Key Responsibility Areas (KRA) & Key Performance Indicators (KPI) for Inventory Incharge
1. Inventory Management
KRA: Ensuring accurate tracking and management of inventory levels to meet operational needs efficiently.
Short Description: Efficiently manage inventory levels.
- KPI 1: Inventory turnover rate
- KPI 2: Stock-out rate
- KPI 3: Order fulfillment accuracy
- KPI 4: Inventory carrying costs
2. Stock Replenishment
KRA: Timely replenishment of stock to prevent stockouts and minimize excess inventory.
Short Description: Ensure timely stock replenishment.
- KPI 1: Reorder point accuracy
- KPI 2: Lead time for stock replenishment
- KPI 3: Percentage of emergency orders
- KPI 4: Stock replenishment cycle time
3. Inventory Accuracy
KRA: Maintaining high levels of inventory accuracy through regular audits and reconciliation.
Short Description: Ensure inventory accuracy through audits.
- KPI 1: Inventory count accuracy
- KPI 2: Inventory shrinkage rate
- KPI 3: Cycle count accuracy
- KPI 4: Root cause analysis of discrepancies
4. Supplier Management
KRA: Establishing and maintaining strong relationships with suppliers to ensure timely deliveries and favorable terms.
Short Description: Manage relationships with suppliers.
- KPI 1: Supplier lead time compliance
- KPI 2: Supplier quality ratings
- KPI 3: Percentage of on-time deliveries
- KPI 4: Contract negotiation success rate
5. Demand Forecasting
KRA: Analyzing market trends and historical data to forecast demand accurately.
Short Description: Accurately forecast demand.
- KPI 1: Forecast accuracy rate
- KPI 2: Forecast bias analysis
- KPI 3: Demand variance analysis
- KPI 4: Sales forecast alignment
6. Cost Control
KRA: Implementing cost-effective measures to control inventory-related expenses.
Short Description: Control inventory costs efficiently.
- KPI 1: Inventory turnover ratio
- KPI 2: Cost per unit of inventory
- KPI 3: Cost savings through optimization
- KPI 4: Cost of goods sold (COGS) reduction
7. Warehouse Management
KRA: Ensuring efficient warehouse operations and layout for optimal inventory handling.
Short Description: Optimize warehouse operations.
- KPI 1: Warehouse capacity utilization
- KPI 2: Order picking accuracy
- KPI 3: Warehouse turnover rate
- KPI 4: Warehouse labor productivity
8. Risk Management
KRA: Identifying and mitigating inventory-related risks to minimize disruptions.
Short Description: Identify and mitigate inventory risks.
- KPI 1: Risk assessment completion rate
- KPI 2: Inventory loss prevention measures
- KPI 3: Compliance with regulatory requirements
- KPI 4: Business continuity plan effectiveness
9. Performance Reporting
KRA: Generating regular reports on key inventory metrics for management review and decision-making.
Short Description: Provide insightful inventory reports.
- KPI 1: Report accuracy and timeliness
- KPI 2: Key performance indicator dashboard development
- KPI 3: Management utilization of reports
- KPI 4: Actionable insights from reports
10. Continuous Improvement
KRA: Proactively identifying areas for process improvement and implementing efficiency enhancements.
Short Description: Drive continuous improvement initiatives.
- KPI 1: Number of process improvement initiatives implemented
- KPI 2: Employee engagement in improvement projects
- KPI 3: Cost savings from improvement projects
- KPI 4: Reduction in inventory-related errors
