Hire an Inventory Analyst
Inventory analysts play an essential role in helping companies achieve daily operational production targets. They work in various industries in the retail, distribution, manufacturing, supply, and wholesale sectors. Inventory analysts juggle their time between an office work environment and the warehouse. They typically work full-time with flexible hours, depending on the industry. Working closely with both the management team and warehouse employees, inventory analysts are skilled in multitasking, analysis, and problem-solving.
Hiring inventory analysts means looking for organized, critical thinkers. To attract the ideal job seeker, hiring managers create a job description that is accurate, compelling, and inviting. Through a well-written job description, candidates will have a chance to see if there is a match between their background and the qualification expected of an inventory analyst.
Responsibilities of an Inventory Analyst
The primary goal of inventory analysts is to enable the company to maximize production by ensuring that the right materials and inventory are available and on-hand. Any shortage or hold in supplies can hinder daily production which harms company targets. Inventory analysts study and analyze company inventory statistics. They take note of products that sell fast and those that fall behind sales targets. Inventory analysts compare the company’s inventory statistics with industry-specific data for further study.
Inventory analysts are in charge of distributing inventory and lead in determining where items need to go for both incoming and outgoing transactions. They are involved in placing orders from vendors, scheduling shipments, and tracking pickups. To do this, inventory analysts collaborate with supervisors, warehouse managers, and employees.
Furthermore, inventory analysts conduct regular inventory counts for monitoring purposes. They identify and take note of any discrepancies and missing items and verify the inventory numbers against shipping and receiving references. All observations, counts, and inspections are input into a database. This information is consolidated to generate inventory reports presented to the management team. Lastly, inventory analysts stay abreast of forecasting sales trends and techniques. In this way, they can learn new skills and apply them accordingly.
Skills and Qualifications of an Inventory Analyst
To qualify as an inventory analyst, candidates must have a bachelor’s degree in supply chain management, business administration, finance, accounting, or a similar field. Previous work experience as an inventory analyst is highly preferred by most employers.
Inventory analysts engage and speak with employees on different levels, warehouse staff, and management alike. As such, the ability to communicate clearly and effectively is crucial for the position. Active listening and interpersonal skills are also part of the job. To be successful in the role, candidates are expected to be proficient in computer systems, databases, spreadsheets, and supply chain software. They must be confident in creating accurate digital reports and presenting them to management when required. Keen attention to detail and mathematical skills are beneficial.
The ideal candidate for an inventory analyst role is a highly-organized individual with strong multi-tasking skills. Because issues and problems may arise at any point, candidates must be skilled in time management and problem-solving.