In most cases, inventory management specialists work for manufacturing companies or distribution centers. This type of individual is in charge of keeping track of all physical assets. In a manufacturing company, for example, someone with this job might ensure that buyers order the correct quantities of raw materials. He or she may be in charge of incoming and outgoing shipments, ensuring that what is received and sent out matches the numbers on bills of materials. This type of expert may also be in charge of developing asset tracking systems.
Purchasing is frequently a primary responsibility of the position. He or she must be familiar with various industry suppliers and know how to obtain the best equipment and materials at the most reasonable prices. Contract negotiations are an important part of the purchasing process. A specialist might collaborate with suppliers’ representatives to develop contracts that are acceptable to both parties. He or she also ensures that suppliers adhere to contract terms.
An inventory management specialist may also check to see if all of the equipment is in good working order. He or she organizes inspections and establishes a reporting system for employees to use when they discover damaged equipment. Many inventory experts believe that repairing equipment as soon as problems arise is the most cost-effective option. This is a good way to avoid having to replace something, which is usually more expensive.
A specialist in inventory management must also be aware of expected demand in his or her industry. A specialist’s understanding of projections aids in determining how much material to order. Manufacturing companies frequently use lean management, a system in which companies waste as little as possible. An inventory specialist aims to order the exact amount needed in order to reduce waste and thus increase profit margins.
Asset tracking systems are frequently used by inventory management specialists. They could, for example, use bar codes to identify each piece of equipment. Employees in the inventory department can scan bar codes to get information about equipment from a database. An inventory specialist could figure out what kind of data is stored in each account and create a protocol for updating asset data.
An inventory management specialist’s responsibilities also include training and employee management. A specialist might work with each inventory worker to ensure that they understand how to store equipment and materials, as well as how to enter data into a database. It is easier for specialists to keep track of assets if all employees follow inventory protocol.