Inventory Optimization Specialist

3 days ago

Waltham, Massachusetts, United States Paragonix Technologies, Inc Full time
About the Role

We are seeking an experienced Inventory Optimization Specialist to join our team at Paragonix Technologies, Inc. in Waltham, MA.

Job Summary: The successful candidate will be responsible for managing and optimizing our forward-stocked inventory, implementing automated systems to streamline supply chain processes, and ensuring seamless inventory management and system optimization.

Responsibilities
  • Inventory Control & Monitoring:
    • Manage nationwide field inventory levels to meet annual budget requirements.
    • Monitor and analyze inventory usage across the country to ensure adequate and accurate stock levels at all sites.
    • Implement automated systems to track supply and demand at each location.
    • Ensure proper accounting for inventory receipts and deployments.
    • Execute location consolidation to minimize the number of separate inventory locations within the same geography.
    • Continuously review inventory levels to avoid creating excess stock and prevent expiration/obsolescence.
    • Implement cycle count process to ensure inventory accuracy.
  • System Development and Implementation:
    • Develop and implement systems for Sales Operations to easily track usage by customer, SKU number, and lot number for accurate customer invoicing.
    • Train systems users on proper protocols and liaise with development team on system enhancements.
    • Create systems to enable automatic replenishment of products through our ERP system upon usage at various locations.
    • Design and deploy inventory control systems for managing Inventory and MRO OpEx items at transplant service locations, including FIFO practices and purchasing controls.
  • Inventory Optimization and Compliance:
    • Ensure proper management of expiration periods for all inventory and MRO items across all field inventory and transplant service locations.
    • Implement inventory controls and best practices to maintain compliance with industry standards and regulations, including FIFO and recall management.
    • Collaborate with cross-functional teams to optimize inventory processes and ensure alignment with organizational goals.
  • Data Analysis and Reporting:
    • Analyze inventory data to identify trends, usage patterns, and areas for improvement.
    • Prepare and present regular reports on inventory performance, usage, and replenishment needs.
    • Utilize data insights to make informed decisions and recommendations for inventory optimization.
  • Collaboration and Communication:
    • Work closely with Sales Operations, Commercial, Supply Chain, and Finance to ensure seamless integration of inventory systems.
    • Provide training and support to field staff on inventory management practices and system usage.
    • Maintain clear and effective communication with all stakeholders to ensure alignment and transparency in inventory processes.
    Qualifications
    • Bachelor's degree in a related field, such as Cost Accounting or Operations Management.
    • Proven experience in inventory management, preferably in the medical device industry.
    • Strong understanding of supply chain principles and best practices.
    • Proficiency in ERP systems and inventory management software.
    • Excellent analytical and problem-solving skills.
    • Strong organizational and project management abilities.
    • Effective communication and interpersonal skills.
    • Ability to work independently and as part of a team.
    • Attention to detail and a commitment to accuracy.
    • Expect 15-25% travel.

Estimated Salary: $85,000 - $115,000 per year.

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