Course Details
Your Growth, Our Mission
Course Description
Knowledge of Inventory Management is critical for the effective management of procurement and the supply chain, however Inventory it is commonly not understood. Therefore too high levels of inventory are held with attendant increases to costs, product obsolescence etc.
The Training Course Will Highlight ?
The purpose of this seminar is to enable delegates to evaluate current procedures so that they can change their methods of managing inventory.
The seminar provides practical skills to eliminate wasteful costs and avoid those internal problems that limit performance. Delegates will be able to understand and implement the "world class" tools for managing inventory in the supply chain.
Training Objective
The purpose of this seminar is to enable delegates to evaluate current procedures so that they can change their methods of managing inventory.
The seminar provides practical skills to eliminate wasteful costs and avoid those internal problems that limit performance. Delegates will be able to understand and implement the "world class" tools for managing inventory in the supply chain.
Target Audience
- Those new to managing inventory
- Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals
Training Methods
- Expert tutor input using power points
- Delegate discussion and involvement
- Case studies
- Exercises
- Best practice examples
- Supportive comprehensive course manual enabling practical application and reinforce men
Daily Agenda
Day 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
Day 2 Inventory Key Concepts
- Key Component: Demand Analysis
- Key Component: Demand Forecasting
- Key Component: Supply Lead Time
- Key Component: Cost & Benefits
- Inventory benefits
- Inventory polices
- Inventory in organizations
Day 3 Inventory replenishment methods and systems
- Basic mechanics of inventory systems
- The stock time curve
- Stock components
- Stock investment
- Free stock
- Fixed order quantity systems
- Fixed order time cycle systems
- Requirements planning systems
Stock Control, Checking
- Inventory receipts
- Identifying inventory
- Surplus and obsolescent stock
- Stock control and records
- Stock checking programs
- Reviewing current procedures and polices
Day 4 Inventory Performance
- Inventory Assessment
- Assessing the stock level
- Models for implementing inventory control
- Determining stock targets
- Inventory questions
- Inventory KPI's in warehouses/stores
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
Day 5 Inventory Improvements
- The Supply Chain and the Theory of Constraints
- Practical inventory improvements
- Keys to reducing stock levels
- Rules for planning inventory
- Model for planning inventory
Accreditation
BTS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.
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