The primary responsibility of the Inventory Analyst / Buyer is to forecast and replenish inventory levels across the company’s distribution centers to fulfill customer’s demand. The inventory analyst will work closely with Product Managers as a business unit to help drive a high fill rate, sales, and GP margin.
PURCHASING
- Reviews the PO Recommend Action Report and analyze the forecast within the ERP system to ensure accuracy. Determine the optimal quantity to purchase for products below order point. Factors in usage rate, item rank, lead time, MOQ, standard pack, vendor minimum, paid freight/discount target, and upcoming promotions during order placement.
- Analyzes unusual sales on a monthly basis and override usage when needed.
- For strategic vendors, develop periodic (quarerly/bi-annual) larger PO’s that drive additional cost savings basis points far ahead of the holding costs of extra “A” stock.
PO CONFIRMATION AND EXPEDITING
- Ensure 90% of vendors confirm PO’s within 24 hours of send and escalate if promise date is out of tolerance (1.5X system lead time)
- Expedites delivery of goods with suppliers to maintain customer order fill rate and to reduce lead time average. Actively maintains the shipping data within system to ensure it is up to date and accurate.
BUYING CONTROLS & FILL RATE OPTIMIZATION
- Responsible for preferred WH (brand) and “any WH” fill rate to meet company targets.
- Establish proper ARP paths that optimize level of inter-company transfers (WTDO’s).
- Set up and maintain proper buying controls for slower moving or branch stock to ensure proper inventory levels.
- Maintain and establish proper lead time and safety stock levels.
- Review and negotiate directly and with partnership of PM the ICSL controls including target buy discounts, free freight targets, additional larger PO discounts and ensure low MOQ PO’s.
BACK-ORDER/OPEN ORDER AGING MANAGEMENT
- Responsible for closely managing back-order aging lines and driving down average number of days on back order, reducing overall back orders.
- Resolve delayed backorders by expediting with suppliers as well as placing fill in PO’s from alternate wholesalers. Offer substitutes or replacements where necessary.
- Identify future back-orders by proactively identifying known gaps between days-on-hand and expected PO receipt date. Avoid back-orders by expediting, or placing alternate PO’s and establishing subs and replacement items ahead of time.
INVENTORY TURNS AND E&O MANAGEMENT
- Evaluates aged inventory and implement relevant actions (based on cause) to reduce surplus including vendor RTV’s, alerts to PM’s and merchandising and channel, alerts to sales (key account drop off), as well as last resort tactics such as Clearance Center promotions.
VENDOR and SUPPLY CHAIN MANAGEMENT
- Resolves all shipping discrepancies or damaged goods by investigating the issue with receiving team, accounting personnel, and/or supplier and take corrective action. Such as requesting for a credit, replacement, RMA for return, etc.
- Evaluates and generates supplier scorecards based on quality, lead time, flexibility, number of shipping discrepancies.
- Participates in supplier meetings to discuss areas that need improvement.
- Corrects price variances on PO’s with approval from Product Manager.
- Hold tight SLA’s from suppliers for pending RMA’s related to customer returns on Drop Ship (stock or Non-Stock) and QC triage items in our WH.
- Identify, recommend, and implement continuous process improvement practices.
SUPPLEMENTAL FOR IMPORT BUYER:
- Manage import traffic with factory, JY, broker and truckers.
- Manage PIM data to ensure proper harmonization codes
- Manage tariff levels in system for proper costing
- Negotiate pricing
- Assess and support selection of new factories
- Stay aware of country risk and monitor new factories in new countries as needed
- Recommend to Product Manager new products from factories.
- Stay on top of where and what competitors are making oversewas
- Manage relationship with our buying company in China.