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Inventory Optimization Specialist

2 months ago

Welwyn Garden City, Hertfordshire, United Kingdom FodaBox Full time
About the Role

We are seeking a highly skilled Demand and Inventory Planner to join our team at FodaBox. As a key member of our supply chain team, you will be responsible for managing and optimizing inventory levels to meet our 3PL client demand while minimizing costs and ensuring efficient supply chain operations.

Key Responsibilities
  • Demand Forecasting:
    • Analyze historical sales data to develop accurate demand forecasts
    • Work with Account Managers to obtain future sales forecasts and factor these into the space analysis
    • Continuously update and adjust forecasts based on changes in demand patterns, seasonality, and other relevant factors
  • Inventory Management:
    • Monitor and manage inventory levels to ensure optimal stock levels are stored on site and offsite at our partnered warehouses
    • Identify slow-moving or excess inventory and communicate this regularly to Account Managers so they can action with their client
    • Ensure all products have minimum and maximum quantities set for their locations. Ensuring stock is replenished by the team in a timely manner to avoid order delays
  • Supply Chain Coordination:
    • Work closely with our logistics partners to ensure the smooth flow of transfers to and from our main site
    • Work closely with Inbound to track up-coming inbounds and factor this into the space analysis
    • Set up a weekly cadence of meetings to communicate to the warehouse teams and Account Managers, ensuring they are up to date with your departments objectives
  • Performance Analysis:
    • Monitor key performance indicators (KPIs) such as product velocity, stock holding days, pallet space capacities and stock accuracy
    • Analyze and report on variances between forecasted and actual demand, making adjustments as needed to improve future planning accuracy
    • Identify opportunities for cost reduction, process improvement, and increased efficiency in demand and inventory planning
  • System and Data Management:
    • Utilize our Warehouse Management System (WMS) to produce reports around sales data and create external forecasting spreadsheets to plan for future changes
    • Regularly update and maintain inventory management systems
    • Periodically check the WMS to ensure stock accuracy and investigate and inaccuracies
  • Cross-Functional Collaboration:
    • Partner with sales, marketing, finance, and operations teams to align demand and supply plans with business goals
    • Act as the point of contact between various departments to ensure smooth communication and coordination across the supply chain
    • Participate in sales and operations planning (S&OP) meetings to share insights and align on inventory strategies