Smaller companies rely on the inventory manager to negotiate supplier contracts and place orders. Who’s responsible for product acquisition? This documentation can help with tracking theft or loss due to damage, planning future sales promotions, and making decisions on what products are or are not selling as expected. Inventory value (how much is current stock worth).Inventory levels (quantity available, pending orders, expected shipments, etc.).Product details (name, type, style, model number, etc.).The documentation they provide should include: Having more options can help a company change vendors or renegotiate costs and terms with an existing supplier.īecause inventory managers know so much about the flow of products, they’re also responsible for sharing that information with others. Inventory managers need to be aware of other available suppliers, who may be cheaper and/or more efficient with order fulfillment. Managing order delays and other problems.Establishing and maintaining supplier relationships.Ensuring the correct product is received.Product acquisition is the first step in the supply chain and therefore, a big part of the inventory manager’s role. Let’s look at five key functions of the inventory manager and how they contribute to the success of a retail, eCommerce or wholesale operation. They need to ensure there’s enough available product or merchandise to meet customer demand while not having too much, which would incur additional costs. Inventory managers walk a tightrope daily. The amount and value of product on hand.The cost and sources of product acquisition.Some of the inventory manager’s responsibilities include managing:

They oversee and provide accurate data on available products to make informed decisions on supply chain management and sales. The inventory manager is a vital role within a retail operation, eCommerce or wholesale business.

Inventory manager duties