its relevant reports, expenses, price lists, shipments, etc. He/she is also involved in sequencing and releasing the orders as per the available stock. He/she confers with other departments to be updated with the stock procurement as well as availability.
He/she assesses the needed supply and compiles, reviews, and maintains the data from contracts, requisitions, etc. 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 maintains accurate records of the stock and verifies the inventory computations with the manual counting. 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 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. In addition to the above responsibilities, the inventory manager also needs to handle some other duties as well. To ensure that all the purchased items have been stored properly and that they are easily accessible whenever there is an order.To encourage and train the team members to deliver exceptional services and to ensure that all the safety regulations are being adhered to eliminate all the possibilities of any mishap, accidents, etc.To make sure that stock loss, service failure, or damage is investigated and to develop policies and procedures so that such situations do not reoccur.To reconcile the stock reports and check out if there are any discrepancies in the stock.To give directions to the team members and to facilitate this team to make sure that all the orders of the customers have been fulfilled in a timely manner.To complete the regular stock taking of various goods, manage the rotation of the stocks and transfer it to different warehouses.
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: Similarly, he/she makes sure that there are no surpluses as the ordered material may get wasted, thus resulting in financial losses. 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. 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.