Inventory Manager

Job Description

Job Purpose: To play a crucial role in ensuring the efficient and cost-effective management of stock. They need to oversee inventory levels, monitor supply chain logistics, and coordinate with suppliers to maintain optimal stock levels and minimize wastage.
They help balance inventory to meet consumer demand without overstocking.
The role also involves implementing inventory control systems, managing shelf life of perishable goods, and ensuring compliance with industry regulations.
Ultimately, they contribute to smooth operations, cost savings, and customer satisfaction in a fast-paced market environment.

Responsibilities:
1. Monitor and manage inventory levels to ensure availability of products while minimizing excess stock and waste.
2. Implement and oversee inventory control systems and procedures to track stock movements and maintain accuracy.
3. Analyze sales trends, market conditions, and historical data to forecast demand and adjust inventory levels accordingly.
4. Collaborate with sales and marketing teams to anticipate product demand and plan inventory needs.
5. Maintain relationships with suppliers and negotiate terms to ensure timely delivery of goods.
6. Place and manage orders, track shipments, and resolve any issues related to procurement.
7. Develop and execute stock replenishment strategies to ensure product availability and prevent stockouts.
8. Monitor product shelf life and ensure higher shelf life for each material. Also maintain proper rotation of stock to reduce spoilage/ should be able to identify deteriorating items & discard if required
9. Generate and analyze inventory reports to track performance metrics such as turnover rates and stock levels.
10. Provide insights and recommendations for improving inventory management practices.
11. Ensure that inventory meets quality standards and complies with industry regulations and safety guidelines.
12. Implement procedures for handling and resolving inventory discrepancies and quality issues.
13. Identify areas for process improvement and implement strategies to enhance inventory accuracy and efficiency.
14. Stay updated on industry best practices and technological advancements in inventory management.
15. Supervise and train inventory staff to ensure effective inventory control and operational efficiency.
16. Foster a collaborative and productive work environment within the inventory team.
17. Should maintain stock report on a daily basis in soft copy as well as hard copy format
18. Should be able to manage inventory in FIFO manner
19. Should work on building team/ 2nd line leaders by training, sharing constructive feedback & guiding them on a consistent basis
20. Ensure no leaves to be availed during scheduled inventory filling
21. All SOPs to be implemented at each level/ process flow without any deviation
22. Ensure timely invoicing and follow-up on payments as per the MSME rule of 45 days post-delivery, coordinating with finance to maintain cash flow and prevent delays in inventory procurement.

KRAs
1. Achieve and maintain high accuracy in inventory records with no to minimum percentage of discrepancies between physical stock and records
2. Optimize inventory turnover rates to ensure efficient stock levels – Inventory turnover ratio, days of inventory on hand, reduction in obsolete stock.
3. Accurate forecasting to align inventory levels with market demand.
4. Ensure timely replenishment of stock to prevent disruptions in supply- replenishment cycle time, stock availability percentage, reduction in stockout incidents.
5. Control inventory-related costs to enhance profitability – Inventory carrying costs, reduction in excess inventory holding costs, cost per unit.
6. Maintain high standards of product quality and adherence to industry regulations – Number of quality issues reported, compliance audit results, product shelf-life management.
7. Continuously improve inventory management processes for better efficiency – Implementation of process improvements, time saved through automation, reduction in manual errors.
8. Provide accurate and actionable inventory/ stock reports and insights – Timeliness and accuracy of inventory reports, actionable recommendations provided, data-driven decision-making impact. This should be maintained on daily, weekly & monthly basis.
9. Should maintain stock report on a daily basis in soft copy as well as hard copy format
10. Lead and develop the inventory management team for optimal performance.
11. Adhere to the SOP’s given

KPIs
1. Percentage of inventory records that match physical stock counts – (Accurate Inventory Counts / Total Inventory Counts) × 100. It should be 98% and above
2. Inventory turnover ratio – Frequency at which inventory is sold and replaced over a period – [Cost of Goods Sold (COGS) / Average Inventory]
3. Percentage of time items are out of stock [(Number of Stockouts / Total SKUs) × 100]. It should be less than 2%
4. Average number of days inventory is held before being sold or used [(Average Inventory / COGS) × 365]
5. Percentage of orders fulfilled from available stock without backorders [(Number of Orders Fulfilled Completely / Total Orders) × 100]
6. Total cost of holding inventory, including storage, insurance, and depreciation [(Total Inventory Carrying Costs / Average Inventory Value) × 100]
7. Average time taken from ordering to receiving inventory
8. Percentage of inventory lost due to theft, damage, or errors.
9. Percentage of orders delivered by suppliers on or before the agreed date.
10. Amount saved through improved inventory practices, such as better forecasting and bulk purchasing.
11. Number of times SOP’s was adhered to/ not adhered to
12. Monitor and ensure compliance with the MSME rule of 45-day payment terms, minimizing delays in payments to support smooth inventory procurement and maintain optimal stock levels.

Requisite Skills:
1. Bachelor’s degree in supply chain management, Business Administration, or a related field.
2. Proven experience in inventory management within the FMCG or sweet industry.
3. Strong analytical skills and proficiency in inventory management software and ERP systems.
4. Excellent organizational, leadership, decision making, problem solving & verbal + Written communication skills.
5. Ability to work under pressure and manage multiple tasks effectively.
6. Familiarity with inventory management software and tools, as well as general office applications (e.g., Excel, databases).
7. FSSAI knowledge is required
8. FIFO management skillset

Desired Skills:
1. Expertise in advanced inventory management methodologies such as Just-In-Time (JIT) and ABC analysis.
2. Strong understanding of financial principles related to inventory, including cost analysis and budgeting.