Inventory Executive

We are looking to hire a self-motivated candidate who can play a critical role in leading, developing, and implementing long-term strategies that focus on category-led strategic sourcing, effective contracting, and the end-to-end procure-to-pay process. He is to provide high-quality service/Material delivery to ensure all operating units can efficiently procure and obtain the best value for the goods and services needed to support their operations. Also, coordination with multiple functional areas will be imperative, including, lab team, Accounts and Finance, Compliance, Administration, Information Technology, Information Security, Legal, etc.

Role

Job Title: Inventory Executive

Roles and Responsibilities:

1. **Inventory Management:**

- Sourcing materials, goods, products, and services pertaining to  lab and negotiating the best/ most cost-effective contracts and deals.

- Creation of purchase requisition after vetting the requirement and negotiation with preferable supplier

- Coordinating with the supplier for timely delivery and following up on delays or orders that have been rescheduled
- Monitor and manage inventory levels to ensure optimal stock availability.
- Conduct regular inventory audits and reconciliations to identify discrepancies and maintain accuracy.

- Develop and implement inventory control procedures to minimize losses and improve efficiency.

2. **Stock Monitoring:**
- Track the movement of goods in and out of the warehouse or storage area.
- Utilize inventory management software to maintain up-to-date records of stock levels and movements.

3. **Order Processing:**
- Oversee the processing of purchase orders and ensure timely receipt of goods.
- Coordinate with suppliers and vendors to ensure compliance with ordering schedules and delivery deadlines.

4. **Forecasting and Planning:**
- Analyze sales trends and historical data to forecast future inventory needs.
- Collaborate with other departments (e.g., sales, procurement, lab) to align inventory strategies with business goals.

5. **Reporting:**
- Prepare and present regular reports on inventory status, turnover rates, and stock valuations to management.
- Identify actionable insights from inventory data to drive efficiency and cost savings.

6. **Quality Control:**
- Ensure that all inventory items meet quality standards and specifications.
- Address any issues related to damaged or expired goods and coordinate returns where necessary.

7. **Compliance and Safety:**
- Ensure compliance with relevant regulations and safety standards in inventory management practices.
- Maintain a clean and organized storage area, promoting a safe working environment.

**Skills and Qualifications:**
- Bachelor's degree in Science/ Supply Chain Management, or related field.
 - Proficiency in inventory management software and Excel. 
- Strong analytical and problem-solving skills.
- Excellent communication and organizational abilities.

This comprehensive approach to detailing the roles and responsibilities of an Inventory Executive positions the candidate well for success in managing inventory efficiently within any organization.