Main Responsibilities and Required Skills for Inventory Analyst

An Inventory Analyst is responsible for developing and documenting inventory processes and policies. They maintain inventory integrity and ensure accuracy in supply chain processes. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Inventory Analysts.

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Main Responsibilities of Inventory Analyst

The following list describes the typical responsibilities of an Inventory Analyst:

Analyze

Analyze and extract data from system, manipulate them to build complex reports.
Analyze and process inventory obsolescence.
Analyze inventory levels on categories.

Answer

Answer any inventory-related questions our team has based off multiple different scenarios.

Apply

Apply qualitative or quantitative analytical techniques to analyze inventory data.
Apply timely supplier and regulatory updates to ensure a smooth customer purchasing experience.

Assist in

Assist and monitor domestic shipments.
Assist finance in monthly tax and drawback account reconciliations.
Assist in coordination of inventory counts.
Assist in creating and maintaining policies and procedures for inventory management.
Assist in the monthly unproductive inventory review process.
Assist in the review and documentation of the inventory processes and policies.
Assist space planning team to effectively merchandise stores.
Assist the controller with special projects.
Assist the field in the recovery of value for missed billings of implanted IOL's.
Assist with finished good outsourcing with 3rd party vendors.
Assist with inventory management and creating schedule for all shipments per forecast.
Assist with other projects as needed.
Assist with root cause analysis on inventory inaccuracies to determine reasons for variances.
Assist with service cycle count tasks as required.

Audit

Audit electronic and manual warehouse transactional activities.

Build

Build productive internal / external working relationships.

Check

Check, verify and reconcile by site, all transaction journals, items sales.

Communicate

Communicate and gain buy-in of stakeholders.
Communicate daily with field site managers.
Communicate effectively and clearly with affected users in the event of problems.
Communicate performance and pacing updates as required.
Communicate supply chain updates to team of product managers.

Complete

Complete 3-way inventory matching for import / inventory systems.

Conduct

Conduct brewery physical inventory counts.

Create

Create and document standardized processes to streamline business decisions.
Create and maintain SOP's of existing Supply Chain processes and recommend improvements.
Create / implement standard and customized tools and reports.
Create, organize, update and maintain ISO requests between regional DC's.

Determine

Determine appropriate measures for warehouse performance and report as required.

Develop

Develop and automate tools and processes that support compliance with our purchasing policy.
Develop and document inventory processes and policies.
Develop and execute strategies as necessary for various events.
Develop and facilitate EOM & EOQ prioritization process (Regional level).
Develop and maintains standard operating procedures and end user documentation.
Develop and oversee the automation of the procurement and inventory management processes.
Develop automated reporting capability that provide real time performance visibility.
Develop, deploy and document the reporting of inventory and non-inventory items.
Develop material rationalization, standardization and substitution strategies.
Develop processes and tools to improve inventory controls, accuracy and accountability.
Develop root cause and corrective actions for inventory that trends in the wrong direction.

Drive

Drive continuous improvement in processes that protect K-C's assets while outside of K-C control.
Drive overall supply chain management for all marketplace brands.
Drive root cause analysis with warehouse teams when performance is below target.

Embrace

Embrace LEAN and demonstrate our culture of continuous process innovation and improvement.

Ensure

Ensure accuracy and completeness of inventory records.
Ensure balanced flow of materials throughout the parts supply chain.
Ensure distribution and communicating results.
Ensure adequate inventory levels by implementing supply chain management best practices.
Ensure that lost demand is correctly accounted for in the demand history.

Enter

Enter and maintain vendor, regulatory and item attributes in inventory databases.
Enter inventory movement and scrap transactions into ERP system.

Establish

Establish, monitor and improve key performance metrics.

Evaluate

Evaluate and generate purchase orders daily to our suppliers to assure service levels are maintained.

Execute

Execute the process to transition items between stock and non-stock positions.

Exercise

Exercise judgment within defined procedures and practices to determine appropriate action.

Extract

Extract and analyze large volumes of data and create reporting on inventory results.

Focus on

Focus on patient and customer, generates breakthrough ideas, initiates and leads change.

Follow

Follow month end requirements for PDI and JDE close.

Follow up

Follow up on products location in the warehouse and explain the causes of discrepancies.

