Inventory and Supplier Relations Manager

Inventory and Supplier Relations Manager We’re looking for like-minded individuals to join our team. This is a Full-time, Salaried position. **About The Inventory and Supplier Relations Manager**: Are you an experienced professional ready to take on the role of Inventory and Supplier Relations Manager? Are you passionate about developing productive relationships with suppliers and optimizing inventory management processes? Do you have a keen eye for detail and accountability when it comes to securing the best value in goods and services? Are you results-driven, with exceptional communication skills and the ability to negotiate effectively? The Inventory and Supplier Relations Manager is a functional manager role tasked with developing productive relationships with suppliers to foster mutually beneficial partnerships, enhancing MAD’s competitive positioning. This role encompasses total responsibility for Sourcing and end-to-end Inventory Management, maintaining optimal stock levels and ensuring accuracy. **What you will be doing in the role**: Inventory Control - ** Oversee Inventory Management**: Maintain accurate records of inventory levels and locations. Implement and maintain systematic and software-based solutions to monitor stock levels in real time. - ** Demand Forecasting**: Analyze sales trends, market dynamics, and seasonal fluctuations to predict inventory needs and ensure optimal stock levels. - ** Inventory Audits**: Conduct regular physical and system-led audits of inventory to validate records, identify discrepancies, and rectify errors. - ** Data Analysis and Reporting**: Utilize data analytics to generate reports on inventory performance, turnover rates, and cost analysis to guide business decisions. - ** Process Improvement**: Continually assess and improve inventory control systems, procedures, and workflows to increase efficiency and reduce costs. - ** Compliance and Risk Management**: Ensure adherence to legal, regulatory, and internal policies and procedures related to inventory management. Manage risks associated with inventory, including obsolescence and supply chain disruptions. - ** Cross-Functional Collaboration**: Work closely with other departments, such as purchasing, production, sales, and finance, to align inventory management with broader business objectives. - ** Safety Stock and Order Quantity Management**: Regularly determine and review optimal safety stock levels, minimum order quantities (MOQ), and economic batch quantities (EBQ) to ensure inventory efficiency and meet production needs. - ** Inventory Optimization**: Implement strategies to reduce overstock and address slow-moving inventory, aiming to enhance inventory turnover rates. - ** Shortage Analysis and Resolution**: Thoroughly document each inventory shortage incident and develop effective corrective actions to prevent future occurrences. - ** Compliance and Data Management**: Oversee the accurate entry of Country-of-Origin information and Harmonized System (HS) codes for all components, ensuring compliance with Customs requirements and facilitating smooth international trade operations. Supplier Relations / Sourcing - ** Relationship Building**: Foster positive, long-term relationships with key suppliers through regular communication, collaboration, and partnership development. - ** Supplier Selection and Onboarding**: Identify, evaluate, and select suppliers based on criteria such as price, quality, service, and reliability. Oversee the onboarding process to ensure suppliers understand and meet the company's requirements. - ** Contract Negotiation and Management**: Negotiate terms and conditions with suppliers, including pricing, delivery schedules, and payment terms. Manage ongoing contractual relationships and handle contract renewals. - ** Supplier Performance Monitoring**: Maintain or improve performance metrics to regularly assess supplier performance. Address issues related to quality, delivery, and compliance to ensure they meet agreed standards. - ** Sourcing Strategy Development**: Develop and execute sourcing strategies to optimize the supplier base, reduce costs, and ensure a reliable supply of goods and services. - ** Financial Analysis**: Monitor and analyze the financial impact of sourcing decisions, including cost savings, investments, and the total cost of ownership. - ** Cost Savings Analysis**: Proactively analyze historical spending to identify and capitalize on opportunities for cost reduction. - ** Sustainability and Ethical Sourcing**: Promote sustainability and ethical practices in the sourcing process, ensuring suppliers comply with environmental and social standards. - ** Outsourcing and Supplier Transition Management**: Direct the process of outsourcing activities and manage the transition of suppliers to ensure seamless operations and cost efficiency. - ** Decision Making for Production Sourcing**: Direct the "Make vs Buy" analysis, collaborating with operations stakeholder