Inventory management is a function that happens in every organization. Companies purchase materials and equipment to enable them to operate optimally. These could be raw materials, office stationery, food products, finished goods, etc. So naturally, every organization has processes and practices to control its inventory holding levels. The goal is to remove bottlenecks, minimize costs, sustain required service levels, and manage present and future stock requirements.

The key to successful inventory management is capturing data accurately throughout all operational processes. Due to the diversity of business activities and an increasingly complex business environment, there is no ‘best way’ to manage inventory. The techniques used in inventory management, e.g., MRP, JIT, EPQ, and EOC, have merits and demerits. An organization chooses the most suitable approach based on current and future demand/supply requirements.

The projected job growth is 3% overall. However, some sectors like transportation, storage, and distribution are expected to witness higher demand for inventory management professionals. Transport is a major economic driver and therefore has a huge impact on employment. With the opening up of the global market post-COVID-19, the transport industry is expected to grow significantly.

A career in inventory management starts with a bachelor’s degree in Economics, Business, Supply Chain Management, or Management. Further knowledge in logistics operations, database management, accounting, and inventory flows gives you an added advantage. Career growth comes with acquiring relevant experience and skill set.