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Inventory Management Consultant

4 weeks ago

Calgary, Alberta, Canada SGS Full time

As a key member of the SGS team, you will play a crucial role in optimizing inventory management strategies to ensure seamless supply chain operations. Your expertise in analyzing current systems and procedures will enable you to identify inefficiencies and develop targeted solutions to improve stock levels, reduce waste, and maintain operational continuity.

Key Responsibilities:
  • Inventory Analysis & Optimization:
    • Analyze current inventory management systems and procedures to identify areas for improvement.
    • Develop and implement strategies to optimize stock levels, ensuring a balance between meeting demand and minimizing excess inventory.
    • Implement inventory forecasting methods to improve replenishment accuracy and reduce stockouts and overstocking.
  • Material Flow & Storage:
    • Design efficient material flow processes to ensure timely movement of goods from suppliers to production or distribution centers.
    • Advise on proper storage methods, warehouse layout, and material handling procedures to minimize waste, damage, and retrieval times.
    • Collaborate with warehouse managers to optimize space utilization and improve material tracking.
  • Demand Forecasting & Planning:
    • Work with sales and operations teams to forecast material demand based on historical data, market trends, and production schedules.
    • Implement advanced forecasting tools and software to enhance accuracy in material planning.
    • Provide recommendations for adjusting order quantities, safety stock, and reorder points based on demand variability.
  • Inventory Control Systems:
    • Recommend and implement inventory management software (ERP or warehouse management systems) to improve visibility and control over stock levels.
    • Ensure accurate and real-time inventory data by designing effective inventory tracking and reporting systems.
    • Provide training to employees on inventory management tools and best practices.
  • Supplier and Vendor Management:
    • Collaborate with procurement teams to ensure timely delivery of materials, aligning supplier performance with inventory needs.
    • Evaluate supplier lead times, order accuracy, and reliability to ensure uninterrupted material flow.
    • Establish metrics for supplier performance and work on improving relationships with key suppliers.
  • Cost Reduction & Efficiency:
    • Identify opportunities to reduce material holding costs, including storage, handling, and transportation expenses.
    • Implement strategies to improve turnover ratios, reducing capital tied up in excess inventory.
    • Recommend initiatives such as vendor-managed inventory (VMI), consignment stock, and just-in-time (JIT) inventory to enhance efficiency.
  • Compliance & Risk Management:
    • Ensure inventory management practices comply with industry standards, safety regulations, and quality requirements.
    • Develop contingency plans for potential material shortages, supply chain disruptions, or demand spikes.
    • Implement risk management strategies to address challenges such as obsolescence, perishability, or seasonality.
  • Performance Monitoring & Reporting:
    • Establish key performance indicators (KPIs) for inventory management, such as inventory turnover, order fulfillment rates, and stock accuracy.
    • Provide regular reporting and insights to senior management on inventory performance, stock levels, and areas for improvement.
    • Recommend corrective actions to address inventory issues such as excess stock, stockouts, or slow-moving inventory.