Inventory Control Manager
Job Description
The Inventory Control Manager oversees and manages all aspects of inventory control within an organization. This role involves developing and implementing inventory management strategies, ensuring accurate inventory records, optimizing inventory levels, and improving overall inventory efficiency. In addition, the Inventory Control Manager collaborates with cross-functional teams, including procurement, warehouse, and finance, to maintain optimal inventory levels, minimize costs, and meet customer demands.
Duties and Responsibilities
- Develop and implement inventory management strategies and policies to ensure optimal inventory levels and minimize carrying costs.
- Analyze historical data, sales forecasts, and market trends to determine inventory needs and stocking strategies.
- Set inventory targets and implement appropriate replenishment methods (e.g., just-in-time, economic order quantity).
- Monitor and adjust inventory parameters, such as safety stock levels, reorder points, and lead times, to meet customer demands while minimizing excess stock.
- Establish and enforce inventory control procedures and processes to ensure accurate inventory records.
- Conduct regular inventory counts and reconcile discrepancies between physical stock and system records.
- Implement cycle counting and periodic audits to ensure ongoing inventory accuracy.
- Investigate and resolve inventory discrepancies, identifying root causes and implementing corrective action.
- Collaborate with sales, marketing, and operations teams to develop accurate demand forecasts.
- Analyze sales data, historical trends, and market insights to improve demand planning accuracy.
- Coordinate with procurement and suppliers to ensure the timely availability of materials and products based on demand forecasts.
- Continuously monitor and evaluate demand patterns and adjust inventory plans accordingly.
- Prepare regular inventory reports and key performance indicators (KPIs) for management review.
- Analyze inventory data, such as turnover rates, stock-out rates, and carrying costs, to identify trends, opportunities, and areas for improvement.
- Provide insights and recommendations based on inventory analysis to optimize inventory levels and improve inventory-related processes.
- Collaborate with finance and accounting teams to ensure accurate valuation of inventory and cost of goods sold.
- Collaborate with procurement teams to establish and maintain effective relationships with suppliers and vendors.
- Monitor supplier performance, including delivery times, product quality, and pricing.
- Conduct regular supplier evaluations and negotiate favorable terms, discounts, and contracts.
- Work closely with suppliers to manage stock availability, lead times, and inventory-related issues.
- Identify opportunities for process improvement within the inventory control function.
- Implement continuous improvement initiatives to enhance inventory accuracy, efficiency, and cost-effectiveness.
- Collaborate with cross-functional teams to streamline inventory-related processes, such as receiving, storage, and order fulfillment.
- Implement inventory control software and systems to automate and streamline inventory management processes.
- Provide leadership and guidance to the inventory control team, including training, coaching, and performance management.
- Foster a culture of teamwork, collaboration, and continuous improvement.
- Promote a strong focus on accuracy, attention to detail, and adherence to inventory control procedures.
- Develop and implement training programs to enhance the team’s knowledge and skills.
Qualifications
- Bachelor’s degree in Business Administration, Supply Chain Management, Logistics, or a related field. Relevant work experience may be accepted in lieu of a degree.
- Proven experience (typically 5+ years) in inventory control or supply chain management roles.
- Strong knowledge of inventory management principles, practices, and methodologies.
- Familiarity with inventory management software and systems.
- Strong analytical and problem-solving skills.
- Excellent organizational and time management abilities.
- Detail-oriented with a focus on accuracy and attention to detail.
- Excellent communication and interpersonal skills.
- Ability to collaborate effectively with cross-functional teams.
- Leadership and team management capabilities.
- Exempt Status
- Exempt