Main Responsibilities and Required Skills for Inventory Planner
An Inventory Manager is a professional responsible for overseeing and managing the inventory levels of a company's products, materials, and supplies. They ensure that there is sufficient stock to meet customer demand while minimizing excess inventory and waste. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Inventory Managers.
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Main Responsibilities of Inventory Manager
The following list describes the typical responsibilities of an Inventory Manager:
Analyze
Analyze and track information on supplier performance in accordance with IATF requirements.
Analyze business reports and make suggestions to the team based on trends.
Analyze daily product and supply levels to anticipate inventory problems and shortages.
Analyze invoices to ensure accuracy of goods delivered.
Anticipate
Anticipate and react to emergency product shortages with vendors and Distribution Centres.
Arrange
Arrange the destruction of unusable packaging components in other warehouses.
Assign
Assign orders to areas for picking in the system.
Assign work to production personnel to support the production schedule and priorities.
Assist with
Assist Accounts Payable with any vendor holds, etc..
Assist new car manager with miscellaneous administrative tasks as needed.
Assist the operations team with ad-hoc tasks as required.
Assist with determining which aged units are to be disposed of and non-retail units.
Assist with new program development and implementation from inventory management.
Assist with operational issues, customer research, transportation and minor facilities issues.
Audit
Audit process and try to spot the inconsistencies that affect the accuracy of the inventories.
Clean
Clean driveway and sidewalks.
Coach
Coach team members on performance by delivering feedback and training on best practices.
Collaborate with
Collaborate with the Central Fill network to ensure best practices are copied exact between sites.
Collaborate with warehouse employees and other staff to ensure business goals are met.
Collect
Collect / analyze data to provide feedback both quantitative and qualitative to Management.
Collect samples of the newly received items to be submitted to QC / QA.
Communicate
Communicate to supervisor and other technicians and document all technical information and issues.
Communicate with salespersons for packages and options on off-make vehicles.
Complete
Complete assigned / required reports.
Conduct
Conduct qualitative and quantitative analysis as directed by the Director of Pharmacy Operations.
Confirm
Confirm Work Order for newly arrived inventory.
Contribute to
Contribute to closing high value wealth business including attending specific prospect meetings.
Contribute to team effort by accomplishing required special tasks as needed.
Contribute to the creation of projects related to inventory and execute them.
Coordinate
Coordinate inventory physical counts.
Coordinate key implementations for new and expanded existing offerings.
Coordinate transfers efficiently and accurately.
Coordinate weekly / Monthly pharmacy inventories.
Coordinate with the inventory associates on incoming shipments and physical inventory management.
Create
Create a 5S + Safety culture within the Raw Materials and Cleanroom warehouses.
Create a cross training matrix / program and promote cross training within team.
Create and implement loss prevention procedures.
Create and maintain a "nice place to work”, where people are proud to be.
Create processes and procedures as needed.
Create purchase orders and tally these with supply requests and orders.
Designate
Designate and enforce the applicable guidelines to the special areas within the Warehouse.
Develop
Develop and maintain inventory control systems that meet ongoing and future facility needs.
Develop business relationships with feeder factories and internal customers.
Develop daily, weekly and monthly reports to provide information on inventory performance.
Develop periodic inventory reporting and disseminate to management and sales / customer service.
Develop processes and tools to improve inventory controls, accuracy and accountability.
Ensure
Ensure all data management pertaining to forecasts, product and vendor attributes are maintained.
Ensure changes (substitutions) are processed correctly.
Ensure cleanliness of work area.
Ensure inventory compliance and applicable regulatory controls in alignment with established.
Ensure proper short slab stock target 25% or more of total inventory.
Ensure the distribution and communication of results.
Ensure the eCommerce Logistics team is properly organized, staffed, skilled, and directed.
Escalate
Escalate open issues as needed.
Establish
Establish and enforce inbound shipment receiving process at all DCs & third-party vendor warehouses.
Establish daily MPS audits and document them.
Establish plans to meet corporate goals around material obsolescence.
Evaluate
Evaluate suppliers to achieve cost-effective deals and maintain trust relationships.
Examine
Examine the levels of supplies and raw material to determine shortages.
Excess
Excess Inventory Management.
