Training on Inventory and Stock Control Management
The performance and cost of the supply chain are significantly influenced by the effective management of inventory and material planning. Low customer order fulfillment rates and high inventory carrying costs are the results of poor inventory management. A certain amount of commercial risk is involved with carrying inventories. Excess, obsolete, and mismanaged inventory will reduce the company’s equity. Businesses must assess their inventory carrying costs and find ways to cut them to boost their bottom line.
This training on inventory and stock control management course on managing inventory and stock control focuses on all key facets of inventory planning and stock management. The emphasis of this training is on-demand planning theories, models, and best practices tactics to increase participant competency.
Target Participants
Training on inventory and stock control management 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:
- Improve management of inventories from receiving products to storage and delivering
- Identify and understand key performance indicators
- Develop an inventory strategy in the warehouse
- Establish more accurate forecast demands and maximize the degree of service by reducing inventory with a time-conscious and integrated inventory management process
- Manage the inventory and supply chain effectively to reduce cost, improve customer satisfaction and increase safety and productivity
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
Understanding Inventory Strategies
- Creating inventory policy
- Incoterms and the supply chain rules
- Understanding vendor-managed inventory (VMI) and co-managed inventory (CMI)
Inventory Improvements
- Using the supply chain
- Using the theory of constraints
- Practical inventory improvements
- Keys to reducing stock levels
- Model for planning inventory
