What are the roles and responsibilities of an Inventory controller?

An inventory controller tries to coordinate the logistics of purchase orders, stock transfers, deliveries, tagging, and processing. The necessity of an Inventory controller is in various sectors of the industry which include retail, commercial as well as industrial. The detailed roles and responsibilities are as follows:

• Updating the inventory levels and timely replenishment of inventory when it hits a certain level.
• Implementing the Inventory control systems and ensuring that the system represents the updated inventory anytime.
• Negotiating with the vendors and suppliers in order to get the best quality raw materials at the lowest possible price.
• Using various tools, forecasting the demand and supply needs to make sure that sufficient stock is maintained.
• Drawing inferences and reviewing the supply chain data to frame strategies for potential problems
• Initiating regular checks to maintain sufficient inventory levels and reporting to the senior management if there are any issues
• Keeping a record of purchase orders, pricing reports and demand-supply schedule.