How to become An Inventory Specialist

Inventory Specialists manage their organisational inventory in a streamlined manner, so the needs of target customers are met and the business continues to thrive.

• Inventory Control Specialist

What do Inventory Specialists do?

An Inventory Specialist would typically need to:

• Monitor all organisational activities related to the requisition, storage and delivery of supplies, materials and equipment to ensure the quality and quantity of the products
• Track and manage inventory effectively; troubleshoot any issues or obstacles; forecast future inventory requirements; requisition new stock in case of need
• Keep track of industry trends and update inventory appropriately; establish and maintain alternate sources for high-demand items
• Maintain accurate daily records of goods received and shipments made using an inventory management software system
• Conduct frequent spot and partial audits of physical and digital inventory; inspect returned merchandise
• Assist with annual physical inventory audits; compile balance, price and cost reports
• Evaluate and manage stock rotation procedures; assess inventory reports and order patterns to identify items for automatic, recurring delivery
• Compile and present inventory reports to management; recommend improved loss mitigation selection/shipping procedures and protocols
• Interview potential vendors/suppliers; select ones that meet current organisational requirements
• Negotiate and develop optimal vendor contracts; maintain productive working relationships with vendors, management and staff
• Coordinate and direct multiple teams; train less-experienced inventory workers, if necessary
• Plan and preserve optimum inventory storage space in the organisational warehouse
• Operate forklift trucks and load/unload deliveries if required; manage checkout and POS (point-of-sale) systems, if working in a store
• Adhere to appropriate safety standards while operating equipment and tools; dispose of obsolete inventory per standard regulations

The work environment of an Inventory Specialist ranges from a climate-controlled setting to extremely hot or cold warehouses, based on the industry where they work. Regardless, you will spend a lot of time walking around the warehouse, taking stock of the inventory. If necessary, you may need to operate a forklift truck or lift heavy items.

Full-time Inventory Specialists may need to put in extra hours dependent on the employer’s scheduling preferences. Larger stores may receive products twice a day, while smaller ones may have shipment deliveries once or twice a week.

Finding a new job might seem challenging. Inventory Specialists can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media and inquiring at staffing agencies. They can choose from fields as diverse as healthcare, clothing retail or manufacturing. Part-time work is a viable option.

Inventory Specialists are generally employed by:

• Independent Businesses
• Warehouses
• Chain Stores

Professional associations and organisations, such as The Association for Supply Chain Management, are crucial for Inventory Specialistsinterested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Health issues due to sitting down and working on a computer for lengthy periods
• Physical strain and probable injuries due to regular lifting/reaching for/moving of heavy objects in the warehouse

A couple of years in retail warehouses or entry-level positions such as stockers or inventory clerks will facilitate inventory and mid-level management experience. Aspiring Inventory Specialists with practical experience in Microsoft Office, Microsoft Excel, 10-key adding machines, computerised inventory systems and budget management will have an advantage over their peers.

Read about the profession and interview/job shadow experts working in inventory to prove your commitment to prospective employers. 

Although a high school or GED (General Education Development) diploma will fetch you an entry-level position as an Inventory Specialist, employers may prefer to hire candidates with an associate degree or HND (Higher National Diploma) in logistics or business who have a basic understanding of inventory control procedures.

Focus on mathematics, English and computer studies in high school.

Certification in billing and coding, Microsoft Specialist Office and supply chain from an objective and reputed organisation can help you stand out in a competitive job market and increase your chances of advancement. Certification in Microsoft Office Applications will give you valuable working knowledge of word processors, databases and spreadsheet software.

In addition, a valid forklift operator certification and license will make you a more viable candidate in the hiring process. Typically, licensure requires an application, processing fees, an examination, relevant education and experience. Check in with local or national occupational health and safety regulating organisations to find whether you will need licensure. 

Performance, experience, and the acquisition of professional qualifications drive the career progression of Inventory Specialists who take on managerial and supervisory roles such as Team/Shift Leader and Account Executive before becoming an Assistant General Manager or Warehouse Manager. It is possible to rise to the level of General Manager, Operations Manager, District Manager or Area Manager.

Candidates with an associate degree in logistics, certification in Microsoft Applications and experience in the field have the best job prospects.

Continuing professional development (CPD) will help an active inventory build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. CPD also helps in the regular renewal of essential certifications and licensure.

New hires receive two to four weeks of on-the-job integration training on warehouse operations, store-specific policies and the use of inventory management software. Stockers promoted as Inventory Specialists may need some or no training.

Acquire an associate or bachelor’s degree in logistics or business to help advance your career. Build on your organisational, leadership and communication skills. Continued attention to detail and the ability to work independently and in a team will prepare you for increased responsibilities.

A Diverse Pay Package

Most Inventory Specialists receive an hourly wage, although you may receive a monthly salary from your employer. The exact number will depend on your prior experience working in a warehouse or with logistics and the kind of business you work for.

Employees of large companies whose work is potentially dangerous or physically demanding earn the highest salaries. In contrast, Inventory Specialists who work in small retail locations to keep track of a small stockroom may make the lowest.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Inventory Specialists have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Inventory Specialist has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

Using barcodes to track inventory saved money and reduced administrative errors by 41.4% at an academic medical centre.

Inventory Specialists play a critical role in optimal utilisation of the organisational working capital through proper inventory management. The funds so saved can be used to fuel the company’s future growth.

“Inventory accuracy is a cornerstone to success. It is a bedrock topic to improving service levels, reducing lead times, increasing margins, improving efficiencies, reducing inventory levels, and the list goes on.”

Lisa Anderson