Inventory manager jobs have changed significantly over the years. With globalized supply chains and digitized systems, inventory managers have varied, and very important, responsibilities. Whether you’re looking to move into the field or develop your skills, knowing what to expect will help you make the right career decisions.
Today, we’re delving into inventory management job descriptions, including what you can expect day to day and how to step into the role.
First, what do inventory manager roles look like today?
Even though inventory manager jobs are not customer facing, the post is still shaped by customer needs. After all, as Walmart Founder Sam Walton once said:
“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
This means how much a company spends on inventory, what it stocks, how it manages stock, and how it delivers can all change with market trends. But what does that mean for inventory manager jobs today?
As Deloitte explains, in recent years, the growth of online commerce has led to customers expecting a wider product range. We also expect shipping that suits us, whether that’s next-day delivery, free returns, or more.
This means some inventory managers are dealing with more products, increased demands, and new systems, all of which need to ensure a business stays efficient and profitable. So, what types of duties does an inventory manager job involve?
Inventory management job description
There is no one job description that fits all inventory manager roles. Depending on the nature of the business, certain skills or experience might be more important than others. So, don’t forget to look around for a role that suits you!
In large companies, you might find that there are junior and senior inventory manager roles. In others, the role might be combined with, say, merchandising or warehouse responsibilities.
With this in mind, we’ve rounded up some of the more common inventory manager duties you might encounter (in no particular order).
1. Purchasing and replenishing
An inventory manager is responsible for staying on top of stock control by ordering products at the right time. Depending on the nature of the role, they may also need to evaluate suppliers and secure the most competitive prices, which takes specialist skills and an in-depth understanding of the supply chain.
2. Using market knowledge
It’s important to know about not only the product range offered by your retailer or manufacturer but also about the wider market. This could be local or international, depending on where you sell and where your supply chain is based.
3. Preparing reports and documents
You may be asked to deliver inventory reports relating to your role. This requires attention to detail to ensure everyone has the right information. You may also need to understand documentation such as regulations and compliance.
4. Tracking all inventory
Staff need to know where, when, and how, they can access inventory at any given time. This might be any type of inventory, including raw materials, packaging, and finished products. So, an inventory manager’s duties include following a well-organized system that tracks inventory, no matter where it is.
5. Optimize warehouse and storage
Depending on the company, an inventory manager may need to optimize warehouse and storage systems. The layout of your stock affects how quickly it can be accessed, and therefore how efficiently it can be picked and packed or used. Your layout should be optimized for your picking method.
To find out more, have a look at our recent article on warehouse picking methods.
6. Managing a team
Inventory manager duties include working with people (not just stock!). This might be mostly liaising with suppliers, or it might be leading a team. This usually depends on the size of the company and the hierarchy systems in place.
Inventory management skills
Based on the six typical inventory manager duties listed above, we’ve pulled out some key skills you’ll need in the role. Please leave us a comment below this article with any you’d like to add.
The importance of purchasing and replenishing
When you think of inventory manager duties, ordering stock might be the first one that springs to mind. While it’s far from the only duty, ordering the right stock at the right time is extremely important.
Otherwise, businesses could face stockouts or find themselves holding too much inventory. A stockout could see customers buying from competitors, or at the very least dissatisfied with your service. Meanwhile, holding too much stock comes with costs, be it storage, depreciation, or cash flow problems.
How to become an inventory manager
Employers often ask for a degree and work experience for inventory manager jobs. But you may find that sufficient, relevant hands-on experience is all that’s needed.
Some employers also look for proof of CPIM (Certified in Planning and Inventory Management). Some aspiring inventory managers choose to do this to boost their knowledge and skills while working.
The CPIM includes modules such as supply chain overview, strategy, planning, and continuous improvement, amongst others. It can be completed with in-person classes or distance learning.
Looking at current job descriptions and requirements will help you work out what you need to enter the role, and how to tailor your resume.
How much could I earn as an inventory manager?
Like any profession, the salary for an inventory manager varies depending on a number of factors such as where you’re located. We’ve put together a comparison of the average salary for inventory managers in the United States according to a number of sources.
Warehouse manager vs inventory manager
If you know that your future career lies in inventory, you might come across similar-sounding job titles, such as warehouse manager. While these roles are linked, they are often distinct.
What is warehouse management?
This involves overseeing how inventory and other tasks happen within the warehouse, including being responsible for warehouse staff and the processes they use, shipping, and other operations. Meanwhile, inventory managers work mainly with stock.
Tools for success as an inventory manager
Having the right tools in place is the key to success when it comes to working with inventory. With the right systems, ordering, tracking, picking, and more, become much simpler and you can even save money.
Below, we’ve rounded up examples of tools you might use:
Barcoding
Barcodes aren’t just for use on the shop floor (although they’re helpful there, too!). You might work with official, universal barcodes that provide information about your product. Or you might need to create barcodes for internal use based on product SKUs.
You can scan when you receive a product to add it to stock lists, scan to check availability, scan to pick, and more. Setting up a barcoding system is easy when you know how. Have a look at our handy barcoding guide.
Inventory management software
Having the right software saves time and money. It should be easy to use and provide features that help you manage your inventory from end to end. At inFlow, we include real-time inventory control, cost and profit data, the ability to track across multiple locations, and much, (much) more.
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