Inventory Analyst Job Description

Inventory Analyst Job Description, Skills, and Salary

Are you searching for an inventory analyst job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of an inventory analyst. Feel free to use our inventory analyst job description template to produce your own inventory analyst job description. We also provide you with information about the salary you can earn as an inventory analyst.

 

Who is an Inventory Analyst?

Inventory analysts are individuals known as purchasing managers in companies or organizations that work in the retail, wholesale, distribution, and manufacturing sectors or departments to help the organization’s management with purchasing inventory, allocating resources, and forecasting future sales. Statistical analysis and market research are carried out to monitor and determine the rate of sales for company products, maintain appropriate inventory levels, and meet projected sales demands. Inventory analysts are required to analyze inventory statistics and perform financial analytics regularly to determine which products are selling the most and which are underperforming. They coordinate with project managers and shipping supervisors to plan and schedule pickups of inventory items or supplies. Inventory analysts’ job description of duty is to maximize their company, client, or organization’s production.

 

Inventory Analyst Job Description

What is an inventory analyst job description? An inventory analyst job description is simply a list of duties and responsibilities of an inventory analyst in an organization. Below are the inventory analyst job description examples you can use to develop your resume or write an inventory analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

The duties and responsibilities of an inventory analyst include the following:

  • Planning and scheduling pickups of inventory items or supplies.
  • Training merchandising managers and staff at all organizational levels on vendor strategies and generating results that are seen as growth for their clients, companies, and organizations.
  • Communicating efficiently with suppliers or factory workers to aid the delivery of raw materials necessary for efficient production.
  • Collecting, documenting, monitoring, and reviewing all inventory data for accuracy and timely delivery.
  • Training employees, team members, and the staff at large on the use of  POS inventory systems and providing technical support which is essential for effective service delivery.
  • Meeting with all department managers to discuss and troubleshoot for variance reductions, especially about the budget allocation for supplies.
  • Creating reports utilizing SQL data pull from the internal ad server to show revenue at risk for your client, company, or organization.
  • Communicating efficiently with multiple people, especially teammates or employees, expressing thoughts, ideas, and opinions, and getting feedback that is necessary for growth.
  • Ensuring that all transactions are being accounted for and duly reported.
  • Working to resolve discrepancies between the amount of inventory and the amount of revenue estimated accurately.
  • Monitoring inventory levels very closely and resolving any issues that may become apparent or come up unexpectedly.
  • Developing and implementing systems for accurately managing inventory.
  • Ensuring seamless movement of products and inventory supplies.
  • Maintaining records regarding inventory control, intake, and total sales.
  • Reporting to the upper management like superiors that regularly provide recommendations for better inventory control.
  • Assisting in inventory deliveries and shipment of inventory as required.
  • Performing yearly audit functions and proving that all products were bought, handled, and sold in compliance with rules and regulations.
  • Maintaining and improving the company’s inventory situation by analyzing inventory statistics regularly to determine which products are selling and which are not being sold.
  • Placing inventory orders and tracking shipments for proper auditing.
  • Allocating inventory to the correct departments as it comes into the warehouse and arranging for pickups and shipments necessary for efficient service delivery.
  • Performing extensive research on a wide range of inventory-related reports, from previous inventory reports to national purchasing trends.
  • Directing buyers and stockroom workers on relevant supplies to be purchased.
  • Drafting inventory reports that document inventory counts, discrepancies, and other statistical data.
  • Reporting inventory statistics to the management and suggesting improvements to inventory control.
  • Coordinating with other workers to resolve discrepancies between inventory and revenue.
  • Creating and maintaining inventory databases and systems for accurately managing inventory.
  • Serving as the connection between the finance and operations teams to check actual performance and communicate progress, risks, and impacts to annual inventory goals.
  • Recommending corrective actions to improve inventory performance and utilization, as well as guaranteeing efficient and robust inventory controls are necessarily put in place.
  • Developing performance metrics that are necessary for the effective growth of oneself, teammates, and staff at large.
  • Analyzing data and generating monthly reports to ensure inventory accuracy or the best possible allocations for the organization, company,y, or client’s estimated budget.
  • Resolving errors or exceptions on sales, orders inbound and outbound purchase orders, and transfers.
  • Accurately putting out inventory in the organization’s showroom and website, to draw in customers thereby increasing sales.
  • Using data analytics to estimate sales, build inventory, develop replenishment strategies, plan inventory disposition, and spot emerging inventory issues.
  • Identifying and implementing supply purchasing process improvements as required.
  • Determining which space is available in storage areas so that new items can be properly placed or stored.
  • Expanding and updating product lines for unfolded stocks.
  • Checking for excess procurement of supplies and careful analysis of inventory procedures.
  • Identifying inventory shortages and the precise time for a supplies delivery to ensure that items are not running out.
  • Monitoring inventory levels, product quality, damaged goods, or other problems that must be resolved efficiently.
  • Ensuring efficient delivery even in seasonal fluctuations that products or services be supplied by the organization.
  • Thinking strategically and understanding how existing inventory and future stock levels will impact a company’s productivity or overall growth.
  • Ensuring to set targets that if implemented can meet up an organization or company’s revenue goals.
  • Creating reports that ensure inventory levels, sales trends, and other information that can help identify business opportunities or challenges.
  • Analyzing data to find trends in customers’ buying habits or other factors that could impact sales or purchasing orders.
  • Ensuring to state and also effect changes to inventory policies based on findings from audits or other analyses, aiming at enhancing the organization.

