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Job Summary:
The Inventory Manager is responsible for overseeing the efficient management of inventory across all operations. This includes monitoring stock levels, organizing inventory storage, conducting regular audits, and ensuring timely replenishment of supplies. The role also involves developing inventory control systems and processes to maintain accuracy and streamline operations. The Inventory Manager will work closely with the procurement and logistics teams to ensure optimal inventory performance while minimizing costs and preventing stockouts or excess inventory.
Key Responsibilities:
Inventory Planning and Control:
- Develop and implement inventory management strategies, policies, and procedures.
- Monitor and manage stock levels to ensure availability without overstocking.
- Forecast demand for products to maintain optimal inventory levels.
- Perform regular stock audits to ensure inventory accuracy.
Inventory System Management:
- Maintain and update the inventory management system to reflect accurate stock levels.
- Implement software and technological solutions for tracking inventory.
- Ensure that all inventory records are well-organized and up-to-date.
Stock Replenishment:
- Coordinate with suppliers and vendors to replenish stock in a timely manner.
- Ensure orders are placed and received according to schedule.
- Manage lead times, reordering points, and safety stock levels.
Warehouse and Storage Optimization:
- Organize and maintain the warehouse to ensure efficient space utilization.
- Ensure products are stored according to company standards and health/safety regulations.
- Implement best practices in inventory storage and handling.
Team Leadership and Coordination:
- Lead and supervise the inventory team, including warehouse staff.
- Provide training and guidance on inventory management best practices.
- Collaborate with the procurement, logistics, and sales teams to ensure smooth operations.
Reporting and Analysis:
- Generate regular inventory reports and provide analysis on stock levels, discrepancies, and trends.
- Monitor inventory turnover rates and identify opportunities for cost reduction.
- Prepare and present inventory performance reports to management.
Compliance and Risk Management:
- Ensure compliance with company policies, safety regulations, and legal requirements.
- Identify and mitigate risks related to inventory management, including loss, theft, and damage.
Qualifications and Skills:
- Education: Bachelor’s degree in supply chain management, logistics, business administration, or a related field.
- Experience: Minimum of 3 years of experience in inventory management or a similar role.
- Strong understanding of inventory management systems (e.g., ERP systems, barcode systems).
- Excellent organizational, problem-solving, and analytical skills.
- Proficiency in using Microsoft Office Suite (Excel, Word, etc.).
- Strong leadership and communication skills.
- Knowledge of supply chain processes and warehousing best practices.
Preferred Qualifications:
- Certification in inventory management (e.g., CPIM, CSCP) is a plus.
- Experience in managing inventory in a [specific industry if applicable].
- Familiarity with lean manufacturing or just-in-time inventory systems.
