Training on Inventory and Stock Control

About the Program

Inventory management is the supervision of inventory and stock of goods. It is a part of the supply chain and is concerned with the transfer of goods from manufacturers to warehouses for storage and then from warehouses to the place of sale of goods. Inventory could be either raw material or the finished product or both. Inventory is one of the most valuable assets of an organization and hence should be protected from risk of spoilage, theft or damage. Inventory management ensures that inventory storage and transport does not hamper the quality of goods and that goods reach the customer in time.

By the end of this training, the participants will be able to understand about:

1. Gain detailed understanding and knowledge of effective inventory management
2. Greater ability and confidence to oversee and successfully handle inventory control for the organization
3. Increased knowledge and experience to train other professionals on effective inventory management
4. Enhanced skillset and eye to detail to audit existing systems and processes and make changes for the better, ensuring timely delivery of superior quality goods to the customer
5. Increased knowledge and ability to apply advanced methods and ideas to enhance the inventory management process of the organization

Target Audience

• Inventory control and planning managers and supervisors
• Quality checkers and compliance official
• Vendors and other external stakeholder
• Legal officers and financial advisors

Training Period

• Classroom: 5 Days
• Online: 7 Days

Modules

Module 1: Types of Inventory

• Raw materials
• Work-in-progress
• Finished goods
• Maintenance, repair and operating goods
• Services
• Transportation

•Module 2 – Types of Inventory Costs

• Holding/carrying costs
• Ordering costs
• Stock-out costs

Module 3: Importance of Inventory Management

• Higher profits through reduced costs and increased sales
• Improved customer service
• Reduced inventory investment
• Increased productivity
• Inventory record accuracy

Module 4: Types of Inventory Management Strategies

• Just-in-time
• Material requirements planning
• Hybrid push–pull
• Supply chain management

Module 5: Objectives of Inventory Planning

• Customer satisfaction
• Forecasting needs
• Controlling costs
• Successful storage

•Module 6: Objectives of Inventory Control

• Protection against fluctuation in demand
• Better use of men, material and machines
• Protection against fluctuations in output
• Control of stock volume
• Control of stock distribution

Module 7:  Inventory Control Techniques

• Set par levels
• Use first-in, first-out
• Manage relationships
• Apply contingency planning
• Follow regular auditing
• Prioritise with ABC
• Advocate accurate forecasting
• Consider drop shipping

Module 8:  Steps in Inventory Control

• Deciding minimum and maximum inventory limits
• Determining re-order point
• Determining re-order quantity
• ABC analysis

Module 9: Factors Influencing Inventory Control

• Requirements
• Quantity in stock order
• Procurement time/Lead time
• Obsolescence
• Profitability

Module 10: Factors Influencing Inventory Control

• Requirements
• Quantity in stock order
• Procurement time/Lead time
• Obsolescence
• Profitability
• Planning
• Procuring
• Receiving and inspecting
• Storing and issuing
• Recording
• Physical verification
• Follow-up
• Material standardisation and substitution

Module 11:  Steps in Inventory Control

• Deciding minimum and maximum inventory limits
• Determining re-order point
• Determining re-order quantity
• ABC analysis

Module 12: Factors Influencing Inventory Control

• Requirements
• Quantity in stock order
• Procurement time/Lead time
• Obsolescence
• Profitability

Delivery Method

This program is taught through a mix of practical activities, theory, group work and case studies. Training manuals and additional reference materials are provided to the participants.

CERTIFICATION

Upon successful completion of the training, participants will be awarded a certificate of course completion