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Monitor and control inventory levels, track stock movements, and conduct regular stock counts to ensure the accuracy and completeness of inventory records.
Receive, inspect, and record incoming inventory shipments, verifying quantities, quality, and condition of goods received against purchase orders or packing slips.
Update inventory databases, systems, or spreadsheets to reflect stock transactions, adjustments, and movements, maintaining up-to-date and accurate inventory records.
Generate inventory reports, including stock levels, aging analysis, and inventory turnover ratios, to assess inventory performance and identify trends or issues.
Analyze demand patterns, sales forecasts, and historical data to forecast inventory requirements, set reorder points, and determine optimal stock levels.
Coordinate with procurement and purchasing teams to place orders for replenishment stock, ensuring timely delivery and availability of inventory items.
Manage stock rotation, shelf-life tracking, and expiry date monitoring for perishable or time-sensitive goods, minimizing waste and spoilage.
Implement inventory control measures, such as FIFO (first-in, first-out) or LIFO (last-in, first-out), to optimize inventory turnover and minimize obsolescence.
Conduct regular inventory audits, reconciling physical stock counts with inventory records, investigating discrepancies, and resolving inventory variances.
Identify and investigate inventory discrepancies, stock shortages, or surplus inventory, conducting root cause analysis and implementing corrective actions.
Collaborate with warehouse and logistics teams to ensure efficient storage, handling, and distribution of inventory items, optimizing warehouse layout and organization.
Develop and maintain relationships with suppliers, vendors, and service providers, negotiating terms, pricing, and delivery schedules to ensure reliable supply of inventory items.
Implement inventory management best practices, standard operating procedures (SOPs), and quality standards to improve efficiency and accuracy in inventory control processes.
Ensure product stock is adequate for all distribution channels and can cover direct demand from customers
Record daily deliveries and shipments to reconcile inventory
Use software to monitor demand and document characteristics of inventory
Place orders to replenish stock avoiding insufficiencies or excessive surplus
Analyze data to anticipate future needs
Collaborate with warehouse employees and other staff to ensure business goals are met
Report to upper management on stock levels, issues etc.
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