Training on Integrated Inventory and Warehouse Management
The value of supply chain management cannot be overstated in this day of intense competition. Inventory control and warehousing are essential elements of supply chain management. To increase customer satisfaction, reduce obsolete inventory, and optimize supply chain costs, these functions need to be strategically controlled. Today’s supply chain practitioners must have expertise in cutting-edge storage and inventory management solutions.
Participants will learn the fundamentals of strategic warehousing and inventory management throughout this integrated inventory and warehouse management training, as well as the best ways to manage inventory and warehouse.
Target Participants
Integrated inventory and warehouse management training is ideal for inventory, stock, supply chain, logistics, warehouse and distribution professionals, project managers, finance staff, operational staff, government officials, and any other professionals who want to build their skills in supply chain management.
Course Duration
Online 7 Days
Classroom-based 5 Days
What you will learn
By the end of this course the participants will be able to:
- Understand and implement different tools for managing inventory in the supply chain
- Appreciate the strategic importance of warehousing and inventory
- Improve the efficiency of warehouse and inventory management operations
- Identify and understand key performance indicators
- Develop an inventory strategy in the warehouse
Inventory and the Supply Chain
- Inventory flow in the supply chain
- Inventory definitions and importance
- The basic rules of a successful supply chain
- Supply chain and inventory dynamics
- Financial management, cash flow, and inventory
- Statistics application in inventory control
- Truths on inventory visibility
Key Components to Understanding Effective Inventory Control
- End-user demand analysis
- Forecasting for operations and maintenance
- Understanding supply lead time
- Cost & benefits analysis
- Developing inventory policies
- The need for inventory in an organization
Inventory Methods and Systems
- Basic mechanics of inventory systems
- Establishing order quantity
- Implications of free stock in inventory
- Replenishment methods, reorder point, and reorder level (ROP / ROL)
- Requirements for planning systems, bills of material, and inventory planning
- Inventory control methods
Establishing Stock Control
- Establishing stock checking
- Developing stock accuracy
- Stock tolerances and approvals
- Stock reconciliations/discrepancies
- Identifying surplus and obsolescent stock
- Identifying different storage conditions
- Understanding stock coding
- Stock variety reductions
Implementing the Tactical Procurement Decisions
- Supplier Involvement
- Value analysis
- Quality Assurance
- Supplier selection
- Supplier rating and ranking
- Contract management
- IT systems and e-Procurement
- Policies and procedures
- Staffing the procurement department
