Inventory management is a powerful tool. If you do it correctly, you’ll enjoy a good cash flow, good stocks in your inventory, and satisfied customers.
Making the wrong choice, but doing it wrong, can cost you. It’s the reason you’re left with a shortage of stock and unhappy customers, or even stock that you aren’t able to sell, and you lose profits.
If you hire an inventory specialist, you hire an individual whose main focus is on managing your inventory. They are aware of the best way to store it, when to place an order, and how to optimize every step of it.
What is the benefit to your business if you have an inventory specialist in your organization? This article will walk you through the capabilities of the various types and responsibilities of inventory specialists, along with advice about how to hire them.
What is an Inventory Specialist?
An inventory specialist maintains track of the inventory you buy and sell. They make sure all inventory is in good condition, that the inventory records are precise, the storage area is well-organized, and there is always enough stock.
If an inventory specialist is doing their job properly, the advantages of this ability to sell are reflected in every aspect of your shop. Stock shortages are rare, as is understocking, and the cash flow of your store is stable. Store assistants can locate the correct items quickly, and your customers are pleased.
The greatest benefit is that you do not need to be concerned about inventory data and layouts for stockrooms and forecasting demand. Someone else is at their best, and you can work in your own.
Also read: 5 Steps to Complete a Supplier Selection Process
Benefits of Hiring An Inventory Specialist
Inventory specialists play a vital role in keeping your inventory well-organized and accurately managed. Here are a few advantages of hiring an inventory specialist.
Improved Inventory Accuracy
Inventory accuracy is a factor in a variety of areas of your business, such as the store design and product display strategies for the product line, staffing, and forecasting the items’ demand.
The process is affected if your inventory level within your system and the actual levels of stock do not match. With the assistance of an inventory specialist, it is easy to identify any issues that may arise and reduce your stress over the long run.
Spend Less Time on Inventory Counts
Conducting an inventory count is essential for maintaining accurate inventory records. However, physical inventory counts are more difficult and can take a long time, especially if the number of SKUs has increased, or you’ve recruited a new employee since the last audit of inventory (or both).
With an inventory specialist, you’ll be able to count on a professional who understands the inventory counting procedure inside and out and is in complete control of the process. They’ll improve the process for efficiency, for instance, adding cycles in place of full physical counts, allowing the store to operate with fewer interruptions.
Avoid Dead Stock and Overstocking Issues
Overstocking can result in the accumulation of dead stock – items that are outdated or no longer in use. It can also reduce your profits. On the other side of the spectrum, you may not be making enough inventory available and experiencing a stockout that results in inadequate customer care and loss of revenue.
Inventory professionals rely on sales statistics along with inventory data, connections with suppliers, and wider industry trends to predict the future demand for certain items. This helps them reduce the possibility of over- or under-stocking and the consequent expenses.
Inventory Specialist Skills
- Receive and track inventory
- Maintain storage
- Order restocks
- Process returned inventory
Receive and Track Inventory
When new inventory arrives, the inventory specialist is responsible for managing and documenting the process. Their duties include:
- Receiving and checking new orders while handling all related paperwork
- Verifying that the items and quantities match the purchase order
- Inspecting inventory for damage and returning any defective items
- Recording all new deliveries in the inventory management system
- Writing off obsolete or unsellable stock
- Regularly auditing inventory and matching stock levels with sales records ensures accuracy and accountability.
In essence, they make sure that each product that enters the door of your warehouse is properly accounted for and precisely tracked.
Maintain Storage
After the inventory has been accepted and properly accounted for, your inventory specialist will ensure that each item is put in the correct place, so the staff can quickly replenish shelves. This includes:
- Stockroom organization with design, product groupings, and shelving options
- Each delivery is stored properly and placed correctly
- Refurbishing shelves on the sales floor
- Train your staff in retail to navigate through the storeroom and to keep it tidy
- Modifying the layout of the storeroom according to seasonal variations in demand for products
- The objective is to organize your storage area, which makes everyone’s work much easier.
Orders restock
Inventory specialists are accountable for placing an order to buy new inventory. It is a multi-layered procedure, as the expert must know:
- What products should be restocked, and how often
- Specifics of the supply chain, such as the time it takes to create and deliver a product, or how shortages of materials can affect supply chains
- How do you ensure that order fulfillment costs remain at their lowest
- What is the likelihood of stockouts or excess inventory, depending on the stock they purchase
The data on inventory and sales that you get from your POS software is vital for prompt and precise replenishment. The best inventory specialists rely on this data extensively.
Process Returned Inventory
If your shop provides returns, your inventory specialist can assist with returning the merchandise. This could include:
- Logging into the inventory management software
- Issuing a refund to the customer
- Examining the causes of the return
- Restoring items properly
A dedicated inventory specialist helps ensure accurate inventory records while also maintaining a smooth and positive customer return experience.
Inventory Control Specialist Skills
- Record-keeping abilities
- Excellent organizational skills
- Good interpersonal skills
- Basic computer skills
Look for these skills essential when you’re thinking of hiring an inventory control specialist.
Also read: A Full Guide What is Supply Chain Analytics
Different Types of Inventory Management Specialists
There are many different types of specialists in inventory management that you could include in your team. Let’s review each of these kinds of employees.
Inventory control specialists
An inventory Control Specialist is a different name for the expert in inventory. The responsibilities of this job will differ based upon the dimensions of the shop–the needs of a massive chain store with numerous warehouses and thousands of SKUs are different than those of a small boutique store that has 30 SKUs.
Inventory control specialists typically have years of experience. They can think on their feet and quickly adjust to changing environments and the needs of stores, such as an expanding range of products or a fluctuating demand.
Inventory Managers
An inventory manager supervises the entirety of the inventory management in an establishment, which includes the policies, staff members, and supply chain management and planning for inventory. They’re also referred to as experts in inventory management.
Inventory managers constantly examine various inventory processes and search for ways to improve and simplify the process. This can include training their staff and recognizing a shift in demand for an item and reacting to an issue in the supply chain to find a temporary solution.
Inventory Clerk
An inventory clerk is an entry-level position within inventory management, often also referred to as an inventory associate. Their job focuses on the execution of clearly defined inventory management processes, like cycles and physical counts. They also assist in recording the new inventory and reconciling differences in the stock levels.
Inventory clerks usually are a mere one year of working knowledge, but the computers (to manage the data entry process and record inventory records) and physical acuity (to lift heavy loads and/or operate forklifts) are essential for associates to begin and advance in the job.
How to Hire an Inventory Specialist?
If you are hiring an inventory specialist, begin by outlining the qualifications, abilities, and experience you’re looking for from potential candidates. This way, you’ll be able to visualize the type of person you’d like to employ. Consider the time that they’ll have to be on the job and how readily available they’ll be.
When interviewing applicants, ask them questions regarding their understanding of the field of drinks and food and the procedure for running a business. Evaluate their interpersonal skills as well. Before hiring an inventory specialist, examine their qualifications and experience. Make realistic expectations for the amount of time required to prepare them for the task.
- Write a job description
- Post a job online
- Utilize social media and professional networks
- Interview qualified candidates
- Find the most qualified candidate
- Maintain the candidate database
Final Thoughts
Hiring an inventory specialist can ease your burden in the area of managing your inventory and having the correct stock that you can sell, and help to keep your business profitable.
Make the effort to understand what you require in this job so that you can locate the right person for the job. If you have the right methods and tools in place and your inventory management system in place, your business will flourish.
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