Inventory Analyst Salary
Job Description for Inventory Analyst
An inventory analyst is responsible for handling the challenges posed by managing an inventory. A wide set of skills is necessary for this position. First and foremost the analyst must have exceptional technical knowledge. Armed with customer purchasing habits for stores and regions, the inventory analyst uses statistical analyses to determine the proper inventory levels for stores. Once an appropriate inventory level is determined, the analyst must set orders into motion and ensure that the inventory levels are consistently met. Additionally, the inventory analyst must use exceptional communication skills to effectively work with everyone who contributes to inventory shipment. The inventory analyst must order inventory from the company's suppliers and then work with suppliers to track the shipments. If shipping issues arise, the inventory analyst must work with the suppliers to appropriately resolve the situation.Read More...
Further, the inventory analyst must work with employees at the stores to ensure that the shipments arrive, are properly offloaded, and are stocked and stored as necessary. The inventory analyst must also track all the invoices and ensure all proper paperwork is filled out, filed, and reported. The inventory analyst must then reincorporate all of the data gathered from this process back into the statistical data they use; by doing so, the inventory analyst ensures that the data is up to date and that inventory levels continue to be at appropriate levels.
Due to the technical nature of the position, most companies require that an inventory analyst have a bachelor's degree in a relevant field. Purchasing and management experience are seen as valuable qualifications as well.
Inventory Analyst Tasks
- Anticipate potential backorder cases and work closely with suppliers and management to find other sources or expedite the product.
- Execute purchasing and order placement.
- Maintain online systems accurately reflect order and supplier information.
- Develop and implement solutions to improve inventory turnover and dealer replenishment.
- Manage inventory, delivery dates and fill rates for assigned suppliers.
Common Career Paths for Inventory Analyst
At the upper end, Inventory Analysts who move into a Demand Planning Manager role can end up with a hefty increase in pay. The average income for Demand Planning Managers is a much higher $88K per year. A lot of Inventory Analysts advance their careers by becoming Inventory Managers and Buyers. However, those positions offer $5K less and $2K less per year on average.
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Popular Employer Salaries for Inventory Analyst
The Home Depot Inc. offers the largest salaries in town — $64K on average.
Popular Skills for Inventory Analyst
Inventory Analysts report using a deep pool of skills on the job. Most notably, facility with Financial Analysis, Forecasting, and SAP Enterprise Resource Planning (ERP) are correlated to pay that is significantly above average, leading to increases of 28 percent, 5 percent, and 4 percent, respectively. At the other end of the pay range are skills like SAP Materials Management, Purchasing, and Customer Service. Those educated in Data Analysis tend to be well versed in Inventory Management.
Pay by Experience Level for Inventory Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Respondents with less than five years' experience take home $46K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $53K. For Inventory Analysts, 10 to 20 years of experience on the job amounts to an average salary of $54K. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $58K.
Pay Difference by Location
For Inventory Analysts, San Francisco provides a pay rate that is 31 percent greater than the national average. Inventory Analysts will also find cushy salaries in Chicago (+23 percent), Minneapolis (+18 percent), New York (+17 percent), and Atlanta (+13 percent). With compensation 12 percent below the national average, Pittsburgh is not known for hefty paychecks and actually represents the lowest-paying market. A couple other locations with smaller-than-average paychecks include Houston (11 percent lower) and Nashville (4 percent lower).
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