The efficient management of inventory and material planning 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. Managing Inventory & Stock Control training seminar focuses on all major aspects of inventory planning and stock control. This course emphasis on latest demand planning theories, models and best practices strategies to build competency of participants. It helps participants to learn how to deal with future scenarios to improve customer service whilst achieving optimal inventory level and obtain added value for money.
Inventory Definitions and Importance
Inventory Flow in the Supply Chain
The Basic Rules of Successful Supply Chain
Supply Chain and Inventory Dynamics
Financial Management and Inventory
Statistics Application in Inventory Control
Truths on Inventory Visibility
End-User Demand Analysis
Forecasting for Operations and Maintenance
Understanding Supply Lead Time
Cost & Benefits Analysis
Developing Inventory Policies
The Need for Inventory in Organizations
Basic Mechanics of Inventory Systems
Establishing Order Quantity
Implications of Free Stock in Inventory
Simple Replenishment Methods, for example, Min / Max
Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
Requirements Planning Systems, Bills of Material and Inventory Planning
Class Assignment Inventory Control Methods
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
Understanding Stock Coding
Stock Variety Reductions
Creating Inventory Policy
Incoterms and the Supply Chain Rules
Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI)
Using the Supply Chain
Using the Theory of Constraints
Practical Inventory Improvements
Keys to Reducing Stock Levels
Model for Planning Inventory
Improve management of inventories reaching from receiving products to storage and delivering
See that movement to the end-user is adds value
Professionally manage the inventory and supply chain and help you to reduce cost, improve customer satisfaction and increase safety and productivity
Look “outside of the box”
Understand the appropriate Inventory methods to be applied
Establish more accurate forecast demands and maximize the degree of service by reducing your inventory with a time-conscious and integrated inventory management process
Understand objectives of the modern inventory management and stock control
Insight on demand planning, role of finance, cost implications and customer service
Formulate inventory classifications, types of demand and various factors affecting the demand
Applications of forecasting techniques to determine demand and efficient management of lead-time
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