The future is bright for prospective logisticians, with employment predicted to grow 19% from 2023 to 2033, the U.S. Bureau of Labor Statistics highlights. Roles like inventory management are crucial to the industry, with benefits of effective management that include elevated productivity and brand reputation. For graduates that aim to break into such a role, there are several key elements of today’s climate that can determine success in the field. With the power of the right strategy, a grasp on valuable tech-driven tools, and an enhanced skill set, graduates can proactively prepare for a successful career.
Discovering the right strategy
While there are a number of key elements that contribute to a successful inventory manager, a solid strategy will serve as the foundation for success. One Forbes article by Elie Y. Katz points out the fact that retailers have a variety of strategies at their disposal for efficient inventory management. One of these is the ‘just-in-time’ method, which focuses on inventory that is ordered on an as needed basis. ABC analysis is another option, which “categorizes inventory based on value and helps retailers prioritize which items to focus on managing more closely,” Katz explains.
It’s crucial to note that an inventory management strategy can come along with pitfalls, and may not be right for every business or situation. The just-in-time method is a major example of this — while this approach can bring to light advantages like a reduction in inventory costs, it can easily hinder operations under the right circumstances. For example, disruptions in the supply chain are just one example that can render a small business in distress — especially in a situation where demand spikes unexpectedly (a viral video or marketing campaign is just one unexpected situation that smaller businesses may find themselves in, which can lead to heightened demand at a moment’s notice). As such, it’s essential that inventory managers weigh the pros and cons of various management strategies, and choose a strategy (or combination of strategies) based on the company and its needs.
Technology will play a major role
Graduates who plan to head into a role like inventory management must make use of technology without fully abandoning traditional techniques. For example, many small businesses may choose to use manual methods in order to track inventory, which can seem easier. However, this can result in both inaccuracies and overall disorganization. That said, there are a number of tech-driven tools that can heighten operational efficiency and boost productivity. In addition to standard tools like barcodes and RFID tags, tech-powered solutions like inventory dashboards can provide insight via real-time visibility of inventory on a comprehensive level.
Staying up to date with emerging innovations is another key way in which prospective inventory managers can tweak and revamp their core management strategies. Artificial intelligence (AI) is just one emerging technology that those in the field can benefit from, especially should the future lean towards more adoption. IBM highlights several use cases for the technology in the realm of inventory management, which range from scenario simulation to anomaly detection, demand forecasting, and real-time visibility. Each option presents its own set of benefits, though may not be able to be fully relied on due to the nature of the technology. For instance, while AI can detect anomalies and prompt timely maintenance, traditional management methods can help minimize overreliance on the technology.
In today’s connected workspace, aspiring inventory managers must be able to leverage technology in order to heighten efficiency across operations, though it almost always has to be integrated well with traditional methods for optimal results. For example, a company that successfully and efficiently deploys laptops must consider physical tags and labels in addition to automated tracking systems. While physical tagging provides a visual aid for inventory managers and employees alike, automated tracking systems have the ability to integrate with IT asset management software. It’s crucial to note that other aspects are also at play — keys like dedicated storage, simplicity, and automated tasks (like device status updates or maintenance needs) will all work together to create a fully streamlined operation.
The development and growth of essential skills
For those who aspire to become an inventory manager or who will be newly breaking into the field, there are a variety of skills that will prove to be critical to the job. In addition to soft skills like problem solving, leadership, and communication, successful inventory managers will need a comprehensive understanding of supply chain management in addition to data analysis. While many skills can be learned in the classroom, there are always ways that prospective inventory managers can develop and improve their skill sets for the future of their careers.
One of the best ways to heighten job-related skills is through experience. Aspiring inventory managers can gain hands-on experience by breaking into entry level positions in warehousing, supply chain management, or logistics. Other solutions (such as an internship) can provide up-close and personal insight into a position like inventory manager. To develop specific skills, a prospective inventory manager may consider beefing up their resume with online courses or workshops, which can help target personal weaknesses, refresh knowledge on a specific topic, and strengthen skills that have already been developed. This can be a powerful approach when the goal is to stay up to date on emerging technologies like AI that are gaining traction in the industry.
The current landscape presents a variety of opportunities for those who wish to pursue a career as an inventory manager, though there are a few keys to success that new graduates must consider. In addition to an effective strategy, the use of technology driven tools and a robust skill set are crucial to a thriving career start.
