The Inventory Associate will be responsible for optimizing inventory levels across our brand of pharmacies to ensure consistent stock availability, minimize out-of-stock scenarios, and support pharmacy operations. This role involves forecasting demand, demand planning and order placement, coordinating with the procurement team, and strategizing inventory replenishment. Additionally, the role oversees tracking and reporting to improve efficiency and maintain high service levels across our pharmacy network.
Responsibilities
Demand Planning and Inventory Management.
Conduct ongoing demand planning reviews to determine restocking needs for each pharmacy.
Communicate restocking needs to Pharm-techs and gather feedback for enhanced demand planning.
Prepare and share in a timely manner orders detailing items for supply and monitor fulfilment of orders, including orders from suppliers.
Identify out of stock items and create a plan to manage these items.
Demand Planning Management and Inventory Optimization
Review inventory levels continuously to anticipate urgent restocking needs and take preemptive actions.
Regularly review and refine the demand planning process for inventory optimization.
Identify and implement improvement plans for inventory optimization in the demand planning process but also more widely in the pharmacy operations.
Maintain a lean inventory, leveraging internal resources and optimizing stock levels.
Develop and implement strategies to manage stock-outs.
Standardize SKUs and product names across all pharmacies.
Establish strategies for liquidating short-expiry or slow-moving products.
Analyze stock take report outcomes to inform demand planning adjustments and process adjustments to ensure reduction in inventory variances.
New Pharmacy Launch Planning
Accurately forecast inventory requirements for upcoming pharmacy launches.
Set up inventory items in the HMIS including product names, category, SKUs, and pricing in advance of each launch.
Coordinate with relevant teams to ensure stock availability and timely delivery at new locations.
Tracking and Reporting: Create tracking systems and control towers to monitor inventory management and order processing.
Qualifications and Skills
Experience in demand planning, inventory management, or supply chain roles.
Strong analytical skills with proficiency in Excel and demand forecasting tools.
Excellent communication skills for effective collaboration across cross-functional teams.
Detail-oriented and able to work under tight deadlines.
Knowledge of healthcare inventory management practices is an advantage.