Inventory Manager Job Description

Charlie S Nov 4, 2018
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Read here the inventory manager's duties, the educational qualifications and salaries for this role.
The main responsibility of an inventory manager is to keep stock items and parts  organized. Though the job is interesting and challenging, you will succeed only if you have good product maintenance and record keeping skills along with many other organizational skills.

Job Description

Inventory managers can get employment in a variety of establishments, such as manufacturing units, retail stores, and food stores. At all these places, they have the responsibility of protecting the inventory from damage, loss, and theft.
Even a slight mismanagement by them can cause overall costs to rise due to shrinkage. These managers also have to ensure that the stock of inventory is sufficient (not too less or too much) by placing orders with the suppliers or vendors.
The ones who work for food stores have to be extra careful while purchasing inventory, as they have to ensure that enough stock is available to satisfy the customers. At the same time, if there are too much perishable foods bought as inventory, then they may get wasted causing financial losses.
Monitoring whether the conditions and standards of the warehouse where stock is kept are up to the mark is also a part of the job description. These days, almost all inventory control systems are used with the help of computers, and hence, a basic knowledge of operating a computer is also a necessity.

Requirements

Inventory managers with a relevant bachelor's or master's degree from a reputed institute can grab some of the best jobs in the market. A degree in business management or accounting would prove to be very useful. Having said so, some businesses also recruit undergraduates for these positions.
Effective communication and interpersonal skills, negotiation skills, organizational skills, decision-making abilities, ability to manage large accounts, calculation skills, good management, and the ability to tackle emergencies and difficult situations are some of the essential qualities that one should possess.

Salary

The salary basically depends on their years of practical experience, educational qualifications, type of employer, and place of job. As per various surveys, the median salary is around US$51,229 per year.  With relevant experience, inventory control managers can expect a gradual rise in their pay packages.
Inventory control managers with around two to five years of experience can expect to earn anything between US$29,410 - US$80,175 per year. Those with an experience of more than ten years can command anything between US$36,118 - US$89,280 .
At some places, these managers are paid on an hourly basis. Those working for large organizations in major cities earn more than those working for small establishments in the smaller cities. Material managers who carry out the task of checking the quality of materials being purchased earn anything between US$40,463 - US$105,761 per year.
From this job description, it can be said that this is an exciting and well paying career opportunity for young graduates. So, are you ready to enter this field?