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
- 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.
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 $6K less and $2K less per year on average.
Inventory Analyst Job Listings
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Popular Employer Salaries for Inventory Analyst
The Home Depot Inc. attracts talent by shelling out the biggest paychecks in the area — the median in that office is $63K.
Popular Skills for Inventory Analyst
Inventory Analysts seem to exploit a large range of skills on the job. Most notably, facility with Financial Analysis and Forecasting are correlated to pay that is significantly above average, leading to increases of 28 percent and 5 percent, respectively. Skills that pay less than market rate include Purchasing, Customer Service, and Materials Requirement Planning. Most people who know Data Analysis also know Inventory Management.
Pay by Experience Level for Inventory Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Inventory Analysts, experience does not seem to be a major factor in determining pay. The average worker who claims fewer than five years of experience earns around $46K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $52K. On average, Inventory Analysts make $53K following one to two decades on the job. After two decades in the workforce, the average Inventory Analyst generally earns more than ever; median pay for this group is estimated at $58K.
Pay Difference by Location
For those looking to make money, Inventory Analysts in San Francisco enjoy an exceptional pay rate, 30 percent above the national average. Inventory Analysts will also find cushy salaries in Chicago (+20 percent), New York (+17 percent), Memphis (+13 percent), and Atlanta (+12 percent). The lowest-paying market is Pittsburgh, which sits 13 percent below the national average. Richmond and Nashville are a couple other places where companies are known to pay below the median — salaries are 7 percent lower and 5 percent lower, respectively.