Inventory Management Associate

1 week ago

Cobourg, Ontario, Canada Cobourg Home Hardware Building Centre Full time

INVENTORY MANAGEMENT ASSOCIATE

JOB DESCRIPTION:


The Inventory Management Associate is responsible for maintaining and promoting store operational efficiency and profitability, through effective inventory management, on-hand accuracy, ordering, and cost control.

They are in direct contact, as a support to Leadership, in the strategic management of company fundamentals and operational expertise.

The Inventory Management Associate performs all assigned tasks with sufficient speed and accuracy to support store efficiency and a high level of customer service.


DUTIES / RESPONSIBILITIES:
-
Inventory Management_


Act as internal inventory auditor, with sole responsibility for initiating, tracking, verifying, investigating, and accurately processing cycle counts in accordance with the Cycle Count Frequency Schedule.

Partner with management on any execution deficiencies or cycle count trends impacting shrink/swell.

  • Collect/process ad hoc onhand adjustments, and store writeoffs, as necessary to obtain proper inventory levels.
  • Monitor, update, and maintain Profit Master settings on P's & Qs to ensure accuracy and optimization of the inventory auto replenishment system.
  • Monitor, and maintain, a master ordering schedule for seasonally triggered regular and special buys, ensuring adequate lead times and quantities to support timely delivery and maximize sellthru.
  • Coordinate central buys/inventory splitting with other store locations, to maximize turns and rightsize inventory levels. Take advantage of increased rebates, discounts, and lower order minimums through direct vendor purchasing and special offers
  • Process transfer paperwork and verify receipt of all inbound/outbound product.
  • Review outofstock identified by the Logistics team, management, and other associates to ensure onshelf availability of product. Monitor inventory levels to ensure adequate job lot quantities and maintain a target turn rate of 35 turns.
  • Frequently review system settings on new, and existing, products to align class hierarchies in Profit Master to their appropriate departments/locations in the store.
  • Support management by taking the lead on all planning, followup, and monitoring of annual inventory preparation and cycle counts, reviewing the Items Not Counted Report to identify potential action items/risks.
  • Identify deadlines for product orders and warehouse shipping schedules, adjusting/coordinating staffing support coverage to account for holidays and other changes.
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Operations:_

  • Process 'Deals' to support resets, seasonal transitions, Homecoming buys, and flyers.
  • Monitor sellthru on seasonally relevant, and exiting products, initiating price adjustments/clearance strategies to reduce inventory and minimize store losses.
  • Trigger and facilitate the timely execution of all price changes/product recalls.
  • Process all vendors buybacks on exiting and consignment inventory. Monitor open RTV credits and work with the Receiving team to ensure timely processing of vendor credits.
  • Review discontinued item reports. Review previous sales history of these items to see if discounting and clearing of the item is appropriate or if a replacement item is necessary.
  • Review negative on hand reports. Spot check the items in question and make necessary adjustments to inventory count.
  • Review reporting for Open Reserves weekly, working with staff to address items older than 1 month and investigate any potential Reserves with Deposits that may have been picked up and not invoiced correctly. Cancel Reserves as necessary.
  • Monitor vendor communication regarding price increases and ensure retail adjustments are completed in a timely manner to maintain profitability. Review gross margin reporting, identifying items with low or negative margin and taking action to adjust retails accordingly. Identify item
  • Be on the lookout for shrink or theft. Suggest changes when necessary to curb potential store losses.
  • Work in a safe manner in accordance with provincial and federal safety legislation. Report any potential hazards and unsafe behavior to management to have the situation corrected.
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Leadership Support:_

  • Facilitate and trigger activity on all action items required to support the business, providing timely communication and followup on progress, prior to the expiry of key deadlines.
  • Support the leadership team in preparing, analyzing, and tabulating sales and inventory reporting, either through scheduled regular reports, or for ad hoc requests
  • Coordinate efforts with other store locations to explore/seek opportunities to improve business management, communication, profitability, and operational efficiency.
  • Bring real or anticipated operating problems promptly to the attention of management.
  • Maintain utmost confidentiality of all privy information and metrics related to the role.
  • Make suggestions for rule or policy changes when such changes would improve sales, profits, efficiency, morale

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