Inventory Analyst

Job Description: Inventory AnalystPosition Overview: The Inventory Analyst plays a critical role in managing and optimizing inventory levels to ensure efficient operations and meet customer demand. This position involves analyzing inventory data, forecasting future needs, identifying trends, and implementing strategies to minimize stockouts and excess inventory.Key Responsibilities:1.Inventory Analysis: Analyze inventory levels, turnover rates, and consumption patterns to identify opportunities for improvement. Monitor inventory variances, discrepancies, and aging stock to minimize write-offs and losses. Conduct regular inventory audits to ensure accuracy and integrity of inventory records.2.Demand Forecasting: Utilize historical data, sales forecasts, and market trends to predict future demand for inventory items. Collaborate with sales, marketing, and production teams to gather relevant information for accurate forecasting. Adjust inventory levels and replenishment schedules based on demand fluctuations and seasonality.3.Inventory Optimization: Develop and implement inventory optimization strategies to minimize carrying costs while maintaining adequate stock levels. Identify slow-moving or obsolete inventory items and recommend appropriate disposition strategies. Optimize inventory replenishment parameters such as reorder points, safety stock levels, and lead times.4.Supplier Management: Liaise with suppliers to ensure timely delivery of inventory items and resolve any supply chain issues. Negotiate pricing, terms, and contracts with suppliers to achieve cost savings and improve inventory efficiency. Evaluate supplier performance and reliability to maintain strong vendor relationships.5.Reporting and Analysis: Generate regular reports on inventory performance, including turnover rates, stockouts, and inventory aging. Analyze inventory data to identify trends, opportunities, and areas for improvement. Present findings and recommendations to management to support decision-making processes.6.Continuous Improvement: Continuously seek opportunities to streamline inventory processes and improve inventory management practices. Participate in cross-functional teams and projects aimed at enhancing overall supply chain efficiency. Stay updated on industry best practices, technology advancements, and regulatory requirements related to inventory management.Qualifications: Bachelor's degree in Supply Chain Management, Business Administration, or related field. Proven experience in inventory management, supply chain analytics, or related roles. Proficiency in inventory management software and tools (e.G., ERP systems, Excel, inventory optimization software). Strong analytical and problem-solving skills with the ability to interpret complex data. Excellent communication and interpersonal skills for collaborating with internal teams and external suppliers. Detail-oriented with a focus on accuracy and precision in inventory analysis. Ability to prioritize tasks, manage multiple projects simultaneously, and meet deadlines in a fast-paced environment.