Inventory Coordinator Responsibilities
The inventory coordinator is responsible for the execution of inventory coordinator responsibilities, as he/she is one of the key persons involved in the inventory management. Effective inventory management plays a crucial role and is instrumental in the success of any business organization. The inventories generally consist of raw materials, goods, finished products, etc., that need to be stocked and distributed in an effective way. The inventory coordinator ensures that the inventory remains balanced, as it it is one of the important factors to ensure maximum profitability. Thus, this professional makes sure that the stocks are properly balanced and that the damaged inventory is returned to the suppliers so that there are minimum losses.
Key Responsibilities of Inventory Coordinator
If you have good arithmetic skills along with good organizational, administrative, and management skills, then you are the right person to become an inventory coordinator. This professional is the middle person who helps in bridging the gap between the purchasing manager, retailer and the manufacturer. His/her job involves mainly coordination, inspection work and he/she needs to handle all the inventory management related paper work.
He/she is responsible for continuously checking the products that are entering in and making sure that they are being directed to the right department as per the organizational policies and procedures. He/she inspects the material received and makes sure that the damaged items have been returned to the supplier. He/she also updates and maintains the records of the inventory that have been stolen or lost.
The following points given below will help you to understand the key responsibilities that need to be handled by this professional in a better way:
- To maintain a high level of inventory accuracy and to monitor and control inventory with complete integrity
- To maintain a product location and identification program and to research if there are any discrepancies and take the necessary corrective action
- To manage, maintain inventory parts and budget and to review the patterns of demand, supply, etc., and to take acquisition decisions accordingly
- To expedite backlog orders and delivery dates
- To coordinate with suppliers regarding the status of inventories and to ensure smooth delivery of goods by coordinating with the internal as well as the external customers
- To attend to the customers requirement and their inquiries and to keep them informed on the latest stock order position
Apart from the above responsibilities,
- The inventory coordinator works with the warehouse operation so that he/she is able to provide system support and related stock taking activities.
- He/she may assist in ensuring that the warehouse staff works efficiently.
- He/she is responsible for making sure that all the incoming and outgoing deliveries are completed in a timely fashion.
- He/she researches and tracks orders, records the merchandise purchases, maintains the database and makes it a point to count the inventory physically.
- He/she is also involved in preparing the statistical reports related to inventory price, balance, shortages, etc.
- He/she reviews the vendor statements to make sure that all the invoices have been processed in time.
- He/she reviews the transactions to verify its accuracy.
- He/she makes sure that all the documents, products and work processes are proceeding well and that they are following the given specifications and standards.
- He/she is responsible for requisition and maintaining the inventories of products in order to meet the production needs.
- He/she is responsible for providing documentation and information in case there are any delays or changes in the cost estimates.
- He/she compiles the inventory information like the rates of production, progress, materials that have been used, details of customer, production sequences, purchase, repair, maintenance orders, etc., and updates all the relevant reports as well.
- He/she may distribute the production schedules and may revise the production schedule in case there are any problems.
- He/she remains in touch with the suppliers to check out the details of the shipment. He/she is involved in making several calculations like the production costs, labor costs, wages, etc.
Essential Skills and Abilities
- The inventory coordinator should follow a logical structured approach while working and should be able to demonstrate excellent leadership skills.
- He/she should be committed to meet the requirements of the customers. Timely decision making, quality, good mix of wisdom, analytical skills, judgment along with strong interpersonal skills, etc., would definitely be an advantage.
- He/she should be able to prioritize work and should be good at juggling different tasks at the same time.
- He/she must be extremely well organized with good management skills and a keen eye for detail.
- He/she should be skilled at maintaining various documents and records.
- He/she should be able to work effectively without any supervision.
Educational Background
A high school diploma or any other equivalent educational qualification is sufficient to qualify for the post of an inventory coordinator. A bachelor's degree in purchasing, business, accounting or an associate in Applied Science will prove to be of great benefit. A certification in inventory management or production or any other related areas would definitely be a plus and would help you in getting the job more easily.
Work Environment
The inventory coordinator works for forty to fifty hours per week, Monday through Friday. Depending on the work load, he/she may need to extend his/her work by working late in the evenings, or sometimes even on the weekends and holidays. He/she normally works in retail stockrooms, warehouses, factories, etc. While in the premises of the organization, he/she needs to follow all the rules and regulations related to safety.
Salary Details
The salary offered for this professional is close to $38,000. It varies depending on the location, type, and size of the organization. The other salary determining factors are the particular individual's skills, knowledge and experience in a similar role.
Career Prospects
The career prospects look bright and promising. The job opportunities will definitely rise and if you are able to demonstrate a successful track record then there is absolutely no stopping and you will move up to a higher position.
Therefore, if you want to be assured of a lucrative career ahead, then the inventory coordinator responsibilities must be carried out professionally.
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