Inventory Management Training

Introduction:

Inventory Management Training are crucial for optimizing purchasing operations and the supply chain. Often overlooked, inadequate attention to inventory can result in excessive stock levels, increased costs, and obsolete products. This inventory management training course is designed for professionals seeking mastery in inventory and warehouse management. Key training areas include:

Objectives:

By the end of this Inventory Management Training course, participants will:

• Adequately understand the relationship between time and cash flow.
• Determine how value is created by customers using specific tools.
• Interact effectively with all individuals in the supply chain.
• Analyze problems using conventional methods.
• Adopt tailored inventory management practices for their organization.
• Comprehend and apply the Eight Rules for Effective Supply Chain Management.
• Evaluate and improve current processes.
• Measure and control lead time variations.
• Revise inventory management policies.
• Develop practical skills to eliminate unnecessary expenses.
• Identify and address internal performance issues.
• Appreciate and use leading inventory management systems in supply chains.

Training Methodology:

• Case Studies
• Interactive Workshops
• Role-Playing
• Simulations
• Group Discussions

Course Outline:

Unit 1: Inventory Management and The Supply Chain

• Inventory management definition
• Types of stock
• Demand amplifications
• Demand replenishment in networks
• Managing the flows
• Type I and II supply chains
• Supply chain rules in inventory management
• Statistics in inventory management
• Service level concept

Unit 2: Inventory Management Key Concepts

• Demand analysis
• Demand forecasting
• Supply lead time
• Cost and benefits
• Benefits of inventory management
• Inventory management policy
• Management of inventories in organizations

Unit 3: Inventory Management Replenishment Methods and Systems

• Basic mechanics of inventory management systems
• Stock time curve
• Components of stock
• Allocation of stock investment
• Calculation of free stock
• Min/Max replenishment
• ROP/ROL Reorder Point Method and ROL Reorder Level Method
• MRP / MRPII systems for requirements planning

Unit 4: Stock Control - Coding

• Various coding techniques
• Significance of receipts of inventories
• Detection of excess and obsolete stock
• Checklists for optimal decision-making

Unit 5: Stock Control - Recording

• Separation of powers
• Legal issues
• Causes of inaccuracies

Unit 6: Stock Control - Checking

• Roles and responsibilities
• Requirements
• Job descriptions
• Authority levels
• Tolerances and approvals
• Stock check program
• Stock-checking methods
• Reconciliations/discrepancies

Unit 7: Inventory Management Process of Assessing

• Evaluating inventory system performance
• Target inventory level evaluation
• Determinants of inventory concepts
• Invoicing and stock levels
• Inventory management queries
• KPIs for warehouses/stores

Unit 8: Inventory Management Principles

• Push/Pull systems
• Quick response (QR)
• Efficient consumer response (ECR)
• Collaborative planning, forecasting, and replenishment (CPFR)
• Lean and agile approaches
• Quality management
• Postponement
• Cross docking
• Consolidation
• Vendor-managed inventory (VMI)
• Consignment stocking
• Co-managed inventory (CMI)
• Direct product profitability (DPP)
• Economic value added (EVA)
• Collaborative supply chains

Unit 9: Inventory Management Sustaining Development

• Management of supply chains
• Constraints strategy
• Immediate inventory enhancement requirements
• Call-offs and telemetry
• EDI and ICT
• Strategies to reduce stock levels
• The 7 Rules for planning inventory
• Inventory planning model

Professional Development and Career Advancement

This inventory management course enhances professional development by offering comprehensive training in inventory and warehouse management. It provides opportunities for growth in the following areas:

• Warehouse Management Course
• Inventory Analyst Training
• Inventory Management Training