Inventory Analyst Job Description


Author: Lisa
Published: 16 Feb 2019

The Inventory Control Analyst Position Description, An Inventory Analyst, Explicit Compensation for Inventory Analysts, An Inventory Control Analyst for a Large Business and more about inventory analyst job. Get more data about inventory analyst job for your career planning.

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The Inventory Control Analyst Position Description

The inventory control analyst is responsible for the processing, monitoring, and analyzing, and giving accurate reporting of an organization's inventory level with a focus on minimizing costs, while maintaining product availability at the right amount and supply needed. They are responsible for resolving errors on inventory transactions, maintaining system accuracy for all inventory, and managing adjustments and scraps according to guidelines established by the finance unit. The inventory control analyst work description involves collaborating with other departments and directing cross functional meeting with production planners, material planners, and material handler to thoroughly examine processes that negatively impact inventory management. If you publish a detailed description of the available position, you can find the best candidates for the job.

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An Inventory Analyst

Inventory analysts work in a number of sectors to help the organization's management with purchasing inventory, allocating resources, and forecasting future sales. Inventory analysts maximize an organization's production. You should be analytical and attentive to detail to be successful as an inventory analyst. A top-notch inventory analyst should have acute commercial awareness and be able to interpret and implement data on consumer trends.

Explicit Compensation for Inventory Analysts

Employers usually require inventory analysts to have a bachelor's degree in finance, accounting or a related field. Some employers will accept a high school diploma or GED in lieu of a formal degree. Most inventory analysts get paid training.

The training period can last for several weeks and inventory analysts become familiar with daily operations. The Bureau of Labor Statistics shows that inventory analysts earned a median salary of $74,590 in the year of 2017, which equates to $35.86 per hour. Logisticians and inventory analysts are similar to each other in that they focus on items in a company's inventory.

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An Inventory Control Analyst for a Large Business

The inventory control management portion of the business decides how much to invest in the inventory. The company doesn't have a lot of money inventory sitting in a warehouse so inventory control is important. An inventory control analyst puts together reports for her manager. The analyst is able to communicate backordered items to necessary parties.

The Impact of Inventory Management on the Salary

The average inventory analyst salary is around $60,000 per year, but there are a number of factors that can affect it. Those who are highly qualified for their jobs and must control a huge amount of inventory can make up to $80,000 per year. Entry level candidates working in small warehouses or for smaller retailers may only make $30,000 per year.

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Inventory Analysis

Inventory analysis the examination of inventory to determine the right amount to keep in stock. It is a study of how demand for product changes over time and how the calculations are done to help understand inventory levels. It is important for a company to have an inventory analysis.

The benefits it offers include reduced capital costs, improved cash flow, reduced stockouts, and improved customer satisfaction. They use statistics to determine which products are selling and which are not, and where the inventory needs to go. They also plan to ensure smooth product flow and place and track inventory orders.

They document any discrepancies, write up inventory reports, and manage any inventory adjustments and transfers. They analyze the root causes of any inventory issues, give resolutions, and suggest improvements to inventory control. Inventory analysts have good computer skills and can use software to handle databases and spreadsheets.

They must be able to use specific software programs to analyze inventory statistics. The salary for an inventory analyst is dependent on the type of organization they work for. An analyst that is just starting out in the field can expect a salary of around $44,000 per year.

Supply Chain Analyst Resume Tips

A supply chain analyst would create and maintain customer demand forecasts from different data. They use general business knowledge and sector specific data. The analyst manages the availability of raw materials.

They coordinate the entire process with the production, transportation, and sourcing groups to make sure the materials are delivered to production in a timely and efficient manner. The analyst makes sure the locations have the best products. They work closely with other supply chain teams to make sure locations have finished goods to meet customer service goals.

A supply chain analyst works in multiple roles within the supply chain before moving to a position of greater responsibility. An analyst might work in demand planning, production and inventory before moving to senior positions. You will progress to a senior analyst, a supply chain manager and even a supply chain leadership position as you gain experience and demonstrate your capabilities to the organization.

The career progression will be dependent on your capabilities and organization. Before becoming analyst, you need to learn to analyze data. The analyst must make sense of a lot of data.

Supply chain analysts must analyze the data collected and then make a decision based on that. Being a supply chain analyst is about identifying problems in the current process. It is important to learn how to identify problems and then design a solution that is practical.

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The Pay of Inventory Specialists

Inventory Specialists work at a variety of organizations to keep track of inventory input and output, maintain records, and monitor inventory transportation. Since the focus of an Inventory Specialist is always homed in one department of the company, their work must be highly detailed and consistently precise. Inventory Specialists must keep a close eye on their company's inventory expenditures and create budgets to do so.

The Bureau of Labor Statistics says the median annual salary for Logisticians is $74,260. The lowest-paid Inventory Specialists make $43,830 per year, while the highest-paid make a median income of $116,960. The District of Columbia, Maryland Alabama have the highest median salary for inventory specialists.

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