Question 1

What is inventory, and why is it important to learn about?

Accepted Answer

Inventory refers to the stock of finished goods a company sells, as well as the raw materials it has on hand to produce them. Because these goods and materials represent major drivers of business costs as well as revenues, the timely and cost-effective management of inventory is very important to the ultimate profitability of any business that sells physical goods.

Inventory is a key part of the broader area of supply chain management, which is the entire system of moving products from suppliers to end-users and consumers. It is an intermediate step in a process that begins with the procurement of raw materials and transporting them to manufacturing facilities; finished products are then stored (or “warehoused”) as inventory until logistics networks deliver them to end users and consumers.

Because it sits in the middle of the supply chain, inventory and warehouse management requires close attention to both supply and demand sides of the business. Shortages in raw material inputs can result in costly production delays, risking sales. Similarly, planning for product sales and demand forecasting is also critical, as holding excess inventory can be costly. And, on both the supply and demand side, quality control is essential to minimizing returns of products and upholding the company’s reputation in the market.

Question 2

What kinds of careers can I pursue with a background in inventory?

Accepted Answer

Given its central role in business supply chains, a deep understanding of the complexities of inventory management and warehousing for careers in supply chain management and logistics. Working in this area means a fast-paced career of moving products from suppliers to consumers, and can lead to jobs at any type of company that produces physical goods ranging from furniture to cars to books. According to the Bureau of Labor Statistics, logisticians earned a median annual salary of $74,750 in 2019, and these jobs are expected to grow at roughly the same rate as the rest of the economy.

Question 3

Can I learn about inventory by taking courses on Coursera?

Accepted Answer

Absolutely! There are opportunities to learn about an incredibly wide range of business topics on Coursera, including courses as well as Specializations spanning multiple courses that are focused on supply chain management and inventory. You can learn from top-ranked schools like Rutgers the State University of New Jersey, University of Illinois at Urbana-Champaign, and Georgia Institute of Technology, or build skills in inventory tracking by completing step-by-step tutorials with experienced instructors as part of Coursera’s Guided Projects. Regardless of what choice best fits your needs, Coursera lets you learn remotely on a flexible schedule, making the logistics of fitting this job-ready education into your existing work or school life easy.

Question 4

What skills or experience do I need to already have, before starting to learn inventory?

Accepted Answer

You should have fairly strong reading and math skills before starting to learn inventory. Spreadsheet and accounting skills can also be helpful when learning inventory principles, though you can learn these topics in coordination with inventory courses. Some other qualities that can be helpful for you when learning inventory include curiosity about interconnected aspects of the global economy, such as financial matters, the flow of information, and how products and raw materials move and are used. It can also help if you have experience with tools used for inventory taking, such as a handheld calculator.

Question 5

What are common career paths for someone in inventory?

Accepted Answer

Logistics planning and purchasing are typically two of the common career paths for people in inventory. Inventory professionals can also be found working in retail settings and in manufacturing. These retail and manufacturing inventory positions are typically required to ensure the goods needed to maintain operations are available. Supply chain management and supply chain analysis are two other jobs that can require inventory knowledge. People in management positions in some service industries, such as hotel and restaurant management, can be expected to have a solid understanding of inventory techniques so products will be available to serve customer needs.

Question 6

What topics can I study that are related to inventory?

Accepted Answer

Some topics you can study that are related to inventory include logistics, data analysis, and sales and operations planning. Spreadsheets and accounting are also topics that are related to inventory processes. Business intelligence, regression analysis, and data visualization are some other related topics to consider if you plan to use your inventory skills to enter the supply chain management field. Six sigma and lean manufacturing are inventory-based topics to consider if you’re going into manufacturing management or consulting.

Question 7

What types of places hire people with a background in inventory?

Accepted Answer

Some types of places that typically hire people who have inventory backgrounds include manufacturing facilities that need to manage the movement of raw materials and finished products. Retail facilities typically hire people with inventory skills for jobs like purchasing, inventory management, and for performing seasonal inventory tasks. Medical facilities typically hire people to manage inventory levels on the goods that are needed to serve patients. Service industries are some other places that typically hire inventory specialists to ensure everything is available to serve customers. Warehouses may hire people with inventory skills to organize and allocate storage areas for resources as well as to keep track of available inventory.

Question 8

What are the benefits of taking an online Inventory course?

Accepted Answer

Online Inventory courses offer a convenient and flexible way to enhance your knowledge or learn new Inventory skills. Choose from a wide range of Inventory courses offered by top universities and industry leaders tailored to various skill levels.

Question 9

What Inventory courses are best for training and upskilling employees or the workforce?

Accepted Answer

When looking to enhance your workforce's skills in Inventory, it's crucial to select a course that aligns with their current abilities and learning objectives. Our Skills Dashboard is an invaluable tool for identifying skill gaps and choosing the most appropriate course for effective upskilling. For a comprehensive understanding of how our courses can benefit your employees, explore the enterprise solutions we offer. Discover more about our tailored programs at Coursera for Business here.

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Frequently Asked Questions about Inventory

What is inventory, and why is it important to learn about?‎

What kinds of careers can I pursue with a background in inventory?‎

Can I learn about inventory by taking courses on Coursera?‎

What skills or experience do I need to already have, before starting to learn inventory?‎

What are common career paths for someone in inventory?‎

What topics can I study that are related to inventory?‎

What types of places hire people with a background in inventory?‎

What are the benefits of taking an online Inventory course?‎

What Inventory courses are best for training and upskilling employees or the workforce?‎

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