The Inventory Controller is responsible for counting, managing, and maintaining inventory levels in a warehouse of the company. He is in charge of stock handling activities such as receipt and dispatch of inventory items. The designated person to carry out inventory management activities is an Inventory Controller.
- What is an Inventory Controller?
- What is Inventory Control?
- FAQ about Inventory Controller
What is an Inventory Controller?
Inventory Controller is a job position in a company warehouse environment. It is an entry-level job in the logistics & supply chain management department. Every company that deals with goods have to keep its stock of either raw material or final product or both. Hence, an employee is needed to do so. Companies hire the following job positions for this work,
- Inventory Controller / Clerk
- Inventory Officer
- Inventory Coordinator
- Inventory Manager / Executive
- Inventory Specialist / Management Specialist
- Stock Controller / Coordinator / Incharge / Keeper
All job roles are similar but seniority levels may vary. The sample job opening was posted on Linkedin.com and looks like the following screenshot,
What is Inventory Control?
The process of managing inventory levels of companies existing stock is Inventory Control. It is the process of ensuring enough amount of stock is maintained by the company to run smooth operations with a minimum cost of holding stock. Inventory control is very important to meet customer demands. The task becomes difficult with variable inventories stored at different locations.
Inventory control activity includes the management of every stock item from the time it is first time received at the store to its final destination either to customer or disposal. It also includes monitoring its movement, usage, and storage. Following is the list of key activities carried out in the inventory control operation
- Creating and maintaining a list of all inventory items in the company
- Implementing a stock management system along with valuation and aging
- Categorizing, barcoding, and storing inventory items
- Recording each and every stock movement (inwards, outwards, and disposal)
- Scheduling & doing regular cycle count
- Creating forecasts & monitoring under-level stock
- Reordering stock items teaches their reorder point
- Getting rid of stock defects by investigating cause & Disposal
- Analyzing & reporting stock levels
Inventory control is how you manage the stock you currently have in storage. The goal of inventory control is to minimize stock-holding costs. Good inventory control techniques will free up space in the warehouse occupied by unnecessary materials. In this way, it helps to free and reuse the company’s capital amount. The following are key inventory control techniques used in the industry,
Key Inventory Control Techniques
- Just-in-time (JIT)
- ABC inventory analysis
- Bulk shipments.
- Cycle counting.
FAQ about Inventory Controller
What are the duties and responsibilities of inventory controller?
The duties and responsibilities of an inventory controller are, to record stock movement, count and monitor inventory levels and make computer-generated reports. He is also responsible to receives, unpacking, and delivering goods; re-stocks items as necessary; labels shelves. And then produce related documents. Learn more
Who is an inventory controller?
The designated person to carry out inventory control activities such as stock handling, physical counting, monitoring stock levels, analyzing, and reporting is an Inventory Controller. He uses inventory management software to record all transactions and then prepare computer-generated reports. Learn more
How much does the inventory controller make?
According to salary.com, The average Inventory Controller salary in the United States is in between the range of $83,960 and $110,450 per year.
Where the research is done on indeed.com from 250+ reported salaries, the average salary for an inventory controller is $63,088 per year in the United States.
The salary of Inventory Controllers varies in various countries and business sectors. What will you get depends on many factors such as education, certification, extra skills, and years of experience?
How to become a good inventory controller
To become a good Inventory controller obtain the following basic requirements,
Qualification: Graduation in commerce, logistics, business management, or similar education stream.
Experience: Minimum 2 years extry level experience in logistics, retail, warehousing, stock keeping or similar
Skill Set: Good knowledge of ERP systems, stock handling, spreadsheets, and warehouse equipment (ie. Forklifts). Learn more