Inventory Planner Salary
The average pay for an Inventory Planner is $54,328 per year. Pay for this job rises steadily for more experienced workers, but goes down noticeably for the few employees with more than 20 years' experience. A skill in Forecasting is associated with high pay for this job. Most people with this job move on to other positions after 20 years in this career.
Job Description for Inventory Planner
Inventory planners are responsible for creating effective inventory plans for their organization. They produce documents that details quantity specifications about company product or equipment. In addition, they create accurate reports about supply count and materials. They also maintain updated files about inventory that is used or moved to avoid possible discrepancies, as well as receive returned equipment and keep records about shipments. Inventory planners also record inventory activity into company databases, complete daily transactions and link them to the appropriate departments, and assist supervisors with inventory replenishing tasks. They must actively participate in company meetings, suggesting better methods to handle current inventory and improve the use of company resources.Read More...
One of their main responsibilities includes creating effective strategies to manage different product categories. Inventory planners also allocate and distribute merchandise, and they provide specific forecasts to ensure product availability. They analyze product performance, recommend changes to improve profitability, develop financial plans based on current trends, and participate in training sessions to identify space optimization and increase productivity. Generally, inventory planners report their progress to the inventory manager in their department.
A high school diploma or equivalent is generally required for this position. Previous experience in inventory planning may be preferred or required by employers. Inventory planners must possess strong interpersonal skills, communicating professionally with other planners. They should also work well in a team environment, as well as on their own with minimal supervision. Additionally, they need to have advanced analytical abilities to help reach all organizational objectives.
Inventory Planner Tasks
- Manage and maintain current inventory.
- Identify and resolve discrepancies in inventory.
- Track shipments to ensure they are complete, correct, and on time.
- Predict future inventory needs, producing plans for buying based on forecasts and sales data.
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