Decide the type and number of items to include in a company's inventory.
What does an Inventory Manager do?
As an Inventory Manager, you’re like a Private Investigator, Psychic, and list maker (not necessarily in equal parts) all at the same time. If you want to be good at your job as an Inventory Manager you will need strong organizational skills because you’re responsible for knowing where to locate every item in the company’s possession. Sometimes, you do this instinctively, but when in doubt, you consult your list.
Through manual and computer tracking, Inventory Managers maintain databases of current stock (the number of certain items on hand), and use that information to place orders to refill the stock. Your inventory also lets you predict how many of a certain item will be needed in the future to maximize profit.
For example, you know that out of the 10,000 boxes of twinkling lights purchased the previous holiday season, 8,000 sold at full price, 1,000 sold at significantly reduced prices, and 1,000 are still sitting in the warehouse. Since the company makes a larger profit selling full-price items, you choose to reduce this year’s order to 9,000 boxes of twinkling lights.
You also plan for upcoming seasons, tracking the calendar to ensure that products are available when needed. Orders for the fall season are placed in mid-spring to early summer, and missing that window of opportunity means your company may fall short of potential profits.