Inventory is a vital part of any business. The inventory specialist job description involves compiling and maintaining records of the quantity, type, and value of the supplies of a company. Generally, their duties and responsibilities focus on all aspects of inventory movement, including product sales, re-stocking, and accounting for every item in the warehouse.
Businesses are highly reliant on product sales as well as an accurate accounting of the available stock. This allows the company to operate smoothly, fill orders, ship products, and determine future needs according to sales and depletion of existing stock. Inventory is the total amount of goods or materials available. The amount of inventory is reflected in the surplus stock count, receiving and shipping data, and product returns.
Inventory specialists are also in charge of preparing journal entries, monthly and year-end closings, fixed asset maintenance, and general ledger reconciliations. They play a vital role in every business, whether it’s big or small.
Inventory Specialist Job Description: Duties and Responsibilities
The inventory specialist is in charge of a variety of duties and responsibilities in a business. Generally, they coordinate inventory requirements and procurement details with vendors and customers. They also make inventory budgets and maintains the company’s stock ratio.
An inventory specialist also tracks the transportation and distribution of inventory. They oversee the records of all stocks and compiles evaluation reports. Daily auditing of inventory is also a task for the inventory specialist.
Other duties of an inventory specialist include supervision of the inventory cycle counting; accounting and reporting of inventory surplus, product returns, and damages; cost movement of company products evaluation and purchase and invoice details assessment; re-stocking and filling order forms; and estimation of potential stock requirements according to sales reports.
Inventory Specialist Job Description: Education and Training
Candidates for this job position should have a bachelor’s degree in administration, material management, logistics, supply chain, or any related field. Those with a post-graduate degree in the supply chain, retail, operations, inventory management, or a related field have an advantage and are paid a higher salary.
An inventory specialist should have supervisory skills. The job includes overseeing functions like improvement of the production line methods and staff training in general inventory processes. A candidate should also have basic knowledge of using the barcode equipment.
Computer skills and knowledge in inventory software and programs are a must. They should have strong calculative and analytical skills. Excellent communication skills are also important for an inventory specialist. He should be able to meet required deadlines and have time management skills.
In-Depth Day To Day Role Of An Inventory Specialist
Are you still confused about the inventory specialist job description? Well, if you’re wondering what a day in the life of an inventory specialist is like, below is an in-depth breakdown of the roles and responsibilities.
Manage Incoming Packages
When products are shipped into a business, it’s the inventory specialists job to sign for them. They also have to converse with vendors to make sure shipments are scheduled, and also pay for the items received.
Companies have to ensure that the products that receive are safe enough to be distributed. Therefore, it’s the inventory control specialist’s job to inspect inventory and document any damaged or hazardous items. Also, they send defective items back to the supplier when needed.
It’s the inventory specialist’s job to ensure the company’s inventory is stocked. They place orders when items get low and work with other departments to learn what products are needed.
Manage Inventory Records
Inventory specialists are required to handle inventory control and keep meticulous records of changes in products. The information is entered into a database so that it can be shared with managers and supervisors. By doing so, it allows the company to have access to records of supply and demand.
Oversee Inventory Control
Inventory specialists oversee every detail of product inventory. They keep records of changes and forward them to the correct department. Also, they document information about each individual item.
Inventory Specialist Job Description: Work Conditions and Salary
According to the BLS, inventory specialists should be able to handle multitasking. Depending on the type of business, its size and growth, and its market, a specialist may be required to perform several other functions relevant to the employer’s product line.
Inventory specialists work in the warehouse and have their own office. There is no specific salary rate for these specialists. It depends on the company they are affiliated with. Nevertheless, related experience, education, and skills are considered important factors for receiving higher pay.
Final Thoughts On The Inventory Specialist Job Description
It’s safe to say, inventory specialists are pretty important to any business. It takes a bit of hard work, but businesses will always need someone to manage their stock—which is good news for you. The inventory specialist job description consists of many duties, and it’s great for people who like to multi-task. If you’re interested in a position like this, go ahead and apply. There are plenty of businesses to choose from!