Inventory Management is a key strategic enabler in a company’s ability to design its manufacturing process, deliver to customer expectations, and minimize overall costs.
Inventory Management does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations.
After going through Inventory Management process improvement training participants will understand and learn about:
- Learn how to control inventory accuracy.
- Understand the basic principles and functions of inventory.
- Learn how to manage inventory and measure inventory performance.
- Understand the role of inventory in the supply chain.
- Learn about the different types of inventory systems.
- Understand the methods used by organizations to obtain the right quantities of stock or inventory.
- Learn how to eliminate wasteful costs.
Who Should Attend
- Inventory Professionals
- Warehouse Managers
- Account Managers
- Purchasing & Facility Supervisors
- Financial Controllers
- Internal Auditors
- Warehouse Assistants
- Operations Managers
Benefits of Attending
Inventory controls are often overlooked and are not thought to be an important activity. Therefore, incorrect levels of inventory can be held with attendant knock-on effects on costs, availability, and customer service. Participants should be able to understand the financial impacts of inventory and the risks in both over and under the holding of inventory. The management of inventory, including lead time management, demand planning, and interfacing with other functional groups, directly and indirectly, involved in inventory planning and operations.
Inventory Management process improvement training workshop will offer the following benefits:
- Optimize inventory levels to support customer expectations.
- A greater understanding of the goals and objectives of inventory management.
- Know about the financial benefits that inventory management can bring.
- Make needed changes to methods to improve customer service whilst achieving reductions in inventory.
- Reduce wasteful costs through inventory management.
- Formulate and implement improved strategies in the domain of inventory.
- Implement the essential tools for managing inventory in the supply chain.
– What is Inventory Management
– Why is Inventory Management important
– Why keep Inventory, How much Inventory to Keep
– The Financial Implications of Holding Inventory
– The Cost of not holding enough Inventory
– The Role of the Inventory Manager
– Stocks in Supply chain, Stocks within an Organization
– Strategic role of stock
– Approaches to inventory control
2. Methods for Independent Demand
– Economic Order Quantity
– Uncertainty in demand and costs
– Models for Known Demand
– Constraints on stock
– Models for Uncertain Demand
– Uncertainty in stocks
– Models for discrete demand
– Service Level Policies – OTIF
– Uncertain lead time demand
3. Information for Inventory Management
– Introduction to Effective Inventory Management
– Inventory Management & the Supply Chain Strategy
– Demand Forecasting
– Lead time Management
– Understanding SAP Fundamentals & Terminology
– Sources of Information
– Introduction to Inventory Planning
– Inventory Categorization Techniques
– Traceability, and Variety Reduction
– Inventory Coding Systems
– The Inventory Management Plan
4. Methods for Dependent Demand
– Material Requirements Planning
– Approach of material requirements planning
– Beneﬁts and problems with MRP
– Extensions to MRP
– Principles of just-in-time
– Beneﬁts and disadvantages of JIT
– Extending JIT along the supply chain
– Comparisons with other methods of inventory management
5. Inventory Operations
– Introduction to Inventory Operations
– Monitoring Movements
– Measuring and Valuation of Inventory
– Receipt & Issuance of Inventory
– Systems to Replenish Inventory
– How Much to Order – EOQ
– When to Place an Order – ROP
6. Warehouse Planning & Systems
– Introduction to Warehouse Planning & Systems
– Warehouse Location & Acquisition Options
– Warehouse Design
– Warehouse Layout
– Materials Handling & Equipment
– Warehouse Operations
– Record-Keeping & Communication
– Perpetual Systems/Continuous Review Systems
– International Quality Standards
– Physical Inventory & Cycle Counting
Feedback From Past Participants
This workshop helped us to improve our knowledge of how to implement an inventory management process across an organization.
This workshop had knowledge about the fundamental differences between finished goods, raw materials, and work-in-process inventories found in the manufacturing environment.
The trainer’s guidance has helped us to recognize the importance of an organized and effective inventory management system.