Inventory Controller Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an inventory controller. Feel free to use our inventory controller job description template to produce your own. We also provide you with information about the salary you can earn as an inventory controller.
Who is an Inventory Controller?
A stock controller, also known as an inventory controller, is a person whose duty is to manage inventory levels for companies in a range of industries, including retail, commercial, and industrial. They create inventory management systems, keep track of stock levels, and coordinate order and transfer procedures. They also conduct supply chain analysis and product purchasing and pricing reports.
Inventory control is a critical component of corporate operations that assures a sufficient amount of supply without excesses. It is often a component of logistics, supply chain, or production management.
Inventory controllers work in warehouses, collecting data using a computerized system that allows them to track many aspects of inventory. This information is utilized to compute product and part orders, ensuring that the appropriate amount of inventory is supplied at the appropriate time. To maintain and improve quality control, professionals may track defective inventory, rates of return, rates of purchase, and rates of accuracy. Inventory control specialists must also answer sales inquiries, file reports, manage staff, and come up with inventive solutions to problems.
Inventory Controller Job Description
Below are the inventory controller job description examples you can use to develop your resume or write an inventory controller 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 controller include the following:
- Create and execute inventory control procedures and systems.
- Negotiate with vendors and suppliers to assure the quality of stock acquisitions.
- Organize purchase orders, stock transfers, deliveries, tagging, and processing logistics.
- Forecast supply and demand requirements to assure stock availability.
- Keep track of inbound and outbound orders (OOS) to avoid overstocking and out-of-stock.
- Identify and resolve issues by analyzing and examining supply chain data.
- Perform regular stock checks and inform the supervisor of any problems.
- Maintain and update purchase orders, pricing, and inventory records.
- Assure enough product inventory following the inventory cycle.
- Coordinate and manage daily physical cycle counts, as well as reconcile reports if actual numbers are different.
- Prepare and send a monthly consignment sales report to the supplier.
- Verify the matching of physical quantities in stock with those indicated in the soft solution regularly and take corrective action if there are any anomalies.
- Send in reports as much as possible following the guidelines.
- Examine and approve the monthly cost of sales journals, recharges, and reports.
- Prepare inventory and cost of sales budgets and forecasts at the entity level using group finance budgets and forecasts.
- Provide a daily sales transaction analysis.
- Resolve any anomalies in receipts.
- Assist store managers and stock controllers daily.
- Keeping track of all store repairs.
- Review and approve inventory adjustment requests received from sites and the Central Warehouse in the ERP system.
- Meet inventory reporting standards at the local, regional, and global levels.
- Participate in inventory audits and cycle counts when needed.
- Assist in the planning, scheduling, and monitoring of material transportation across the full production cycle for contract manufacturers.
- Assist with the implementation of information technologies to meet segment and site inventory information requirements.
- Check for implications to the Service business on any company change forms.
- Gather sales projections from the marketing department.
- Assist the Inventory and Requisition Control Team with administrative tasks.
- Assist with demand planning for projects such as Extended Docking Work Periods (EDWP) and others.
- Examine stock holdings to confirm that material will be accessible for production deadlines.
- Assist with information input and extraction from Material Requirement Planning (MRP) systems.
- Assist in the confirmation of all material requirements to verify that the proper steps are done to obtain the material.
- Assist with the timely acquisition of Government Supplied Material (GSM), including expediting according to the production schedule’s priorities.
- Assist the Procurement team with material requirements validation.
- Execute and transact production and stockroom inventory cycle counts daily.
- Investigate and report any receiving irregularities to the department Team Leader, such as improper receipts or production requisition discrepancies.
- Run, review, and report the expired stock report.
- Calculate inventory obsolescence provisioning by category and season, and explain why various rates are used for distinct categories.
- Responsible for leading an efficient and long-term inventory accounting staff that can provide the agreed-upon services today and in the future.
- Manage internal and external stakeholders, as well as change management programs, to ensure that services are delivered successfully.
- Assist in the development of a business case for combining, updating, or introducing new inventory systems when needed.
- Coordinate relationships with important third parties.
- Conduct cycle counts, manage and maintain parts inventory, and process inventory modifications as needed.
- Identify and address all vendor invoice and purchase order issues before final invoice processing.
- Prepare and submit appropriate deposit papers, reconcile daily cash sale transaction payments, prepare the bank deposit, process checks for deposit, and reconcile daily cash sale transaction payments.
- Assist team members with customer service tasks such as answering phones, faxing, filing, and photocopying.
- Oversee the month-end inventory reporting preparation and consolidation.
- Provide a thorough examination of the stock and, if necessary, explanations for major swings.
Qualifications
The basic requirements to become an inventory Controller are listed below:
- Possession of High school diploma or GED.
