The Forecasting/Inventory Analyst uses historical data, customer and industry knowledge, and current market conditions to predict future business trends and outcomes. Their role also analyzes inventory data, demand forecasts, and sales patterns to make strategic decisions to optimize inventory levels (increase turns), production processes, and supply chain efficiency. Their dual role is crucial in assisting the company make informed decisions and improve processes while meeting the company’s goals.
Essential duties and responsibilities:
This list of duties and responsibilities is not all inclusive and may be expanded to include other duties and responsibilities as management may deem necessary.
- Collaborate with the purchasing team, relevant departments, and customer sources to gather data inputs and insights for improved forecasting accuracy on large accounts.
- Gather, clean, and organize source and historical data for analysis, identifying trends, patterns, and anomalies.
- Analyze historical data and market trends to develop accurate forecasts using statistical methods, data mining, and predictive modeling techniques.
- Monitor and evaluate forecast performance against actual results to identify discrepancies--both at the customer level and for the DHI forecast--and adjust models and inputs as needed to improve accuracy and meet sales goals.
- Manage consignment inventory and marketplace forecasting and inventory objectives.
- Generate comprehensive reports and visualizations to communicate forecast findings to stakeholders and provide insights for decision-making.
- Collaborate with cross-functional teams to ensure effective communication and alignment on forecasting objectives and outcomes when making significant inventory and forecast adjustments. Participate in monthly category forecasting meetings to review inputs and use knowledge gained to make forecast adjustments.
- Process purchase orders to support business to meet sales requirements.
- Adjust supply timing as needed to improve service to customers and/or improve inventory turns and other inventory objectives.
- Analyze inventory levels, sales data, demand forecasts, and historical trends to develop insights into inventory performance and make data-driven recommendations.
- Develop and implement strategies to manage and optimize inventory levels, ensuring adequate stock while minimizing carrying costs and excess or obsolete inventory. This may involve bundling kits and assemblies to meet sales and inventory requirements.
- Develop production schedules, while understanding sales demand, resource availability, and other capacity constraints to ensure efficient and timely production.
- Monitor and analyze inventory levels, turnover rates, and aging stock to make data-driven decisions regarding stock replenishment, allocation, and disposal.
- Identify slow-moving or obsolete inventory and develop strategies to minimize financial impact through markdowns, promotions, or other means.
- Analyze inventory and production data, generate performance reports, and present findings to stakeholders for informed decision-making.
- Identify & implement a kanban system in the production area to maintain optimal build-to-stock inventory levels for select kits and assemblies.
- Support S&OP process by managing department reports & KPI tracking.
- Proactively identify and implement process improvements. Evolve and maintain documentation and standard operating procedures for demand planning processes and inventory control systems.
- Maintain technical competency with ERP and forecasting systems and best practices.
- Complete special projects as assigned.
- Bachelor’s degree in business, supply chain management, or related field.
- Business acumen and analytical capabilities to analyze, interpret, and evaluate data to make effective decisions and implement problem-solving strategies.
- 3+ years in forecasting, inventory planning, and/or purchasing roles, preferably in an Ecommerce environment, is required.
- Experience working with an international supply base highly desirable.
- Understanding of what drives volume sales by SKU across many products on high volume Ecommerce sites.
- Solid background in Ecommerce supply chain and S&OP a big plus.