Inventory Reconciliation

Job Description

Job Description About Lowes Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com. About the Team The Inventory Reconciliation Team performs audits of Lowe's Stores and DCs inventories and identify and resolve the Shrinkage caused due to various reasons. The specialist doing the audits are called Inventory auditors. Team performs audit of Stores or DCs after US team completes physical inventory audits. They are expected to resolve/reduce the shrinkage on inventory. Job Summary: The primary purpose of this role is to perform audits of Lowe's inventories and identify and resolve the Shrinkage caused due to various reasons. The specialist doing the audits are called Inventory auditors. Auditors perform audits of Stores or DCs after US team completes physical inventory audits on every Wednesday. Physical Inventory managers update the system with their findings and post that Inventory auditors need to extract various reports and access various systems to get the data to perform the audits. The inventory auditor need to have an excellent auditing and analytical skills to understand the data recorded in the stores system and DCs and perform the audits. Should be able to understand the operational functions of the stores from ordering the product to selling it to the customer. Should be able to visualize and make good judgement of the store process in order to perform the audits. Should have a good communication skill to communicate with the stores team and be able to make them understand the requirements of the audits and also should be able to get the inventories corrected in case of discrepancies. Should be able to make stores team aware of the shrink situation of their store and should guide the store thoroughly to investigate and resolve the shrink. Should be very pro-active in approaching the stores team and getting the required rectification done on time on inventories and close the audits with accuracy. Roles & Responsibilities: Core Responsibilities: Key Responsibilities The auditor should understand the process of Store/DC audits and should be that they are proficient in completing audits with minimal direction, within the targeted TATs, within 6 months of joining the team. Should have a good understanding of the impacts of RQA and ICB adjustments on audit results. The auditor should have good understanding of research and investigating of the focus items of the store and should update the PSR file with relevant comments of the investigation. Auditor should follow all the procedures laid out for the doing the investigation and research of the focus items. Should have knowledge of making the required adjustments on the store inventory. The auditor should be responsible for doing the audits from start to end (sending out intro mails to doing closeouts). The auditor should quickly escalate to their seniors/ leads for any issues or clarifications on the audits. The auditor should complete the audits assigned within 2 weeks/3 weeks from the match date. (90% in 2 weeks and 100% in 3 weeks) Years of Experience: 4 to 6 years of work exp. Preferably in retail business. Education Qualification & Certifications (optional) Required Minimum Qualifications: Bachelor's degree Skill Set Required Primary Skills (must have) Good communication skills and articulate skills Must be from accounting background. Must have the knowledge on the Inventory audits/ AP and PO corrections/Shrinkage/ DB. Should have good excel skills. Should be able to process the huge volumes on quantity corrections or Interco Shipments. Should be a quick learner and should be able to Analyze and investigate the issues on Store/DC transactions. Secondary Skills (desired) Should be from Retail industry having knowledge of retail operations. Should have worked on Inventory Audits or have used DB. Should have the knowledge of Shrinkage reduction, PO corrections, Impact of wrong entry in to Stores system