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.
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
- Develop and implement solutions to improve inventory turnover and dealer replenishment.
- Manage inventory, delivery dates and fill rates for assigned suppliers.
- Maintain online systems accurately reflect order and supplier information.
- Anticipate potential backorder cases and work closely with suppliers and management to find other sources or expedite the product.
- Execute purchasing and order placement.