Course Summary
Inventory management is the process of tracking inventory from its point of manufacture through intermediary facilities such as warehouses to its point of sale. Strategic management of inventory can improve profitability, reduce waste, and enhance customer satisfaction.
This course provides you with basics of managing inventory, controlling stock, and using demand forecasts to guide inventory levels. You will learn best practices and methods to effectively monitor and oversee demands and supplies. In addition, you will explore practical methods to reduce inventory levels and how to use material requirements planning as an alternative to forecasting.
- Understand the importance of inventory management in profitability and customer satisfaction.
- Describe inventory optimization methods and the value of implementing JIT in inventory management.
- Develop an understanding of stock control and its impacts on operations, costs, and waste.
- Examine inventory tracking strategies and use inventory performance measurements to guide decision-making.
- Use forecasting techniques to more accurately predict demand and consequently improve inventory operations.
- Explore the role and value of Material Requirements Planning (MRP) in managing uncertainty.
- Warehouse and Inventory Managers and Supervisors
- Supply Chain Professionals
- Anyone looking to understand inventory management strategies
This course uses a variety of adult learning styles to aid full understanding and comprehension.
Participants will review case studies to highlight key areas of importance and possible areas for faults.
They will be supplied with the best tools required to carry out learning exercises to improve their skills. Participants will analyse the examples to gain a thorough understanding of how these skills, techniques and methods apply in the workplace.
Course Content & Outline
- Examine the role of inventory management in supply chains.
- Describe the objectives of inventory control.
- Explore inventory classification and the role of the Pareto Law in inventory control techniques.
- Discuss the use of Economic Order Quantity (EOQ) in managing inventory order levels.
- Outline procedures to eliminate obsolete inventory.
- Identify reasons for current stock levels.
- Review how optimising your inventory management processes is tied to potential profits and losses.
- Discuss customer requirements and their impact on inventory.
- Identify ways to measure availability.
- Outline demand management.
- Describe how inventory management influences customer satisfaction.
- Review the fundamentals of demand planning.
- Explore the benefits of customer segmentation on inventory control.
- Describe Aggregate Planning and Master Scheduling strategies.
- Examine maintenance inventory management (MRO) and how it affects inventory planning.
- Use Pareto analysis to control inventory.
- Understand inventory/stock cover and its impact on inventory levels.
- Discuss practical approaches to reducing stock.
- Analyse strategies to record inventory levels: period stock takes, cycle counting, and perpetual recording.
- Compare the use of barcodes and RFIDs in recording inventory movement.
- Review the basics of inventory accounting and inventory valuation.
- Discuss the role of stock control in an organisation.
- Calculate stock turnover rate.
- Measure customer service.
- Examine cost of operations.
- Discuss how to measure the effectiveness of your system.
- Describe how selective inventory management affects costs in inventory control.
- Assess historical safety stock levels.
- Identify normal demand patterns.
- Review and analyse target stock levels.
- Examine ways to manage lead times.
- Summarise the Just-In-Time (JIT) management method and environment.
- Describe the benefits of using JIT.
- Explore JIT stock control and its impacts on warehousing, costs, and waste.
- Discuss supplier partnerships and their role in inventory management.
- Outline the ordering process and setting order quantities.
- Review purchasing processes.
- Outline the principles of forecasting.
- Compare quantitative and qualitative forecasting.
- Describe weighted average forecasting.
- Examine the impact of lead time on the forecasting process.
- Understand how to include variations such as seasonal sales in forecasts.
- Use forecasting to set safety stock levels.
- Identify strategies to track and improve forecast accuracy.
- Describe how materials requirements planning (MRP) helps to avoid uncertainty.
- Explore how MRP can function as an alternative to forecasting.
- Examine the impact of batch size on MRP performance.
- Discuss future MRP developments in inventory and logistics.
Embark on a journey to optimise HR functions with our guide. From understanding HR assessments to implementing strategic changes, discover the key steps, methods, and tools vital for fostering organisational success through effective human resources management.
Featured Courses
Holistique Training draws distinction as one of the pioneers in the field of training and professional development solutions since 2008.