What do Inventory Specialists do?

An Inventory Specialist would typically need to:

• To assure the quality and quantity of the products, monitor all organisational actions linked to the requisition, storage, and delivery of supplies, materials, and equipment.
• Track and manage inventory properly; troubleshoot any problems or barriers; predict future inventory needs; and procure new stock as needed.
• manage inventory in accordance with industry trends; create and manage alternate sources for high-demand items.
• Using an inventory management software system, keep accurate daily records of goods received and shipments made.
• Conduct spot and partial audits of physical and digital inventory on a regular basis; inspect returned merchandise
• Assist with annual physical inventory audits and the compilation of balance, price, and cost reports.
• Assess inventory reports and order patterns to identify items for automatic, recurring delivery; evaluate stock rotation mechanisms.
• Compile and deliver inventory reports to management; make recommendations for better loss mitigation selection/shipping methods and protocols.
• Interview potential vendors/suppliers and choose those who fulfil current organisational needs.
• Maintain constructive working relationships with vendors, management, and staff; negotiate and develop optimal vendor contracts
• Coordinate and direct several teams; if necessary, teach less-experienced inventory workers.
• Plan and maintain adequate inventory storage space in the organization’s warehouse.
• If working in a store, operate forklift trucks and load/unload deliveries as needed; manage checkout and POS (point-of-sale) systems.
• Maintain proper safety standards when operating equipment and tools; dispose of old inventory in accordance with standard norms.

Standard Work Environment

Depending on the sector, an Inventory Specialist’s working environment can range from a climate-controlled setting to extremely hot or cold warehouses. Regardless, you will spend a significant amount of time walking around the warehouse, collecting inventory. You may be required to operate a forklift truck or lift big things if necessary.

Work Schedule

Full-time Inventory Specialists may be required to work overtime depending on the employer’s scheduling preferences. Larger stores may receive merchandise twice a day, whereas smaller stores may receive shipments once or twice a week.

Employers

Finding a new job may appear difficult. Inventory Specialists can improve their job search by soliciting referrals from their network, contacting firms directly, using job search platforms, attending job fairs, leveraging social media, and contacting staffing agencies. They can work in industries as diverse as healthcare, retail clothes, and manufacturing. A part-time job is a possibility.

Inventory Specialists are generally employed by:

• Independent Businesses
• Warehouses
• Chain Stores

Unions / Professional Organizations

Professional organisations and groups, such as The Association for Supply Chain Management, are essential for Inventory Specialists who want to further their professional growth or interact with other experts in their sector or trade. Membership in one or more of these organisations adds value to your CV while strengthening your credentials and qualifications.

Workplace Challenges

• Health issues due to sitting down and working on a computer for lengthy periods
• Physical strain and probable injuries due to regular lifting/reaching for/moving of heavy objects in the warehouse

Suggested Work Experience

A few years of experience in retail warehouses or entry-level employment such as stockers or inventory clerks will help with inventory and mid-level management. Aspiring Inventory Specialists who have hands-on expertise with Microsoft Office, Microsoft Excel, 10-key adding machines, computerised inventory systems, and budget management will have a leg up on their competitors.

To demonstrate your devotion to prospective employers, read about the profession and interview/job shadow professionals working in inventory.

Recommended Qualifications

Although a high school diploma or GED (General Education Development) diploma will get you an entry-level job as an Inventory Specialist, employers may prefer to hire candidates with an associate degree or HND (Higher National Diploma) in logistics or business who understand inventory control procedures.

In high school, concentrate on mathematics, English, and computer courses.

Certifications, Licenses and Registration

Certification in invoicing and coding, Microsoft Specialist Office, and supply chain management from a reputable and objective organisation will help you stand out in a competitive work market and boost your prospects of progression. Microsoft Office Applications certification will provide you with a valuable working understanding of word processors, databases, and spreadsheet software.

Furthermore, having a valid forklift operator certification and licence can make you a more attractive prospect during the employment process. Licensure typically necessitates an application, processing fees, an examination, and relevant education and experience. Check with local or national occupational health and safety regulatory authorities to see if you’ll need to be licenced.

Projected Career Map

Inventory Specialists advance through managerial and supervisory jobs such as Team/Shift Leader and Account Executive before becoming Assistant General Manager or Warehouse Manager based on performance, experience, and the acquisition of professional certifications. You can advance to the positions of General Manager, Operations Manager, District Manager, or Area Manager.

Job Prospects

Candidates with an associate degree in logistics, Microsoft Applications certification, and field experience have the highest job prospects.

Beneficial Professional Development

CPD will assist an active participant in developing personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. CPD also aids with the ongoing renewal of necessary qualifications and licensure.

New employees receive two to four weeks of on-the-job integration training in warehouse operations, store-specific procedures, and inventory management software use. Stockers promoted to Inventory Specialists may or may not require any training.

To boost your profession, earn an associate’s or bachelor’s degree in logistics or business. Improve your organisational, leadership, and communication abilities. Continued attention to detail, as well as the ability to operate alone and as part of a team, will prepare you for greater responsibility.

Conclusion of Inventory Specialist

Inventory Specialists are crucial in maximising the use of an organization’s working capital through proper inventory management. The money saved can be used to help the company grow in the future.

Advice from the Wise

“Inventory accuracy is critical to success.” It is a foundational topic for enhancing service levels, reducing lead times, increasing margins, improving efficiencies, lowering inventory levels, and so on.”

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