Inventory Executive
4 weeks ago
The job description of an Inventory Executive includes various responsibilities related to managing and optimizing inventory levels within a company.
- **Inventory Management**: The primary responsibility is to oversee the company's inventory levels, ensuring that they are maintained at optimal levels to meet customer demand while minimizing carrying costs. This involves monitoring stock levels, replenishing inventory as needed, and conducting regular inventory audits to reconcile discrepancies.
- **Forecasting and Planning**: Collaborating with other departments, particularly sales and procurement, to forecast demand for products and materials. Based on these forecasts, develop inventory plans and strategies to ensure adequate stock availability while minimizing excess inventory and stockouts.
- **Supplier Management**: Liaising with suppliers to ensure timely delivery of materials and products, as well as negotiating favorable terms and pricing agreements. Building and maintaining strong relationships with suppliers to optimize inventory replenishment processes.
- **Inventory Analysis**: Utilizing inventory management software and tools to analyze inventory data, identify trends, and forecast future inventory needs. Generating reports and metrics to assess inventory performance, such as turnover rates, carrying costs, and stockout rates, and making data-driven recommendations for improvement.
- **Inventory Optimization**: Implementing strategies to optimize inventory turnover, reduce carrying costs, and minimize obsolete or excess inventory. This may involve implementing just-in-time (JIT) inventory systems, safety stock policies, or implementing lean inventory management practices.
- **Quality Control**: Ensuring that inventory accuracy and integrity are maintained through regular cycle counts, stock reconciliations, and quality inspections. Investigating and resolving inventory discrepancies and implementing corrective actions to prevent recurrence.
- **Process Improvement**: Continuously seeking opportunities to streamline inventory management processes and improve efficiency. Identifying bottlenecks, implementing automation where possible, and collaborating with cross-functional teams to implement process improvements.
- **Compliance and Documentation**: Ensuring compliance with relevant regulations and standards governing inventory management, such as FIFO (First In, First Out) and LIFO (Last In, First Out) accounting methods. Maintaining accurate records and documentation related to inventory transactions, including receipts, shipments, and adjustments.
- **Team Leadership (if applicable)**: If overseeing a team, providing leadership, guidance, and support to inventory staff. Assigning tasks, setting objectives, and conducting performance evaluations to ensure team effectiveness and development.
Overall, the role of an Inventory Executive is critical in ensuring that a company's inventory operations are efficient, cost-effective, and aligned with business goals and customer needs.
Pay: ₹13,500.00 - ₹23,000.00 per month
**Benefits**:
- Provident Fund
Schedule:
- Day shift
Supplemental pay types:
- Yearly bonus
Work Location: In person
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