The questions given in this article will help you to select the perfect candidate for the role of Inventory Manager.
What is the role of an Inventory Manager?
An Inventory Manager makes sure that you have the right amount of stock, at the right place, and at the right time. He is the one responsible for managing the inventory of a business while keeping the costs to the minimum. Inventory Managers need to have at least a Bachelor’s or an Associate’s Degree in supply chain, accounting or other similar fields. However, experience is the most preferable thing and can even serve the substitute for higher education depending upon the type and requirements of the job. Another good way to select suitable candidates is to filter them out on the basis of professional certification. An Inventory Manager should have a large set of skills to perform his work efficiently. He should be knowledgeable about all the procedures and practices being used currently. He should also be an excellent communicator and have good leadership skills. To find a candidate with these qualities, ask the following questions in the interview.
Operational and Situational questions
- How do you respond to errors in the inventory?
- How can you optimize your inventory by conducting a forecasting analysis? Do you know any other method for inventory optimization?
- What would you do if your orders have been neglected causing the risk of inventory to become inadequate for the coverage of demand? How will you react?
- How do you store and maintain data about inventory? Do you use any software for this purpose?
- How do you make sure that the database containing information about the inventory is correct and up to date?
- What do you know about COGS?
- Comment on Material Requirements Planning (MRP) systems.
- Briefly, explain the procedure to control inventory on the basis of ABC analysis. Have you used it before?
- According to you, what is the best use of EOQ and cycle counting?
- How fast are you in doing mathematical calculations?
- What is the worst experience you’d ever have while managing the inventory of a business?
- How do you optimize the process of inventory management? Explain your procedure.
- Did you ever have conflicts with other departments? How you resolved them?
- How you make sure that the inventory meets all quality standards and checks.
- Have you ever demonstrated excellent leadership skills?