Course description
Inventory management can make or break a business. Inventory is often the largest item in the current assets category on a balance sheet. Issues with inventory can contribute to business losses, even failures. Proper management of the supply chain, on the other hand, can allow a business to thrive.
Good inventory management strikes a balance between the amount of inventory coming in and going out. It controls the timing and costs of non-capitalized assets and stock items, allowing a business to reach optimal profitability.
Inventory Management MasterClass training course, intended to provide an understanding how inventory management techniques can be used in a wide variety of situations, particularly in stores where the inventory can be anything from fast moving products to slow-moving spares.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Inventory Management Master Class Training Course, is ideal for :
- Those Involved in Inventory, Albeit as Supplier, Buyer, Materials Planner, Warehousing, Finance or Even End-Customer
- Professionals and Staff in the Organization Who Are Responsible for Reducing Costs, Increasing Productivity, Raising Inventory Turns and Enhancing Customer Service Through High Fill Rates, Accurate Information and Excellent Order Fulfillment
Outcome / Qualification etc.
By attending TheInventory Management Master Class Training course, you will be able to :
- Understand the importance of inventory & the role it plays in the profitability of the company
- Examine the most appropriate method for managing an item
- Plan and Maintain Inventory at Sufficiently High Level to Support Production and Operations Activities Smoothly
- Minimize Investment in Inventory at Minimum Level to Maximize Profitability
- To Evaluate Investment in Inventory at Optimum Level Thus Minimizing Carrying Cost of Inventory
- Establish Selective Inventory Management Control Utilizing Value and Criticality Analysis
- Establishing Minimum Inventory Ordering Cost Using Economic Order Quantity Principles
- Understand how inventory structuring, individual item control, forecasting and co-ordination provide the base for logistics management.
- Understand the vital role of inventory & the role it plays in the profitability of the company.
- Examine the most appropriate method for managing an item.
- Comprehend the value chain in inventory management.
- Apply best methods to optimise the investment in inventory.
- Examine the appropriate inventory management technique for each type of item.
Training Course Content
Day 1
Inventory in the Value Chain
- The purpose of inventory in the value chain.
- Classification of inventory.
- Procedure for eliminating obsolete inventory.
- Pareto Law in identifying product Classification.
- Location of inventory.
- Using Economic Order Quantity on managing inventory order levels.
Day 2
Demand Planning
- Basic forecasting methods.
- Customer segmentation.
- Hierarchy of planning.
- Aggregate planning.
- Maintenance & Inventory planning meeting.
- Master Scheduling.
Day 3
Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
Day 4
Inventory Recording
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
Day 5
Performance Measurement
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
Day 6
Setting the right stock levels
- A simple assessment of review levels.
- Managing lead times.
- Target stock levels.
- The changing role of purchasing.
Day 7
Modern supply practice
- Supply partnerships.
- The ordering processes.
- Order quantities.
- Purchasing processes.
- Forecasting demand.
Options for assessing demand
- Causes of forecasting techniques.
- Methods of improving forecasts.
- Historical forecasting techniques.
Day 8
Basic forecasting techniques
- Weighted averages.
- Choosing the best forecast.
- Monitoring forecasts.
- Advanced forecasting methods.
More forecasting tools
- Forecasting for seasonal sales.
- Other methods.
- Material requirements planning – an alternative to forecasting.
Day 9
Avoiding uncertainty
- Material requirements planning.
- Master planning.
- Batch sizes.
- The future – inventory and logistics.
Day 10
The basis of the lean supply chain
- Logistics.
- Review.
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...