 

Qualifications

  • Obtaining a high school degree or GED certificate.
  • Obtaining a bachelor’s degree in supply chain management, business administration, finance, accounting, marketing, or any other related field.
  • Obtaining a degree in statistics and maths.
  • Having excellent leadership skills and an understanding of people management.
  • Excellent communication and organizational skills.
  • Having 3 years of experience with sales and marketing.
  • Experience with databases and spreadsheets.
  • Good analytical skills are necessary for basic computer programming.
  • Having time management, and problem-solving skills.
  • Having excellent attention to detail, and multi-tasking skills.

 

Essential Skills

  • Communication skills: Collaborating with teammates or superiors like other departmental heads, building a strong relationship with the customers so that they keep coming back for more business, answering questions, and offering solutions to problems, can necessarily be done through effective communication skills. Conveying information in a way that others can understand requires effective communication skills which are important for inventory analysts because they often work with teams of people who need to know what the analyst has done and why. Communication also includes written communication, which means that an inventory analyst should be able to write reports and other documents clearly so that anyone reading them understands their meaning. Communication as we know entails written visual and audible forms. It’s beneficial to develop verbal and written communication skills and active listening. Having better communication skills can also allow you to develop related abilities, such as interpersonal skills.
  • Problem Solving Skills: Inventory analysts ought to be quick in making decisions and apt in accurately devising solutions to problems. Problem-solving is the ability to identify and resolve issues. Inventory analysts use problem-solving skills when they encounter challenges in their work, such as when a machine breaks or if there’s an error in data. When working with clients who have questions about inventory management, inventory analysts must be quick to make decisions. For example, if a client wants to know why certain products are low on stock, the analyst may need to research the issue and find a solution, and properly give an accurate report. There may be a variety of issues to address regarding inventory. For example, an item may become overstocked and the inventory controller would find a resolution to use the item or sell it to customers to reduce stock and create more space in the warehouse.
  • Leadership skill: Inventory analysts carry out roles that are essential for the growth of their organization. As leaders inventory analysts collaborate and offer support to coworkers or teammates, which can also foster a happier work environment and build unity. Being an excellent communicator and empathetic can also help improve teamwork skills, which every leader would want for their staff. Being able to pay attention to details, and recognize patterns in orders by customers and by the organization from other vendors, effective observation skills can be useful because it’s used for conducting quick inventory audits. As leaders inventory analysts are to set analysis of their strengths and weaknesses to set progressive goals.
  • Time Management Skill: Despite various tasks given and the short time of delivery, every inventory analyst must be able to efficiently multitask and effectively deliver excellent service. Time management can be an essential skill for inventory analysts, Restocking and preparing orders to ship are also time-sensitive tasks. Other time-sensitive tasks preparing budget reports, sending shipping notifications, and reporting on the number of items in the inventory. Solutions or ideas can be asked on the spur of the moment and inventory analysts should be able to develop and track inventory, conduct regular audits, and organize shipments.  This is an important skill as these professionals’ ability to plan timely yet accurately with tangible results to attest to proper planning, allows them to ensure the company always has a regular inventory leave
  • Technical Skills: With the evolution in every industry, and the world now being a global village, digital tools are now easily made available to people and every industry puts them into good use because of the ease that comes with them. Inventory analysts use a range of software applications, including spreadsheet apps like Excel, databases, and sales management systems. They also make use of custom inventory management (ERP) software designed to not only track inventory but also forecast demands, sales, and overstock. Inventory analysts should be comfortable using hardware like wireless barcode scanners and computers built into pallet jacks and forklifts (often connected directly to software suites). At companies that can afford to adopt the latest technologies, inventory analysts may work with artificial intelligence systems, which is efficient.

 

How to Become an Inventory Analyst.

  • Having a high school diploma or GED certificate.
  • Obtaining a bachelor’s degree in finances, statistics, sales management, supply chain management, accounting, or another related field of study.
  • Undergone training in inventory management and gaining expertise.
  • Experience in retail environments, warehousing, or purchasing is an asset when you’re applying for inventory analyst positions.
  • Having 3 years of experience in a similar field enhances your skill as an individual.
  • You must be proficient in Microsoft Office and the use of analytical tools.
  • Being comfortable making decisions autonomously and timely.
  • Being able to pay attention to detail, multitask, carry out time management, organization, and problem-solving skills.

 

Where to Work as an Inventory Analyst

  • Retail and wholesale houses.
  • Manufacturing industries or factories.
  • Tech companies.
  • Finance houses.
  • Accounting firms.
  • Transportation or logistic companies.
  • Hotels, motels, and guest houses.
  • Resorts centers and game houses.
  • Public and state houses.
  • Nongovernmental organization.
  • Healthcare centers and facilities.
  • Teaching hospitals or clinics.
  • Warehouses, storehouses, and construction centers.

 

Inventory Analyst Salary Scale

Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years of experience, and opportunities you have been opened to in your profession. The average Inventory Analyst salary In the United States is $65,694, but the salary range typically falls between $57,598 and $73,930.

In London, the United Kingdom the average pay for an Inventory Analyst is £47,212 a year, and the average salary range for an Inventory Analyst is between £33,473 and £57,126. In Canada, the average salary for an inventory analyst is $57,433 per year, while in Australia, the average pay for an Inventory Analyst is AUD 85,172 a year and the average salary range for an Inventory Analyst is between AUD 60,387 and AUD 103,058.

In Ireland, the average salary for an inventory analyst is €32,404 per year, while in Nigeria, the average salary for an inventory analyst is N1,740,000 in a year, while in Germany the average pay for an Inventory Analyst is €50,807 a year and the average salary range for an Inventory Analyst is between €36,022 and €61,476.

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