Execute
Execute the supplier quality framework.
Facilitate
Facilitate all orders for supplies daily as needed.
Facilitate contractor approval as needed.
Facilitate cross-functional meetings to resolve issues.
Follow
Follow all Occupational Safety and Health Policies and Procedures.
Follow safety protocol and warehouse procedures.
Forecast
Forecast future needs as new cases trend higher or lower in certain areas.
Foster
Foster a culture of accountability and clear communication of expectations.
Generate
Generate regular reporting on all stock lines held / commitment / demand and costs.
Identify
Identify product overstocks to Category Managers and jointly develops plans to eliminate.
Identify and document best practices.
Identify and solve stock flow exceptions and other problems.
Identify / implement process improvements.
Identify required supplies, tools and equipment for operations.
Initiate
Initiate reorder process for all inventory items as needed for reorders.
Innovate
Innovate the procurement process and compare vendors' products and pricing, on a regular basis.
Inspect
Inspect the levels of products to identify shortages.
Investigate
Investigate and drive resolution to root causes of any discrepancies.
Keep
Keep up to date with best practices.
Lead
Lead a team of stock controllers within a multi shift environment.
Lead, coach, train and supervise a team of front line supervisors.
Liaise with
Liaise with Procurement team, mainly in matters of invoice discrepancy investigation.
Liaise with suppliers and project managers regarding updates and details of goods.
Liaise with the factory concerning components' shortages, location of components.
Maintain
Maintain accurate inventory log of samples and supplies.
Maintain a clean and organized working environment, including scheduled cleaning with documentation.
Maintain adequate supplies for operation during 'off' hours.
Maintain a safe work environment.
Maintain daily reports that are established to measure daily, weekly and monthly KPI's.
Maintain inventories at optimum levels to prevent under-or-over investment in inventory.
Maintain inventory in warehouse.
Maintain proper drug setup to optimize system throughput and efficiency.
Maintain stock in Pharmacy production areas for increased operational efficiencies.
Maintain storage room in an orderly fashion.
Maintain the cleanliness of the Sales showroom floor and displays.
Maintain the Receiving Section of the QC / QA Packaging Component Daily Receiving & Releases.
Make
Make key tags for vehicles.
Make sure all inventory ready dates are correct to ensure an accurate availability.
Manage
Manage all pertinent financial policies, procedures and metrics related to DC inventory.
Manage and develop direct reports maintaining a bench position for this critical position.
Manage a team of inventory receivers and the night count program for all corporate locations.
Manage data to ensure efficiency, good productivity and avoid duplication of efforts, etc..
Manage in-stock service level exceeding contractual obligations.
Manage inventory levels resulting in merchandise always being available and not on back-order.
Manage inventory required to support upcoming PDQs (inventory reserve, build timing, etc.).
Manage master data maintenance, accuracy.
Manage physical and systematic inventory process.
Manage quarantined product and destruction.
Manage receiving of all inbound products.
Manage shipments to optimize operations.
Manage the recruitment and development of the direct reports.
Measure
Measure inventory accuracy, exploring variances and ensuring corrective actions.
Measure, track and share inventory KPIs for products under management.
Mitigate
Mitigate discrepancies in receipts.
Monitor
Monitor distributor performance levels against the agreed upon service level requirements.
Monitor longer term issues to ensure follow-up and regular confirmation of get well dates.
Monitor rep stock levels and aging.
Monitor inventory levels and anticipate or react to shortages and overstocks immediately.
Monitor stock levels adhering to demand and cost targets.
Negotiate
Negotiate price, terms and conditions with the supply base.
Negotiate terms with suppliers such as price, quality of goods, deadlines, expectations, etc..
Negotiate the best price, services and quality from vendors with optimum terms of sale.
Optimize
Optimize warehouse space and costs by managing ordering patterns for frequency and quantities.
Order
Order new supplies to avoid inefficiencies or excessive surplus.
Oversee
Oversee distribution and receiving.
Oversee ordering and inventory turn management of Manufacturing Partners Product.
Own
Own the hiring process to build a high performing team.
Pack
Pack and prepare items for shipping, provide dims and weights.
Perform
Perform and verify inventory counts.
