Inventory and Stock Management Control (10 Days)

Introduction:

Inventory management and stock control are crucial yet often misunderstood aspects of procurement and supply chain management. Excessive investment in inventory can lead to higher operational costs and obsolescence over time.

Enhance your supply chain management skills with our comprehensive Inventory and Stock Control Management training course. This course will provide you with the necessary expertise to manage inventories effectively and is recognized by a certification in stock control and inventory management.

Successful participants will receive a certificate of competency in inventory and stock control management.

Objectives:

By the end of this stock control and inventory management training, participants will be able to:

• Critically assess existing systems.
• Investigate how lead time queues build up.
• Overhaul inventory planning techniques.
• Make practical decisions to eliminate unnecessary expenses.
• Prevent bottlenecks in performance due to internal conflicts.
• Utilize state-of-the-art practices in inventory management.
• Understand the importance of time.
• Ensure customer movement is limited to value-adding activities.
• Collaborate with all participants in the supply chain.
• Be creative in managing inventory.
• Adopt the most effective methods of inventory management.
• Follow the eight basic principles of supply chain management.

Training Methodology:

• Case studies
• Simulations
• Workshops
• Role plays
• Expert lectures
• Group discussions
• Interactive exercises

Course Outline:

Unit 1: Inventory and the Supply Chain

• Definition of inventory management
• Types of stock
• Demand amplifications
• Demand replenishment in networks
• Management of flows
• Supply chain type I and II
• The supply chain rules
• Stock and statistics
• Service level concept

Unit 2: Inventory Key Concepts

• Key component: Demand analysis
• Key component: Demand forecasting
• Key component: Supply lead time
• Key component: Cost and benefits
• Benefits of inventory
• Policies regarding inventories
• Inventory management in organizations

Unit 3: Inventory Replenishment Methods and Systems

• Basic mechanics of inventory systems
• The stock time curve
• Components of stock
• Stock investment
• Calculation of free stock
• Simple replenishment examples (e.g., Min/Max)
• Precision methods (e.g., Reorder Point and Reorder Level (ROP/ROL))
• Systems of requirements planning (e.g., MRP/MRPII)

Unit 4: Stock Control - Coding

• Various means of coding
• The need for inventory receipts
• Determination of surplus and obsolete stock
• Checklists for selecting the best coding methods

Unit 5: Stock Control - Recording

• Separation of powers
• Recording procedures

Unit 6: Stock Control - Checking

• Roles and responsibilities
• Requirements
• Job descriptions
• Levels of authority
• Tolerances and approvals
• Stocktaking program
• Methods of stock-taking
• Reconciliation of differences

Unit 7: Performance of Inventory

• Performance evaluation
• Estimation of stock
• Warehouse IT's role in inventory control
• Stock level target setting
• Inventory activities
• Warehouse/store turnover and audit rates

Unit 8: Inventory Policies

• Push/pull systems
• Quick Response (QR)
• Efficient Consumer Response (ECR)
• Collaborative Planning, Forecasting, and Replenishment (CPFR)
• Lean and agile supply chains
• Total Quality Management (TQM)
• Postponement
• Cross docking
• Consolidation
• Vendor Managed Inventory (VMI)
• Pledged inventory
• Inventory by contract management (CMI)
• Product profitability
• Economic Value Added (EVA)
• Collaborative supply chains

Unit 9: Improvements in Inventory

• Enhancing the supply chain
• Theory of Constraints (TOC)
• Commonplace inventory improvements
• Call-offs and telemetry
• Electronic Data Interchange (EDI) and ICT
• Strategies for inventory level reduction
• The 7 rules for inventory planning
• Inventory planning model