Inventory Manager Jobs, Duties, And Salary

Inventory manager jobs are great for individuals who are analytical, organized, and eager to see a smoothly running operation. An inventory manager typically oversees the operations of a warehouse, logistics, or inventory department.

 

They may manage teams or carry out their responsibilities using inventory management software and logistics technology.

Their duties will often include ordering inventory stock, managing storage and stocking, and ensuring materials and products are available for fulfillment. The specifics of an inventory manager job will vary based on the company’s operations, size, and industry.

Retail, manufacturing, food service, and other sectors all rely on effective inventory management techniques and capable professionals to put them into effect.

Although the job is greatly affected by the size, scope, and nature of a business, an inventory manager can excel when they know how to pair resources and assets with requirements, and with minimal waste and optimal efficiency.

Becoming an inventory manager is a means of steady employment and income. An inventory manager salary averages between $32,000 and $96,000 a year, which varies based on location and company. On the higher end, an inventory management salary can exceed $100,00 in major cities.

Inventory Management Techniques And Methods

Inventory management techniques and methods have been developed in response to many logistic and fulfillment requirements.

One of the best known is the just-in-time (JIT) approach, which is a lean manufacturing inventory strategy that keeps materials and supplies closely matched to demand, thereby reducing inventory costs and requirements wherever possible.

JIT inventory management requires careful demand forecasting, uniform processes and products, and reliable supply sources. Materials requirement planning (MRP) is another well-known inventory management technique that utilizes data collection to correctly match supply quantities with manufacturing and delivery requirements.

MRP management techniques are also best applied to very standardized or uniform fulfillment. It requires very accurate data collection and tracking to be realized and maintained.

JIT and MRP manufacturing techniques are two of the better-known approaches, but there are many others. In some cases, a combination of methods may be employed.

The first step in successfully implementing one or more of these systems is matching them to all of the attributes of the organization and its inventory needs. This must account for space, stocked materials and products, personnel and resources, and other internal factors.

There are also external factors, which are far more difficult to predict and control, such as supply chain issues, market demand, industry trends and disruptions, etc.

An inventory manager must be able to deploy and adapt techniques that account for all external and internal factors.

Inventory Manager Job Outlook And Qualifications

To successfully manage an inventory or logistics system, an inventory manager will need the ability to analyze complex systems to identify requirements, inefficiencies, and potential for improvement. They will also need to stay informed on technology and trends that are relevant to their industry and inventory systems in general.

Apart from these abilities, most inventory management jobs will require a bachelor’s degree in business administration, finance, or similar fields of study.

Five or more years of experience working as a logistics or inventory specialist in a warehouse, fulfillment center, purchasing or shipping department, etc. can be a direct path to an inventory management role.

The job outlook for people with these qualifications is accelerating faster than average. According to the U.S. Bureau of Labor Statistics, jobs in logistics are expected to grow by 30 percent within the next decade, with an average of 24,500 new job openings expected every year.

An inventory control manager salary is the highest in the federal government, which averaged near $89,000 a year in 2021.

Other industries like manufacturing and tech also offer competitive annual and hourly wages that range from $76,000 to $78,000 a year or $37 an hour.

Article Sources:

https://www.logisticsmgmt.com
https://www.glassdoor.com
https://www.investopedia.com
https://www.bls.gov

 

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