What does an Inventory Manager do?
Inventory Managers are responsible for ensuring that a company’s inventory levels are sufficient to meet the demands of customers at all times. They also guard against overstocking items, to prevent possible storage issues and free up a company’s cash for other operations. To maintain appropriate stock levels, Inventory Managers analyse data, such as sales figures and customer demand, to forecast inventory needs. An Inventory Manager also typically leads a team of Inventory Clerks or warehouse employees.
Inventory Manager skills and qualifications
Inventory Managers interact with people throughout their working day, whether they are collaborating with theircoworkers colleagues in other departments, reporting to upper management or communicating with suppliers. Therefore they must have excellent interpersonal and communication skills. A successful Inventory Manager candidate will have various prerequisite skills and qualifications, these typically include:
- Strong leadership skills to effectively manage an inventory team
- Working knowledge of inventory management software and other relevant programs
- Excellent organisational and planning skills to ensure efficient inventory operations
- The ability to multitask, as they often work on several tasks simultaneously
- Strong analytical skills to accurately forecast inventory needs
- A broad understanding of end-to-end supply chain and operations processes
Inventory Manager experience requirements
Inventory Managers often have a logistics or supply chain background. Depending on the position, candidates may need previous experience working as an Inventory Manager or a similar position. Some employers accept candidates who have some experience leading a team and managing stocks. Some companies also consider candidates who have experience in various inventory management systems.
Inventory Manager education and training requirements
Although there are no fixed education and training requirements for this occupation, Inventory Managers often have a bachelor’s degree or higher national diploma in subjects like inventory management, supply chain management, operations or business administration. Candidates can also develop their skills and knowledge in the field by obtaining professional qualifications. The Chartered Institute of Logistics and Transport (CILT), for instance offers a range of relevant qualifications, such as a Level 2 Diploma in Warehousing and Storage or a Level 4 Certificate in Purchasing and Supply Operations.
Inventory Manager salary expectations
According to Indeed Salaries, the average salary of an Inventory Manager in the UK, is £33,864 per year. This figure varies depending on factors, including the employer, location of the job and the level of experience required of the applicant.
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