Inventory Specialist

Jon Griesen & Nhua Phan

An inventory specialist manages a firm’s inventory by the most efficient and cost-effective means possible. One of the primary duties of someone in this position is to carefully account for all inventory within a firm. This is imperative for the firm to function efficiently because without a solid grasp as to how much inventory one currently has and how quickly it is being consumed, one cannot make accurate determinations about future inventory purchases.

The position may be found within various tiers of a firm. Certain positions are distanced from high level management, while others may comprise a portion of the higher level management team. A wide range of companies need inventory specialists in order to effectively run their operations, including Target, Home Depot, Mercedes-Benz and Apple. Generally, a bachelor’s degree (business/management related fields) is looked upon very favorably by someone wanting to hire an inventory specialist, but it is not always required depending on the firm in question. In addition, the APICS CPIM (Certified in Production and Inventory Management) certification is held in high esteem by certain firms and may provide a competitive advantage.  The mean salary according to several online sources ranges from roughly $36,000-$50,000, but has extremes on both ends of the spectrum depending on the stage in the individual’s career. Once someone is an inventory specialist they may rise to a higher level management position if sufficient time is invested.

Inventory specialists employ various techniques in order to manage their inventory, such as those employed in order to keep a proper count of inventory. Counting inventory can be accomplished in many ways, ranging from physical counts to electronic counts or approximations based on weight or other factors. The frequency of the count also varies considerably from company to company. Some companies use continuous review systems, and others use periodic review systems. To determine which method should be used a firm considers several elements, such as the size of the business, diversity of products offered and quantity of inventory held.

In summary, an inventory specialist is integral to the operation of many firms by providing insight on how to streamline operations and making sure that inventory is always readily available for all types of customers. Although their roles may vary depending on the type of business in question, they all work to keep track of the inventory within a firm. “Inventory Specialist” is truly a diverse job title, and without being able to keep track of and manage the products that a firm sells, it would be almost impossible for the firm to successfully compete in the current competitive climate. 

For additional information regarding the Inventory Specialist position, please visit the following links:

http://www.wisegeek.com/what-does-an-inventory-specialist-do.htm

http://www.ehow.com/about_6106406_inventory-specialist-job-description.html

http://www.apics.org/careers-education-professional-development/certification/cpim

http://www.glassdoor.com/Salaries/inventory-specialist-salary-SRCH_KO0,20.htm