Inventory Planner Job Description

Inventory Planners

An inventory planner is a tool used by any warehouse, factory or retail store that has products in stock. The primary responsibilities of the job are to forecast, track and reconcile the inventory of the products or materials that the warehouse, manufacturer or retailer keeps in its stock. When inventory levels reach a point where more materials are required, some inventory planners will order the materials and products to bring the inventory levels back up to the minimum amount that it has on hand. The buyers of the company are told which materials or products need to be ordered by other planners.

Wasp: A Leading Software and Hardware Company for Inventory Management

The desire to provide easy, straightforward, and error-free tracking solutions for the small and medium-sized business was the beginning of the desire of the company. Most tracking solutions were designed for enterprise-level companies, forcing most small businesses to manually track business critical items. The company expanded its client base as its solutions evolved, while maintaining a stronghold in the broad market. Since 1994, the brand of Wasp has been a leader in software and hardware solutions for inventory management and asset tracking applications, with hundreds of thousands of customers around the world using the brand.

Planning for Business

Strong analytical and logical thought process is a key component of a planners mindset. They need to have a proclivity for working with numbers. An astute planner knows the definitions and formulas of the key inventory metrics.

They should know what it means to turn the inventory, how weeks of supply and safety stock are determined, and why it is crucial to use open to buy dollars. Inventory planners should be aware of the risks and accuracy levels of the forecast. Understanding the meanings behind metrics helps them to value the implications of their actions on the larger picture.

Successful planners have the ability to think beyond the business level. They understand the aggregate inventory positioning as it relates to the objectives. They are aware of the organization's business strategy and how their decisions can affect the success and profitability of the organization.

Great planners can use large volumes of data to give insight, summarize it and communicate findings in a concise way. It is possible to translate data into actionable information and drive positive results. Not everyone can sit in front of a computer for eight hours a day.

The ability to focus on a range of different levels is what planners must have. The Planner must have the initiative and diligence to persistently manage through issues to resolution because challenges and roadblocks are part of any job. Planners need to build relationships with business partners to coordinate their operations.