Gather

Gather actionable insights from resale inventory and pricing trends across marketplaces.

Generate

Generate all systems recommendations for stock level changes for the network.
Generate and distribute business reports for the Amazon team.
Generate and maintain monthly reports on inventory levels.
Generate monthly Vendor Discrepancy report.

Help

Help plan out inbound shipments with our suppliers to ensure efficient supply chain movement.

Highlight

Highlight and report on revenue drops with an understanding of causation.

Identify

Identify, develop and implement process improvements to achieve efficiencies.
Identify and negotiate savings on various office and plant supplies.
Identify and resolve inventory discrepancies within SAP and the 3PL website.

Implement

Implement data quality controls in a continuously evolving product portfolio.
Implement inventory process controls including service, turn rates & expiration management.
Implement supplier consolidation plans consistent with Procurement category playbooks.

Incorporate

Incorporate insights from Inventory Health Framework into off-price forecasts and storytelling.

Interact with

Interact with other department to provide field inventory related analysis and supports.

Investigate

Investigate, document and resolve inventory discrepancies between physical and system inventory.
Investigate factory performance for the actuals posted in accounting cube.
Investigate, resolve and prevent inventory discrepancies by reviewing transactions.
Investigate selling trends and estimates inventory turns.
Investigate the Usage variances and provide insight and verify its accuracy.

Keep

Keep current all values for Economic Order Quantities and Inbound Multiples.
Keep up to date with best practices for Amazon sellers.

Know

Know and work to the KPI's that are assigned to inventory.

Lead

Lead audits of production and shipping records and reports filings by TTB as required.
Lead partnerships with global business partners to ensure Company.
Lead the price setting process and ensure compliance.

Maintain

Maintain accurate Foot Prints and report any adjustments.
Maintain and supply relevant KPI and other reporting data.
Maintain and update a critical parts list.
Maintain exports documentation and follow-up and ensure exports have acceptable proof of export.
Maintain inventory accuracy of third party warehouses.
Maintain inventory integrity and ensure accuracy in all related supply chain processes.
Maintain Marketplace inventory levels.
Maintain parts order forecasts for supplier procurement / production.

Manage

Manage administrative processes timely to assure they support the activities above.
Manage inventory adjustments and transfers.
Manage inventory through databases and confirm stock at hand in our ERP system vs actual physical.
Manage monthly consensus forecast process at the SKU level in the SO99 demand planning module.
Manage relevant daily reconciliation and reporting tasks.
Manage the manual allocation process for day-to-day execution and scheduling of orders.
Manage TLC activities for EM new team members and EM end users.
Manage transition SKUs to appropriate levels to minimize risk and maximize in stock levels.

Monitor

Monitor all inventory adjustments being made in all facilities for accurate inventory.
Monitor scrap and substitution process for accuracy.
Monitor the service desk tickets pertaining to back office data polling issues.
Monitor urgent requests and make sure these orders go out promptly.

Operate

Operate with minimal supervision on projects with significant interface across functions and groups.

Optimize

Optimize replenishment parameters that deliver SKU in-stock and inventory turn targets.
Optimize the tools used for item management.

Own

Own and report on Future's performance vs the industry using a variety of tools and sources.
Own, escalate and resolve issues quickly.
Own inventory availability for connected fitness products, accessories and spare parts.

Participate

Participate in monthly supply planning team meetings.

Perform

Perform complex data analytics in support of business activities.
Perform Goods Receipt and Invoice Receiving functions to ensure timely payment of vendors.
Perform Monthly Cycle counts.
Perform other accounting and administrative duties as may be requested.
Perform other warehouse associate duties when required.
Perform quarterly costs rolls of raw materials in the Macola ERP system.
Perform raw material and finished goods cycle counts.
Perform required inventory verification.
Perform root cause analysis and develop corrective action plans.
Perform SKU level inventory and sales analysis.
Perform stock extensions and deletions in support of client requests.
Perform system maintenance and maintain master data within planning areas and processes as needed.
Perform User Acceptance testing for technology developments related to inventory data and systems.

Plan

Plan and implement supply chain optimization projects (e.g. warehouse-slotting, route planning).
Plan storage space requirements and manage locations to maximize efficiency.

Post

Post shipments, receipts, and adjustments in SAP.