- A minimum of eight years of experience in the manufacturing or distribution industry with an ideal background encompassing either accounting, internal controls, supply chain, or inventory planning.
- A bachelor’s degree in logistics, business administration, or a closely related field is preferred.
- Previous forecasting and demand planning experience is preferred.
- Working knowledge of production data would be beneficial.
- Experience in retail, warehousing, logistics, or a related field is required.
- Good understanding of inventory management tools like NetSuite, Fishbowl, and Zoho Inventory.
- Excellent knowledge of inventory management techniques including ABC analysis and cycle counting.
- Physically capable of climbing stairs and lifting to 50 pounds.
- Must be able to walk extensively across the facility and stand for long amounts of time.
Essential Skills
Some of the essential skills for this role are as follows:
- Ability to communicate clearly: Because the controller is at the heart of the system, he or she must give exact instructions to everyone involved. When talking with the manufacturing manager, they don’t want to misrepresent current stock levels, should the company face overstocking or understocking. This emphasizes the need for excellent workplace communication, as poor communication can result in significant losses for the organization.
- Technical competence: To drive the sales department forward, an inventory controller, like any other profession, must know several important inventory equations and metrics. For example, employees should be able to comprehend phrases like lead times and reorder points, as well as the necessity of holding goods rather than shipping them out at specific times. A thorough comprehension of such terms and financial maneuvers will enable them to make well-informed decisions that will have a favorable operational or financial impact on the company.
- IT Experience: Inventory controllers in today’s world employ internet and cloud-based inventory management software to automate most control functions and only perform oversight. Inventory controllers can smoothly shift inventory between virtual and real locations using inventory management software like DataQlick. They can also manage inventory remotely and send and receive invoices with ease. In an era where there are several eCommerce platforms, an inventory controller must keep track of stock movements across all channels to compile a comprehensive report at any given time.
- Experience and brilliance: Appointment of intelligent and experienced people in departments such as purchasing, stores, and so on. Simply establishing protocols and keeping records will not yield the intended outcomes since there is no substitute for honest, dedicated, and experienced hands. As a result, the entire inventory control structure should be staffed by workers that are trained, qualified, experienced, and dedicated. (8) Ability to organize: All departments involved, including finance, purchasing, receiving, testing, authorizing, storage, and accounting, must work together well.
- Financial literacy: A good budgeting system is also necessary. Budgets for materials, supplies, and equipment must be prepared to guarantee that materials are purchased and used efficiently.
How to Become an Inventory Controller
To become an inventory Controller you can adopt the following steps to your dream career, they are as follows:
Step 1: Obtain a Degree: A Bachelor’s Degree in Business or a similar discipline is normally required to begin your Inventory Control Specialist job path to stay a competitive option for employers. Focus on developing industry-specific skills during your studies so that you are well-prepared for applying for entry-level jobs and joining the workforce. Before entering the profession, an Inventory Control Specialist internship may be required to achieve your Bachelor’s degree and get critical on-the-job skills.
Step 2: Pick a Specialty in Your Field: You may be required to choose a specialty within your area as an Inventory Control Specialist. Determine which aspect of the Inventory Control Specialist field appeals to you the most, then take efforts to advance in your selected Inventory Control Specialist specialty.
Step 3: Obtain an Entry-Level Position as an Inventory Control Specialist: You’ll normally start your career as an entry-level Inventory Control Specialist after earning a Bachelor’s Degree in Business or a related discipline. In general, an Inventory Control Specialist can be hired after earning a four-year bachelor’s degree in a related field. You might want to look for certification in a certified chest pain facility depending on the type of Inventory Control Specialist job you seek.
Step 4: Advance in Your Inventory Control Specialist Career: There are numerous levels of Inventory Control Specialist career path advancement after entry-level. Progressing from an entry-level Inventory Control Specialist to the next seniority level post might take up to two years. To advance in your Inventory Control Specialist job path, you’ll need around 8 years of experience at each level. To develop your Inventory Control Specialist career path, you may need additional schooling, an advanced degree such as a Master’s Degree in a related profession, or special certifications.
Step 5: Seek continued Education on Your Inventory Career Path: To develop your Inventory Control Specialist career path, not all industries and employers demand continuing education. Earning this degree, on the other hand, may help you rise to higher-paying employment more rapidly. A graduate business degree might take up to four years to finish. Graduate degree holders earn an average of $61,601 a year, compared to $26,823 for those without a graduate degree.
Where to Work as an Inventory Controller
Inventory control specialists typically work in the following places:
They work in warehouses, normal retail stores, and corporate offices, developing inventory management systems, maintaining stock levels, and coordinating order and transfer procedures.
Inventory Controller Salary Scale
According to 230 salaries on March 18, 2022, the average wage for an inventory controller in the United States is $17.26 per hour. The average compensation for an inventory controller in the United Kingdom is £38,561 per year.