Perform any admin duties as required.
Perform any other reasonable duties as requested by the immediate supervisor.
Perform daily analysis to predict potential inventory problems.
Perform physical inventory as needed.
Perform quarterly calls with critical vendors to review product quality and product forecasting.
Perform random supplier and inventory checks to ensure highest product availability.
Perform related responsibilities as required or directed.
Place
Place orders to replenish stock, avoiding insufficiencies or excessive surplus.
Plan
Plan and manage physical inventories.
Plan, organize, direct, control and evaluate inventory unit's strategic plan and operations.
Prepare
Prepare and Report critical usage data to specific manufacturers as required.
Prepare communications for internal and external use both written and verbal.
Prepare reports of inventory balance, shortages, and other financial data as required.
Process
Process new vendors to add to approved vendor database.
Promote
Promote positive customer relationships.
Propose
Propose strategies to reduce costs and improve procedures of supply chain logistics.
Provide
Provide exceptional customer service to all internal and external customers.
Provide internal build recommendations for Costco.ca items.
Provide results to and receives direction from Senior Inventory Manager and Director.
Provide support in a fast-paced healthcare environment.
Provide support in conducting and / or coordinating 3rd party physical inventories as required.
Receive
Receive shipments, properly placing and categorizing stock received.
Record
Record daily deliveries and shipments to reconcile inventory.
Report
Report any BOPIS locates to the Store Manager, Regional Manager, and Replenishment Team.
Report to supply chain management on stock levels, adjustments and other key metrics.
Report to upper management on stock levels, issues etc..
Research
Research for Off-Make vehicles' available packages.
Review
Review and rotates all inventories on an expiration date basis.
Review department inventory daily.
Review profitability and overstock of products for Management.
Run
Run hardware paperwork to get customers going and out the door.
Scan
Scan items into the inventory management system.
Secure
Secure the physical count of items currently stored in the Containers for the Annual Inventory.
Select
Select, monitor, and evaluate vendors.
Share
Share reports of inventory, orders and shipments with senior stakeholders in the organization.
Source
Source new vendors and products, as needed.
Stay on top of
Stay on top of company policy and adhere to regulatory compliance.
Stock
Stock and organize warehouse shelves ensuring raw materials are in the correct locations.
Supervise
Supervise advertising – new and used.
Support
Support and oversee the green coffee and roasted coffee end of period reporting.
Support mail order, specialty, and Central Fill formulary addition / removal requests.
Support new product launch forecasts and follow through during initial months.
Support of SAP Order-to-Cash implementation.
Support Quality department on reconciliation and error investigations.
Support Quality department with internal audits.
Support the approval and reconciliation process of invoices and services rendered.
Support the CIMS process on how to manage inventory of cards.
Take
Take care of inventory areas by organizing and maintaining efficient material handling and storage.
Team up with
Team up with our analytics team to identify new insights on performance and future opportunities.
Team up with the Market Supply Chain Managers to drive inventory optimization.
Track
Track bulk residuals originating from the in-house factory.
Track KPIs / Daily Management performance and create management reports.
Track & Maintain inventory levels for production & service departments.
Track performance metrics of productivity and quality and act proactively to reach objectives.
Track Rejected Components originating from 3rd Party Manufacturers and In-House Factory.
Transport
Transport vehicles for fuel or dealer trade when necessary.
Update
Update price and promotion items when required.
Verify
Verify new equipment order to maintain adequate supply level.
Work with
Work closely with members of the larger Curio team including Logistics and Accounting.
Work closely with suppliers on updated weekly forecast changes for production requirements.
Work with the Floor Manager to move necessary product onto the retail floor.
Work with the other teams to enhance customer experience through our packaging.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Inventory Manager:
Computer
Business
Inventory Management Software
Supply Chain Management
Analysis
Business Administration
Data Analysis
Data Manipulation
Forecasting Methods
Most In-demand Soft Skills
The following list describes the most required soft skills of an Inventory Manager:
Written and oral communication skills
Analytical ability
Organizational capacity
Attention to detail
Interpersonal skills
Leadership
Problem-solving attitude
Team player
Time-management
Multi-task
Negotiation
Planning
Accountable
Detail-oriented
Reliable
