Key Responsibilities:

• Develop and implement inventory management strategies to maintain optimal inventory levels based on demand forecasts and sales trends.
• Coordinate with purchasing and logistics teams to ensure timely replenishment of inventory while minimizing excess stock and stockouts.
• Monitor inventory turnover rates, obsolete stock, and slow-moving items, and take proactive measures to mitigate risks.
• Establish and enforce inventory control procedures, including regular cycle counts, physical inventory checks, and reconciliation of discrepancies.
• Utilize inventory management software and systems to maintain accurate inventory records and track stock movements.
• Investigate root causes of inventory discrepancies and implement corrective actions to prevent recurrence.
• Analyze inventory costs, including carrying costs, storage costs, and inventory shrinkage, and implement cost-saving initiatives.
• Optimize warehouse layout and storage methods to maximize space utilization and improve efficiency in picking, packing, and shipping processes.
• Collaborate with finance and accounting teams to ensure accurate valuation of inventory and compliance with financial reporting standards.
• Identify opportunities for process improvement within the inventory management function and implement best practices to streamline operations.
• Evaluate and recommend inventory management technologies, tools, and systems to enhance efficiency and accuracy.
• Train and develop inventory control staff on proper inventory handling procedures and use of inventory management software.
• Work closely with sales, operations, and customer service teams to forecast inventory needs and ensure fulfillment of customer orders.
• Communicate effectively with suppliers and vendors to manage lead times, resolve delivery issues, and maintain positive relationships.
• Collaborate with IT teams to troubleshoot inventory management system issues and implement system upgrades or enhancements.
• Prepare regular reports and key performance indicators (KPIs) on inventory metrics, such as inventory turnover, stock accuracy, and fill rates.
• Analyze inventory data to identify trends, opportunities for improvement, and potential risks, and present findings to senior management.
• Provide insights and recommendations for inventory-related decision-making to optimize inventory levels and support business goals.