Inventory Specialist

Role & responsibilities

1. Inventory Planning

• Timely Issuance: Plan and issue production requirements promptly, ensuring no delays in material availability.
• Demand Forecasting: Forecast potential demand by analyzing historical data and aligning with production schedules.
• Stock Levels: Establish and maintain minimum and maximum stock levels for raw materials to ensure continuous operations.

2. Inventory Control

• Stock Monitoring: Regularly monitor stock levels to maintain optimal inventory, avoiding both overstocking and understocking.
• Data Accuracy: Ensure all inventory and raw material details are recorded in ERP systems promptly and accurately for operational reconciliation.

3. Warehouse Management

• Material Handling: Oversee proper storage and handling of materials to minimize the risk of damage, spoilage, or loss.
• Organization: Ensure materials are accurately labelled, stored, and organized for easy retrieval.
• Space Optimization: Optimize warehouse space by implementing efficient storage solutions and disposing of obsolete materials in collaboration with relevant stakeholders.

4. Cost Management

• Carrying Costs: Minimize material carrying costs by streamlining inventory management and optimizing trips between storage locations (e.g., godowns).
• Efficiency Metrics: Monitor and ensure material transaction costs (e.g., MT/Person) remain within established limits.
• Cost Reduction Strategies: Develop and implement strategies to reduce overall inventory holding costs without affecting operations.

5. Process Improvement

• Data Analysis: Analyse inventory data to identify trends, inefficiencies, and potential areas for improvement.
• Lean Practices: Apply Lean methodologies to eliminate waste, enhance inventory management processes, and drive overall efficiency improvements.