Senior Manager-Inventory Planning

3 weeks ago

India Bengaluru Bangalore Homelane Full time
Job DescriptionThe job description for an Inventory Planning Manager typically includes a range of responsibilities related to managing and optimizing inventory levels for a company. This role is crucial for ensuring that a business has the right amount of stock on hand to meet customer demand while minimizing carrying costs and maximizing profitability. Here's a sample job description for an Inventory Planning Manager:Job Title: Inventory Planning ManagerJob Overview:The Inventory Planning Manager plays a vital role in the efficient management of inventory to support business operations, maintain customer satisfaction, and optimize costs. This role involves forecasting demand, planning for procurement, and monitoring inventory levels to ensure a well-balanced supply chain.Key Responsibilities:
  1. Demand Forecasting: Develop and maintain demand forecasts by analyzing historical sales data, market trends, and other relevant factors. Collaborate with sales, marketing, and other teams to gather input for forecasting accuracy.
  2. Inventory Optimization: Monitor inventory levels to prevent stockouts and excess stock, balancing the cost of carrying inventory with the need to meet customer demand.
  3. Procurement Planning: Coordinate procurement activities, working closely with suppliers to ensure timely deliveries and cost-efficient purchasing. Negotiate terms and agreements with suppliers to optimize costs.
  4. Inventory Analysis: Regularly analyze inventory performance, turnover rates, and aging stock. Implement strategies to reduce slow-moving or obsolete items.
  5. Reorder Point and Safety Stock: Set optimal reorder points and safety stock levels to prevent stockouts during unexpected demand spikes or supply disruptions.
  6. Inventory Control: Implement and maintain inventory control policies, procedures, and systems to minimize shrinkage, theft, and inaccuracies in stock records.
  7. Collaboration: Collaborate with cross-functional teams, including sales, production, logistics, and finance, to align inventory strategies with overall business objectives.
  8. Performance Metrics: Define and monitor key performance indicators (KPIs) related to inventory management, and continuously improve inventory-related processes.
  9. Technology Utilization: Leverage inventory management software and tools to streamline processes and enhance accuracy in planning and control.
  10. Budget Management: Develop and manage budgets related to inventory management, including cost control and optimization.
Qualifications:
  • Bachelor's degree in supply chain management, logistics, business, or a related field. A master's degree is a plus.
  • Proven experience in inventory planning and management, preferably in a managerial or supervisory role.
  • Strong analytical and data-driven decision-making skills.
  • Excellent knowledge of inventory control methods and best practices.
  • Proficiency in using inventory management software and advanced MS Excel skills.
  • Strong communication and negotiation skills.
  • Ability to work collaboratively in a team and lead cross-functional efforts.
  • Knowledge of supply chain and logistics principles.
  • Strong organizational and time-management skills.
Job RequirementPreferred Qualifications:
  • Professional certifications in supply chain management or inventory management (e.g., APICS CPIM, CSCP).
  • Experience with demand forecasting software.
  • Familiarity with industry-specific challenges and regulations (e.g., FDA regulations for pharmaceuticals).
  • Knowledge of lean or Six Sigma methodologies for process improvement.

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