The Complete Course on Inventory Management

This course will feature:

• Reduction in inventory investment
• Improved customer satisfaction
• Reduced cost of running the inventory management function
• Understanding inventory categories in management
• Management of Stock Keeping Units in terms of their priorities

By the end of this course, participants will be able to:

• Understand the importance of inventory & the role it plays in the profitability of the company
• Examine the most appropriate method for managing an item
• Understand the value chain in inventory management
• Apply best methods to optimise the investment in inventory
• Examine the appropriate inventory management technique for each type of item

Participant

This course is suitable to a wide range of professionals but will greatly benefit:

• Those involved in inventory, albeit as supplier, buyer, materials planner, warehousing, finance or even end-customer
• Professionals and staff in the organization who are responsible for reducing costs, increasing productivity, raising inventory turns and enhancing customer service through high fill rates, accurate information and excellent order fulfillment

Course Outline

Inventory in the Value Chain

• The purpose of inventory in the value chain
• Classification of inventory
• Procedure for eliminating obsolete inventory
• Pareto Law in identifying product Classification
• Location of inventory
• Using Economic Order Quantity on managing inventory order levels

Demand Planning

• Basic forecasting methods
• Customer segmentation
• Hierarchy of planning
• Aggregate planning
• Maintenance & Inventory planning meeting
• Master Scheduling

Forecasting

• Principles of forecasting
• Effect of lead time on the forecasting process
• Quantitative forecasting
• Qualitative forecasting
• Tracking forecast accuracy
•  Determining safety stock

Inventory Recording

• Period stock take
• Cycle counting
• Perpetual recording
• Utilizing Bar-cades to manage inventory and movements
• The use of Radio Frequency Identification (RFID) for recording inventory movement
• Inventory accounting

Performance Measurement

• Stock turnover rate
• Customer service
• Cost of operations
• Measuring the effectiveness of your system
• How to use the measurements
• Class exercise on selective inventory management