Prepare

Prepare adjustments, and reconciliations as required.
Prepare list of obsolete stock and liaison with sales team for recommendations on disposition.
Prepare reports, such as non-moving inventory, inventory valuation, expired stock, and expired stock.
Prepare the Standard labour journal entry and review with Finance Operations Analyst.
Prepare weekly and monthly Inventory Management reports and publish to the team in a timely manner.

Procure

Procure various items for the plant and process SAP requisitions as required.

Produce

Produce end-of-month reports on inventory turnover and suggest improvements.
Produce monthly reports of the completed audits to satisfy KPI reporting.
Produce weekly / monthly / quarterly reports for a number of internal and external stakeholders.

Propose

Propose and evaluate of any business request of inventory management change.

Provide

Provide analytic support to procurement and logistics department.
Provide an External Manufacturing perspective in creating efficient, effective solutions.
Provide monthly and weekly reporting to senior management regarding status of aged customer accounts.
Provide Product costing for review with Finance Operations Analyst.
Provide project coordination support.
Provide reporting for inventory as required.
Provide support, direction and mentorship to the Operations Analyst role.
Provide support to logistics and procurement functions.

Receive

Receive containers and purchase orders in ERP System.

Reconcile

Reconcile Parkland Owned Cigarette sales, process Audits, and chargeback Shrinkage when needed.
Reconcile physical count of stock to the system stock.
Reconcile WIP inventory to on hand balances and match ERP system to ensure accuracy.

Report

Report generation and special projects as assigned.
Report on Key Performance Indicators for cost & service.

Research

Research and resolve complex inventory discrepancies.
Research transfers to and from various sites and storage locations.

Resolve

Resolve EDI errors and identify EDI gaps.
Resolve inventory issues / discrepancies, problem orders and intercompany issues.
Resolve technical problems identified by users within a suitable time frame.

Respond to

Respond to customer inventory related inquiries and resolve in a timely manner.

Review

Review all procedures which effect inventory update for accuracy.
Review and analyse planning data to prepare reports for management review.
Review and revise the inventory parameters regularly to reflect the current business needs.
Review and verify supply chain data accuracy.
Review current documentation and providing updates.
Review inventory accuracy reporting and completes data cleanup tasks.
Review inventory movement.
Review item maintenance accuracy with 3PLs, ensuring data integrity.
Review weekly PO to ensure Factory is within budget.

Run

Run and reconcile inventory for Multiple companies.

Screen

Screen and manage demand records and manage item deployment processes.

Support

Support commercial teams with ad-hoc reporting and analysis on campaign performance.
Support forecasting and budgeting processes.
Support Supply Chain efforts to right-size inventory and eliminate inactive inventory.

Track

Track and report on top critical parts for assigned analyst codes with dealer backorders.
Track Damaged & Destroyed records and accrue month end journal entry.
Track record of structuring and analysing complex problems.

Understand

Understand marketplace health and impact to Company Owned inventory.

Upload

Upload inventory on incoming shipments and outgoing transfers in ERP.

Use

Use data and analytics to tell the story to relevant business leaders.

Utilize

Utilize data governance expertise to enhance quality controls in CRM and ERP systems.

Validate

Validate usage variances and make corrections via ERP system, if any.

Work with

Work across multiple platforms (i.e. NetSuite, Google Sheets, Future WMS).
Work with corporate purchasing and vendors to set up and manage blanket POs.
Work with multiple departments to ensure raw materials are available for production.
Work with organizational leaders to prepare and monitor performance against operational objectives.
Work with purchasing to provide support, data and information to grow the VMI program.
Work with the Operations team to prevent future discrepancies.
Work with various teams to problem solve and create solutions to better manage and move inventory.
Work with vendors and corporate payables team to resolve invoice exceptions.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Inventory Analyst:

Most In-demand Soft Skills

The following list describes the most required soft skills of an Inventory Analyst:

Written and oral communication skills
Analytical ability
Organizational capacity
Attention to detail
Problem-solving attitude
Interpersonal skills
Time-management
Work independently with little direction
Multi-task
Self-motivated
Team player
Ability to manage multiple tasks
Adaptable to changes
Analyze clearly and efficiently
Critical thinker
Decision-making skills
Presentation
Detail-oriented
Positive attitude
Self-starter