Individuals who work as allocation analysts determine the amount and type of inventory that their companies should make available in order to operate more efficiently and meet financial objectives. These individuals must be analytically strong, as well as organized and self-directed. An allocation analyst ensures that an adequate number of products are available for sale in various locations, such as retail stores in different cities, and conducts market research to aid in the planning process. This type of professional also creates financial data reports and resolves inventory issues.
An allocation analyst’s main responsibility is to ensure that his or her company has the right amount of inventory on hand. This type of analyst ensures that stores, for example, have a sufficient number of products available to customers while avoiding having too many unnecessary goods, which could reduce the company’s target profits. By engaging in forecasting activities, he or she must be able to create strong product-availability plans for various seasons of the year, as well as determine which types of items will be most in-demand in various market areas.
A person working in this field must also be able to conduct research. Market research is important for an allocation analyst because it allows them to gather information about customers and the types of products they want. An analyst can use the information gleaned from studies to spot trends that will aid his or her company in making informed product sales decisions. He or she also shares this data with company executives and works to improve the allocation process on a regular basis.
Another aspect of this job entails the creation of reports. An allocation analyst works with the finance team at his or her company to analyze sales records, purchase documents, and inventory accounts, as well as assist in the development of reports that summarize this information. His or her mission is to assist the company in tracking its financial status in relation to daily operational activities so that it can make informed business decisions that will help it meet long-term goals.
The ability to solve problems is also crucial in this field. For example, allocation analysts must ensure that a business location with an insufficient number of goods to sell quickly receives the items it requires to make sales in a timely manner. Technical skills are also required to resolve issues with electronic systems that transmit product order information at the company. As a result, an allocation analyst must be computer literate and capable of working under pressure.