Training on Inventory Management

About the Program

Knowledge of Inventory Management is critical for the effective management of procurement and the supply chain. The primary goal of inventory management is to ensure that an organization has the right quantity of products or materials at the right time, minimizing costs while meeting customer demand and maintaining operational efficiency. Inventory management plays a crucial role in the overall supply chain and ensures that an organization can meet customer demands while maintaining a healthy bottom line.

This training program will equip participants with skills that will enhance effective inventory management contributing to improved customer satisfaction, reduced carrying costs, and increased operational efficiency in the organization.

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

1. Understand more on Stock and inventory analyzing 
2. Comprehend the role of inventory in the supply chain
3. Balance cost and service requirements
4. Apply best practices for continual improvement

Target Audience

• Inventory Managers
• Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals
• Non-inventory people who need to gain an awareness of the issues and key drivers of stock control operations

Training Period

• Classroom: 5 Days
• Online: 7 Days

Modules

Module 1: Inventory 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
• The Supply Chain Rules
• Inventory and statistics
• Concept of service level

Module 2: Inventory Key Concepts

• Key Component: Demand Analysis and Forecasting
• Key Component: Supply Lead Time
• Key Component: Cost & Benefits
• Inventory benefits and policies
• Inventory in organizations

Module 3: Inventory Replenishment Methods and Systems

• Basic mechanics of inventory systems
• The stock time curve
• Stock components and Investment
• Free stock calculation
• Simple replenishment methods, for example, Min/Max
• Accurate replenishment methods, for example, Reorder Point and Reorder Level (ROP/ROL)
• Requirements planning systems, for example, Materials/Manufacturing Resource/Requirements Planning (MRP / MRPII)

Module 4: Stock Control-Coding and Recording

• Different coding methods
• Importance of inventory receipts
• Identifying surplus and obsolescent stock
• Checklists to help on deciding the best option
• Separation of powers

Module 5: Stock Control-Checking

• Roles and responsibility
• Requirements
• Job Descriptions
• Authority levels
• Tolerances and approvals
• The stock check program
• Options for stock checking methods
• Reconciliations / discrepancies

Module 6: Inventory Performance

• Inventory Performance
• Assessing the stock level
• Models for implementing inventory control
• Determining stock targets
• Inventory questions
• Inventory KPI’s in warehouses/stores

Module 7: Inventory Strategies

• Push/Pull
• 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

Module 8: Inventory Improvements

• Using the Supply Chain
• Using the Theory of Constraints
• Practical inventory improvements
• Call offs and Telemetry
• EDI and ICT
• Keys to reducing stock levels
• The 7 Rules for planning inventory
• Model for planning inventory

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