Program Overview
Business today must have a good understanding of the value structure and strategy of Materials Management in order to compete in the new millennium. The efficient management of inventory and material planning has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line. Holding cost for Inventory accounts for the largest component of working capital in most organisations. High levels of Inventory costs money and take up valuable space. This inefficiency is what makes organisations lose competitive edge. Thus, new and effective techniques need to be adopted in order for the inventory to move efficiently and, purchasing and holding cost to be reduced.
Managing Inventory & Stock Control training focuses on all major aspects of inventory planning and stock control. This course emphasis on latest demand planning theories, models and best practices strategies to build competency of participants. It helps participants to learn how to deal with future scenarios to improve customer service whilst achieving optimal inventory level and obtain added value for money.
Learning Outcome
Understand objectives of the modern inventory management and stock control
Insight on demand planning, role of finance, cost implications and customer service
Formulate inventory classifications, types of demand and various factors affecting the demand
Applications of forecasting techniques to determine demand and efficient management of lead-time
Understand modern inventory systems, methods, and their applications
Establish optimum order quantity, safety stock and reorder point to maximize inventory turn
Understand various stock controlling tools and techniques to eliminate waste, improve efficiency and cost of warehouse operations
To equip the Stores/ Inventory professionals with Effective Inventory Management Strategies.
Minimize Overheads and High holding costs - Avoid losses and optimize savings
Develop an understanding of key issues and trade-off that is central to the definition of Inventory policy and control.
How store and warehouse personnel can help organizations to increase productivity and to prevent losses.
Take decisions effectively as to how much quantity to order, when to order and why only that quantity to order - Determine Economic Order Quantities (EOQ).
To enable participants to recognize the importance of an organized and Effective warehouse Management
Understand the role of maintaining the Inventory and how to release the working capital by holding a lean inventory
EnhauLearn Inventory management best practices to help you to reduce cost, increase productivity and customer satisfactionsinesork
Establish Inventory management performance (KPIs) and continues improvement measures
Program Outline
Module 1 - Inventory Management Overview
Module 2: Materials Management and Procurement
Module 3: Inventory Systems and Methods
Module 4: Inventory Management
Module 5: Classification of Inventory and Demand Planning
Module 6: Effective Warehouse/Stores Management
Module 7: Inventory Management Best Practices
Module 8: Course Summary – Developing your Action Plan
Who Should Attend:
1. Supply Chain Management Professionals
2. Demand and Supply planning professionals
3. Production planners
4. Project managers
5. Those New to Managing Inventory and Inventory controllers
6. Those Non inventory people who need to gain an awareness of the issues and key drivers of stock control operations
7. Logistics, Warehouse and Distribution Professionals
Methodology
This stimulating program will maximize understanding and learning through Interactive Lectures, Course notes, Videos, Learning Assessment after each Module.