Who is an Inventory Analyst: Key Responsibilities, Skills and Salary

• Who is an Inventory Analyst?
• Key Job Responsibilities of Inventory Analyst
• Required Qualification/Education
• What makes you qualified for this job?
• Top Companies/Organizations Hiring Inventory Analyst
• Inventory Analyst Salary Statistics

Who is an Inventory Analyst?

Inventory analysts are also known as purchasing managers and they have the task to manage inventory items and take care of day-to-day inventory operations. Inventory analysts mostly work in warehouse and office environments and take care of everything working there. They have to manage, count, and analyze all the inventory items. They are the kind of professionals that possess a strong commercial awareness of their industry. They also possess the ability to conduct operations and do all kinds of research relevant to the inventory. Inventory analysts mostly work in supply companies like retail, wholesale, and distribution centers.

Their job demands full-time work during flexible shifts that include nights and weekends. They usually have to report to upper-level management. An advantage of this job is that travel is not typically required here. So, all those individuals who are not a fan of traveling can pursue this career.

This article is all about describing the key responsibilities of an inventory analyst, the type of skills required, educational requirements, and other important things.

Key Responsibilities of an Inventory Analyst

An inventory analyst usually works in a warehouse where he carries out all the day-to-day tasks. Below we have listed a few of them for you;

• Places all kinds of inventory orders and track shipments.
• Allocates inventory to the correct departments as it comes into the warehouse; also makes arrangements for pickups and shipments.
• Performs regular inventory counts.
• Provides guidance to stockroom workers and update them on inventories.
• Maintains and improves the inventory situation of the company. This is usually done by analyzing inventory statistics and then determining which products are selling and which are not.
• Coordinates with other workers and resolves any kind of discrepancies between inventory revenue.
• Provides inventory statistics report to management and suggests any kind of improvements relevant to inventory control.
• Drafts inventory reports including inventory counts, discrepancies, and other statistical data for senior management.
• Recommends improvements relevant to inventory control.
• Creates and maintains inventory databases and systems to accurately manage the inventory.

Required Qualification/Education

• To become an inventory analyst the minimum education you need is a bachelor’s degree in supply chain management. If you’re not interested in this field then you can also go for business administration, marketing, or any other relevant field.
• A master’s degree in a relevant field can help individuals strengthen their resumes and get a more stable job.

Recommended Courses:

Supply Chains for Manufacturing: Inventory Analytics

• MITx via edX
• 30,147+ already enrolled!
• 108 Hours of effort required!

Supply Chain Management: Inventory Management and Control

• Adarsh Amal via Udemy
• 31,714+ already enrolled!
• ★★★★★ (561 Ratings)

Inventory Management and Economic Order Quantity

• Coventry University via FutureLearn
• 10 hours of effort required
• Course Type: Self Paced

What makes you qualified for this job?

A graphic designer doesn’t only need a degree to prove his worth. He needs some skills that can help him outshine others and do his job in the best possible manner.

Hard Skills:

• Inventory analysts have to be proficient with computers and should know how to create digital reports.
• They should know how to use different software programs for analyzing inventory statistics.
• Similarly, an inventory analyst should know how to maintain and route inventory stock to multiple places.
• They must possess data analytical skills to track shipments, verify numbers, and study inventory statistics more efficiently.
• Next, they should possess forecasting skills.
• An inventory analyst should possess supply chain management skills.
• He should also possess SAP ERP skills.

Soft Skills:

• Excellent communication and organizational skills are important to possess.
• One should have a good understanding of databases and spreadsheets.
• Strong time management and problem-solving skills are also important to possess.
• Attention to detail and multi-tasking skills are also important to possess.

In-demand Certifications:

Below we have listed some of the available certifications for you to consider;

• Certified Inventory Management Expert (CIME)
• Certified Product and Inventory Analyst (CPIA)
• Certified in Planning and Inventory Management (CPIM)

Top Companies/Organizations Hiring Inventory Analyst

To your knowledge, full-time inventory analysts are paid well that everyone knows but still it is not enough to consider it among one of the best-paying SCM jobs. Even the highest salary of an inventory analyst is around $71,000. But if you want to earn more than that in inventory management then you must possess advanced level skills, a lot of experience, maximum education, and a higher-level position.

Top companies like DISYS, General Atomic, GereMarie Corporation, Uline, Traditions, and many other companies hire inventory analysts who can manage the inventory efficiently.

Inventory analysts can work in industries like retail, wholesale, distribution, and manufacturing. These analysts can help these industries in managing the purchasing inventory, allocate resources, and forecast future sales.

Inventory Analyst Salary Statistics

This section contains the salary details of an inventory analyst working in different major countries. These stats can give you an idea about how much you can make working in a particular country.

USA:

An inventory analyst working in America can make an average annual salary of $57,837.

Canada:

In Canada, working as an inventory analyst can help you make an average annual salary of CA$60,776.

UK:

Working as an inventory analyst in England, you can expect to make an average annual salary of £31,512.

India:

If you are working as an inventory analyst in India then you can easily make ₹682,962 per year.

Australia:

The average annual salary of an inventory analyst working in Australia is around A$74,000.

References/Sources:

• https://www.glassdoor.com/
• https://www.indeed.com/
• Please note that mentioned salary stats are as of May 2023.