Inventory Control Analyst Job Description, Key Duties and Responsibilities
This post focuses on discussing the job description of inventory control analysts to help you learn about the key duties, tasks, and responsibilities that constitute the role.
This article also reveals the major requirements, including skills, knowledge, and abilities which individuals seeking the inventory control analyst position in most organizations may be expected to meet to be granted an interview.
Please, read on to find the information below:
What Does an Inventory Control Analyst Do?
The inventory control analyst is responsible for the processing, monitoring, and analyzing; and giving accurate reporting of an organization’s inventory level with a focus on minimizing costs, while maintaining product availability at the right amount and supply needed.
They follow established guidelines to create, administer, and analyze and report on all cycle counts and physical inventory of the organization.
They work with firms in various sectors, including manufacturing companies, healthcare, pharmaceutical, retail, etc. as long as the organization has physical inventory/materials to manage.
They are responsible for several activities, including resolving errors on inventory transactions, maintaining system accuracy for all inventory including 3rd party and managing adjustments and scraps according to guidelines established by the finance unit.
The inventory control analyst job description entails monitoring, resolving, and reporting all slow and obsolete inventories, and communicating with management and all internal and external auditors as required.
It also involves serving as the connection between finance and operations teams to compare forecast versus actual performance and communicate progress, risks, and impacts to annual inventory goals.
They are also responsible for planning and reporting on the progress of inventory reduction initiatives and championing inventory issues across several functional units, including Planning, Logistics, Manufacturing, and Finance.
The inventory control analyst work description also involves collaborating with other departments and directing cross functional meeting with production planners, material planners, and material handlers, and finance to thoroughly examine processes or issues that negatively impact inventory management.
It also involves recommending corrective action to improve inventory performance and utilization, as well as guaranteeing that efficient and robust inventory controls are in place.
Inventory Control Analyst Job Description Example/Sample/Template
The inventory control analyst performs various functions, including all duties associated with inventory management, integrity, and replenishment of supplies.
They also carry out daily activities to maintain effective inventory management and optimal inventory levels, procedures, and accurate databases.
They work in different sectors, as long as there is stock, materials, or supplies to be managed. Hence, their responsibilities will vary depending on the sector they work in.
However, the major tasks, duties, and responsibilities that commonly make up the inventory control analyst job description are listed below:
- Carry out data analytics, research, and response for variances
- Undertake analysis on inventory levels, aging, and obsolescence
- Responsible for preparing and reporting progress of monthly inventory forecast
- Responsible for the management of excess and obsolescence
- Scrutinize and analyze inventory issues and apply LEAN methods to prepare recommendations for policy/process improvements related to inventory tracking and accuracy
- Develop performance metrics and reporting tools, and establish ad-hoc reporting to enhance department efficiency
- Responsible for analyzing data and generating monthly dashboards/reports to ensure inventory accuracy
- Responsible for identifying the root cause of all inventory adjustments
- Responsible for resolving errors or exceptions on sales/orders inbound and outbound purchase orders and transfers
- Responsible for the accuracy of inventory in the organization’s showroom and website
- Responsible for identifying and implementing process improvements as required.
Inventory Control Analyst Job Description for Resume
If you have worked or are presenting working as an inventory control analyst and are writing a resume for use in seeking a new job, you can apply the sample inventory control analyst job description given above to easily and quickly complete the professional experience section of your resume.
With a professional experience section that shows that you have or are currently performing the duties and responsibilities of an inventory control analyst, it becomes easier for the recruiter to give attention to your resume and consider you for an interview.
Inventory Control Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
When hiring for the inventory control analyst position, recruiters commonly give a list of requirements for applicants to fulfill to be qualified for the role.
Meeting the requirements, which are shown below, will prove to recruiters that the applicant will be effective in carrying out the obligations, purpose, and objectives of the inventory control analyst job that will be assigned to him/her.
- Education: Applicants for the inventory control analyst role are commonly required to have a minimum of High School diploma and relevant experience, but a Bachelor’s or Master’s degree in Supply Chain/Logistics, Mechanical Engineering, Industrial Engineering, or Business Administration or a relevant field, may be preferred by recruiters
- Certification: It is also essential for applicants to undertake certifications like Certified Materials Resource Planner (CMRP), Certified Purchasing Inventory Management (CPIM) certification, or APICS certification/coursework; it increases their chances of securing the job
- Knowledge: Recruiters often demand for a minimum of two (2) years related experience in inventory control analyst warehousing, logistics, manufacturing or distribution, and customer service
- They also require advanced knowledge of Excel and data mining, ability to translate data into conclusions or actions for improvement, and experience with process improvement or LEAN methods
- Computer skills: Applicants seeking the inventory control analyst job are required to have computer skills in Microsoft Office applications especially and advanced Excel skills, including Macros, Filters, V-Lookups, Pivot Tables, etc. It is also important that they can work with ERP systems or possess a working knowledge of SAP
- Communication skills: Applicants should be able to communicate both verbally and in writing. It is essential for establishing work relationship and executing the tasks in their job descriptions
- Problem solving skills and attention to detail: Inventory control analysts are responsible for spotting areas for process improvements or issues with adverse effect on inventory management; so it is important that applicants for the role have the mental, creative, and analytical capability to identify problems and proffer solutions
- Also, it is important that applicants are detail-oriented individuals to help maximize inventory accuracy with minimal adjustments.
If you are a recruiter or HR manager hiring for the inventory control analyst position, your chances of finding the best candidates for the job is greater if you published a detailed description of the available position.
By having the knowledge of what the role entails and what is expected of the successful candidates, individuals who are interested in the job will be able to assess themselves to decide if they qualified or not, which means that only those well qualified for the position will send in their application.
You can easily make such effective description of the position by using the job description sample provided above.
Also, individuals interested in the inventory control analyst career will find this post helpful as it reveals to them the duties and responsibilities that define the position.
This will improve their knowledge of the inventory control analyst job and help them to make the best decisions about their careers.
Did this article increase your understanding of what inventory control analysts do? Please, leave a comment in the box below. You may also discuss your job description if you work as an inventory control analyst.