Inventory Management Specialist

1 week ago

Virginia Beach, Virginia, United States Navy Exchange Service Command Full time

Job Overview

The Inventory Management Specialist is responsible for overseeing the flow of inventory to align with merchandise and financial objectives. This role involves continuous analysis of business operations and the formulation of strategies to enhance sales, productivity, and profitability.

Key Responsibilities:

INVENTORY MANAGEMENT AND SUPPLY CHAIN:
- Oversees the distribution of products to ensure profitability, inventory turnover, and customer satisfaction across designated areas.

Establishes optimal ratios of distribution center, store, and pipeline inventory for all products; modifies replenishment parameters as necessary for basic reorder items; guarantees that stock levels align with approved planograms and store dimensions.

Collaborates with the Forecast Analyst to assess and modify forecast parameters for seasonal and/or promoted items.

Ensures that featured products are adequately stocked at locations involved in promotional events.

Evaluates the overall health of the supply chain when making business decisions; identifies and implements efficiencies within the supply chain.

Actively engages in Supplier and Merchant meetings to discuss supply chain opportunities, concerns, and successes, including collaboration on anticipated needs.

Proactively seeks cost-saving opportunities in product distribution and collaborates with distribution and merchant teams for implementation.

Effectively communicates with both internal and external stakeholders to address inventory and supply chain issues or opportunities.

Monitors aged inventory and identifies opportunities to reduce risk, providing actionable recommendations to the merchandising team.

Conducts ongoing reviews and maintenance of replenishment metrics, including Planogram Accuracy, Non-Inventory Stock Causes, and other relevant metrics.

Utilizes allocation to manage seasonal, fashion, and promotional one-time purchases, ensuring accurate quantities and inventory levels meet sales demands at the item location level.

BUSINESS ANALYSIS:
- Regularly monitors and evaluates Open-to-Buy on a weekly basis; assesses risks and recommends actions accordingly; prepares reports and actionable business analyses as required.

Identifies and addresses items that may negatively impact inventory and turnover due to low performance; makes proactive recommendations and takes actions to minimize aged inventory and ensure adherence to exit strategies.

ADDITIONAL RESPONSIBILITIES:
- Conducts store visits as necessary to assess merchandise presentation, stock assortments, and inventory levels.
Collaborates closely with store management to identify and maximize business opportunities.

Responsible for supervising and developing subordinate staff as appropriate.

Performs other related duties as assigned.

Works under the guidance of a Senior Inventory Planner or Divisional Merchandise Manager of Planning. Operates independently within the framework of organizational policies, procedures, and regulations. Exercises independent judgment in routine and non-routine situations. Consults with supervisors on policy matters, deviations from standard procedures, or unusual circumstances. Performance is evaluated based on operational effectiveness, skills assessments, customer service, collaboration, teamwork, leadership, work quality, and established individual performance metrics.

The incumbent in this role is required to file a Financial Disclosure Report (OGE) Form 450, as mandated.

A total of 6 years of experience is required, which includes:

GENERAL EXPERIENCE: Three years of experience in professional, technical, or other responsible roles that provide knowledge of retail practices and demonstrate skills in retail merchandise planning, demand forecasting, inventory management, allocation or replenishment, supply chain optimization, financial planning, or financial analysis in collaboration with operational personnel; and the ability to analyze problems and recommend practical solutions using sound judgment.

OR SUBSTITUTION OF EDUCATION FOR EXPERIENCE: One year of academic study beyond high school may be substituted for nine months of experience, up to a maximum of a four-year bachelor's degree in business, merchandising, or a related field, or a combination of education and/or general experience.

AND SPECIALIZED EXPERIENCE: Three years of progressively responsible experience in merchandise planning and allocation, including: Procurement and replenishment practices, methods, and procedures; Development and management of an open-to-buy system; Creation and validation of seasonal financial plans and trends; Preparation of forecast inventory projections and development of strategies to maximize opportunities and mitigate risks; Monitoring and maintenance of sales, inventory levels, and stock turns; Review and analysis of sales, inventory, and profit trends; Proficiency in database/spreadsheet software applications; or similar responsible work that demonstrates knowledge and ability within one or more operational or merchandising areas of non-appropriated fund or private sector retail management.

Job

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