Procurement/Inventory Specialist
Toronto, ON, Canada
Full Time
Mid Level
The Procurement/Inventory Specialist plays a crucial role in optimizing our supply chain by analyzing purchasing and inventory data, identifying cost-saving opportunities, and supporting strategic sourcing initiatives. This individual will report to the General Manager and work closely with suppliers, production, inventory control, and other internal departments to ensure the timely, cost-effective procurement and management of materials necessary for our manufacturing operations.
Key Responsibilities:
Data Analysis & Reporting:
Education:
Data Analysis & Reporting:
- Collect, analyze, and interpret complex purchasing and inventory data, including spend analysis, supplier performance, pricing trends, inventory turnover, and stock levels.
- Develop and maintain reports, dashboards, and metrics to track key purchasing and inventory KPIs (e.g., days on hand, reorder points, obsolete stock).
- Identify variances and trends in purchasing and inventory data and recommend corrective actions or opportunities for improvement.
- Conduct customer product uses analysis to determine product benefits or needed substitutions.
- Monitor and manage inventory levels to ensure optimal stock availability while minimizing excess or obsolete inventory.
- Collaborate with warehouse and production teams to ensure accurate inventory tracking, timely replenishment, and efficient material flow.
- Support cycle counting, physical inventory audits, and reconciliation processes to maintain inventory accuracy.
- Develop and implement inventory control strategies that align with production needs and reduce carrying costs.
- Identify and facilitate the removal or substitution of non-performing materials based on usage trends and customer requirements.
- Proactively identify opportunities for cost reductions through strategic sourcing, inventory consolidation, negotiation support, and process improvements.
- Assist in the development and implementation of cost-saving initiatives and track their effectiveness.
- Conduct market research to identify new suppliers, materials, and technologies that could lead to cost efficiencies or improved product quality.
- Support the evaluation and selection of new suppliers, including conducting financial and operational assessments.
- Monitor supplier performance against agreed-upon metrics (e.g., on-time delivery, quality, cost, lead time).
- Assist in the negotiation of contracts, terms, and pricing with suppliers.
- Develop and maintain strong relationships with key suppliers.
- Collaborate with production planning and inventory control teams to align material requirements with forecasts, lead times, and safety stock levels.
- Analyze demand forecasts and their impact on purchasing and inventory decisions.
- Identify and mitigate potential supply chain and inventory risks.
- Evaluate underperforming or obsolete materials and recommend removal, substitution, or repurposing.
- Identify and recommend improvements to purchasing and inventory management processes, systems, and tools to enhance efficiency and accuracy.
- Contribute to the development and implementation of best practices in procurement and inventory control.
- Drive material reduction plans focus on eliminating low-margin or underutilized materials.
- Work closely with engineering, production, quality, inventory, and finance departments to ensure alignment on material specifications, delivery schedules, inventory targets, and cost goals.
- Provide procurement and inventory support for new product development initiatives.
Education:
- Bachelor’s degree in Supply Chain Management, Business Administration, Finance, Economics, or a related field.
- 2–3 years of experience in purchasing, procurement, inventory management, or supply chain analysis, preferably within a manufacturing environment.
- Proven experience with data analysis and reporting, including advanced proficiency in Microsoft Excel.
- Strong analytical and problem-solving skills with the ability to interpret complex data and draw actionable conclusions.
- Excellent communication (written and verbal) and interpersonal skills, with the ability to build rapport and negotiate effectively.
- Knowledge of purchasing, supplier relationship management, inventory control principles and best practices.
- Ability to work independently and collaboratively in a fast-paced manufacturing environment.
- Strong attention to detail and accuracy.
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