Job Description
- The Head of Procurement & Inventory will oversee the procurement, inventory management, and supply chain operations to ensure cost-effective, timely, and high-quality sourcing of goods and services.
- The individual will develop and implement procurement and inventory strategies aligned with the company’s objectives, drive operational efficiency, and maintain strong supplier relationships.
Key Responsibilities
Procurement:
- Strategy Development: Develop and implement procurement strategies that align with the company's goals to ensure cost savings and risk mitigation.
- Supplier Management: Identify, assess, and maintain relationships with reliable suppliers and vendors to ensure continuous supply.
- Contract Negotiation: Lead negotiations to secure favorable terms, pricing, and delivery schedules for all procurement contracts.
- Policy Compliance: Ensure procurement processes adhere to organizational and regulatory policies, including ethical sourcing and sustainability initiatives.
- Market Research: Continuously analyze market trends and conduct price benchmarking to stay ahead of price fluctuations and supply chain challenges.
Inventory Management:
- Inventory Control: Design and implement inventory management systems to track stock levels, ensure optimal stockholding, and prevent overstocking or understocking.
- Demand Planning: Work closely with cross-functional teams to forecast demand, ensuring inventory levels align with business needs.
- Warehouse Operations: Oversee warehousing activities, ensuring effective storage, handling, and dispatch of inventory.
- Inventory Accuracy: Perform regular stock audits and reconcile variances to maintain accurate records.
- Obsolescence Management: Develop plans to minimize waste and manage slow-moving or obsolete inventory effectively.
Team Leadership:
- Leadership: Build, mentor, and lead a high-performing procurement and inventory team, fostering collaboration and accountability.
- Training: Identify skill gaps and provide training for team members to enhance their capabilities.
- Performance Management: Set team objectives andKPIs, and regularly review performance to drive continuous improvement.
Reporting & Analysis:
- Data-Driven Insights: Analyze procurement and inventory data to identify trends, optimize processes, and support strategic decision-making.
- Reporting: Provide detailed and accurate reports to senior management on procurement performance, inventory turnover, cost savings, and vendor performance.
- Risk Management: Identify and mitigate risks associated with procurement, supply chain disruptions, and inventory shortages.
Key Performance Indicators (KPIs)
- Cost Savings: Percentage reduction in procurement costs without compromising quality.
- Supplier Performance: On-time delivery rate, quality acceptance rate, and supplier compliance.
- Inventory Turnover Ratio: Frequency of inventory replacement in a given period.
- Stock Accuracy: Accuracy of inventory records versus physical counts.
- Procurement Cycle Time: Time taken to complete procurement requests.
- Reduction in Stockouts: Decrease in the number of stockouts affecting operations.
- Waste Reduction: Percentage of reduction in obsolete or expired inventory.
Qualifications and Experience
Education:
- Bachelor’s Degree in Supply Chain Management, Business Administration, Logistics, or a related field.
- A Master’s degree is an advantage.
Certifications:
- Professional certifications such as CIPS (Chartered Institute of Procurement & Supply), CPSM (Certified Professional in Supply Management), or APICS (Certified Supply Chain Professional).
Experience:
- Minimum of 10 years of experience in procurement, inventory management, or supply chain management, with at least 5 years in a leadership role.
- Proven track record of achieving cost savings and optimizing procurement and inventory processes.
- Experience across multiple industries or sectors is an advantage.
Key Attributes:
- Strong commercial acumen.
- Ability to thrive in a fast-paced, dynamic environment.
- Commitment to ethical sourcing and sustainability.
- Proactive and results-oriented mindset.
Required Skills and Competencies
Technical Skills:
- Expertise in procurement and inventory management software (e.g., SAP, Oracle, Microsoft Dynamics).
- Strong knowledge of supply chain management principles and practices.
- Familiarity with contract law, vendor compliance, and negotiation tactics.
Soft Skills:
- Excellent communication, negotiation, and interpersonal skills.
- Strategic thinking with strong analytical and problem-solving abilities.
- Leadership and team management skills.
- Attention to detail and organizational skills.
Career Growth Opportunity:
- This role offers a pathway to higher leadership positions, including Chief Operating Officer (COO) or Chief Procurement Officer (CPO), based on performance and contribution to organizational growth.