What are the responsibilities and job description for the Inventory Analyst position at Renaissance Windows & Doors?
An inventory analyst monitors and analyzes inventory to maintain optimal stock levels, preventing stockouts and overstocking by forecasting future demand, managing inventory data in software, and collaborating with procurement and logistics teams. Key duties include data analysis, trend identification, order fulfillment, reconciliation of physical counts, and the development of strategies to improve supply chain efficiency and reduce costs.
Key Responsibilities
- Demand Forecasting:
Analyze sales trends and historical data to forecast future inventory needs.
- Stock Level Management:
Ensure optimal stock levels to balance supply and demand, reducing the risk of stockouts and overstocking.
- Inventory Data Analysis:
Monitor inventory data and use inventory management software to track metrics and identify trends.
- Replenishment Strategy:
Develop and implement strategies for inventory replenishment, including placing orders with suppliers.
- Coordination:
Collaborate with procurement, sales, and logistics departments to ensure efficient operations.
- Audits & Reconciliation:
Conduct regular inventory audits and reconcile physical counts with system records.
- Reporting:
Prepare and present inventory reports and analyses to management.
- Cost Reduction:
Identify opportunities to reduce holding costs and minimize inefficiencies in the supply chain.
- Process Improvement:
Recommend and implement improvements to inventory management processes
Essential Skills
- Analytical Skills: Strong ability to interpret data, identify trends, and apply statistical analysis.
- Data Management: Proficiency with inventory management software and strong data entry skills for accurate tracking.
- Attention to Detail: A keen eye for detail is crucial for accuracy in inventory tracking and reconciliation.
- Communication: Effective communication skills to collaborate with various departments.
- Problem-Solving: Ability to identify and resolve issues related to overstock, stockouts, and supply chain inefficiencies.
- Supply Chain Knowledge: Understanding of supply chain dynamics and logistics.