The efficient inventory planning and stock control has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line. This Inventory planning and Stock Control course focuses on the techniques companies use when are looking to reduce costs as at times they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost
The purpose of inventory in the value chain
Classification of inventory
Procedure for eliminating obsolete inventory
Inventory Recording
Inventory performance measurement
Stock Identification and Recording Procedures
Replenishment or Reordering
Continuous and periodic reviews
Order quantity and Order up-to level
Inventory planning
Inventory optimization
Standard Stock Movement Procedure in Warehouse
Establishing Stock Checking and Accuracy
Stock Reconciliation and Discrepancies Management
Excess and Obsolete Stock Analysis
Types of Inventory Methods (JIT, FIFO, LIFO etc.)
Various Stock Coding Methods
Establish a consistent and efficient organization system
Make picking more efficient
Establish an inventory management system
Regularly conduct a visual inspection of storage areas
Meet key staff regularly
Make changes, when necessary
Overview of Inventory Systems and Methods
Factors of Inventory Holding and Ordering Costs
Implications of Free Stock & Quantity Discount
The Economic Order Quantity (EOQ) Model
Simple Replenishment Methods (Min/Max levels)
Determining the Reorder Point (ROP)
Material Requirement Planning (MRP) Systems and Methods
Eliminate wasteful activities/costs
Effectively record, manage and measure inventory costs
Maintain stores accounting
Optimize resource planning and overall efficiency
Establish effective inventory management controls
Improve record-keeping accuracyduce costs of inventory obsolescence
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