Inventory Optimization Expert

Job Title: Inventory Optimization Specialist

Description:

We are seeking a highly skilled and experienced Inventory Optimization Specialist to join our team. As an Inventory Optimization Specialist, you will be responsible for providing financial partnership and support to the Integrated Planning Business function in the area of slow-moving inventory, purchase requisition evaluations, disposals, identifying high-risk inventory, and driving governance to minimize inventory write-offs and optimize overall inventory.

Key Responsibilities:

• Monitor slow-moving / near expiry RMPM inventory in India and ensure liquidation plans are in place to minimize inventory write-off.
• Coordinate with planning cluster and align slow-moving inventory targets for the year.
• Prepare and circulate slow-moving MIS covering cluster-wise actual slow-moving vs target / LE comparison.
• Participate in periodic inventory performance reviews with respective clusters and ensure reasons for slow-moving liquidation plans and timelines are available and updated in SAP.
• Prepare monthly slow-moving projections for 6 months and ensure liquidation plans are available and updated in SAP. Inventory without liquidation plans is highlighted as risk inventory and discussed in respective forums to minimize inventory write-off risks.
• Monitor slow-moving / near expiry FG inventory in India for export markets and ensure liquidation plans are in place to minimize inventory write-off.
• Prepare and circulate monthly MIS on slow-moving / near expiry inventory.
• Discuss risk inventory with business teams to ensure liquidation plans are available to minimize inventory write-off risks.
• Evaluate inventory provisions where liquidation plans are not available, align with business teams, and communicate to costing teams on a monthly basis for inventory provision.
• Prepare and circulate various MIS, support MOR review, and ad-hoc analysis as required.
• Prepare and circulate monthly slow-moving MIS, export FG near expiry, consumption v/s receipts.
• Prepare presentations on slow-moving RMPM inventory, export FG inventory, COVID portfolio, high-value inventory coverage analysis for monthly operational reviews (MOR) with global supply chain heads.
• Drive governance through dashboards as far as possible to reduce man-hours.
• Validate disposal proposals, monitor disposal progress, and outstanding receivables.
• Evaluate all disposal proposals and liaise with procurement to get better rates and generate revenue while minimizing CoPE.
• Prepare and circulate weekly MIS on pending disposal status and drive governance meetings with planning and procurement for early disposal actions.
• Review outstanding receivables due to disposal sales and follow up with stakeholders for timely collection/accounts clearing.
• Evaluate high-value purchase requisitions and assist team leads in releasing PRs in SAP.
• Evaluate purchase requisitions based on business demands, stock-in-hand, and open purchase orders.
• Validate data sources of purchase requisitions raised for strategic buys/supply disruptions, etc.
• Continuously evaluate existing processes, propose process simplifications, and automation, and drive their implementation.
• Evaluate existing processes, propose simplification/automation initiatives, and align with respective stakeholders for implementation.
• Coordinate with IT teams on automation designs and ensure proper financial controls are in place.
• Act as finance partners for various IT and SCM automation projects (slow-moving, FG, etc).
• Monitor India RMPM COPE and discussions across CFT for reductions.
• Participate in and have regular discussions with CFT for reductions of India RMPM COPE.
• Prepare and analyze COPE to ensure reductions in cost control.
• Monitor export freight and preparation of MIS.
• Discussions with CFT to check air-sea mixes and have regular discussions with planners to track export freight and ensure reductions in overall air freight costs.
• Prepare necessary MIS to track and monitor export freight.

Challenges:

• Dealing with multiple stakeholders of Supply Chain functions across Cipla.
• Overcome by conducting regular meetings, monitoring action plans, and following up with timely reports and regular follow-ups/in-person meetings.
• High volume disposal transactions and ensuring physical dispatch before quotations/inventory expirations.
• Overcome by prioritizing high-value items, sending regular updates, and continuous follow-ups.

Interactions:

• Cluster heads, unit planners, unit stores.
• Business units, procurement & planning teams for inventory optimization.
• SAP, IT teams (need-based) for IT development of SCM and simplification projects.
• SCC team members.
• External consultants (addressing need-based data-related/SAP-related queries).
• Statutory auditors.

Dimensions:

• Monitor slow-moving RMPM inventory worth INR 300 Cr across India.
• FG inventory for export BU worth Cr.
• Processing disposal transactions amounting to 43-50 Cr.
• Approval of PRs > 1 Cr PR.
• Controlling RMPM inventory lying at 150 locations.
• Controlling India RMPM COPE (Cost of Poor Execution/Inventory wastage).
• Monitor air-sea mixes and keep close checks on export freight costs.

Qualifications:

• CA/ICWA/MBA qualifications.

Experience:

• 0-3 years of experience in finance preferably operations/SCM/business finance and computer proficiency in Excel, statistical analysis software, and PowerPoint.