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.
This PROMISE Best Practices in 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.
LEARNING OBJECTIVES
By attending this Best Practices in Managing Inventory & Stock Control training course, delegates will be able to:
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
Understand modern inventory systems, methods, and their applications
Establish optimum order quantity, safety stock and reorder point to maximise inventory turn
Understand various stock controlling tools and techniques to eliminate waste, improve efficiency and cost of warehouse operations
Learn inventory management best practices to help you to reduce cost, increase productivity and customer satisfaction
Establish inventory management performance (KPIs) and continues improvement measures
TARGET AUDIENCE
The Best Practices in Managing Inventory & Stock Control training course is designed for wide range of professionals include:
Supply Chain Management Professionals
Demand and Supply planning professionals
Those New to Managing Inventory and Inventory controllers
Those Non inventory people who need to gain an awareness of the issues and key drivers of stock control operations
Logistics, Warehouse and Distribution Professionals
TRAINING METHODOLOGY
This practical and results-oriented program is based on adult learning concept. This course will be presented using a combination of lectures, practical/hands-on approach such as role plays, case studies, presentation, and video. Practical cases and examples illustrate the variety of current practices and build individual capabilities. There will be ample time for Q&A, discussions with ‘return to work’ action planning. The program will reinforce key concepts within an inspiring and engaging learning environment.
Pre & Post course assessments will be used to measure the effectiveness of this training and measure the skill and ability of participants.
COURSE CONTENTS
DAY 1 – Inventory Management Overview
KeyTopics:
Inventory Management Objectives and Importance
Understanding of Inventory Flow in Modern Supply Chain
Demand Planning Information System Considerations
Role of Finance in Inventory Management and Cost Implications
Importance of Customer Service in Inventory Management
DAY 2 – Classification of Inventory and Demand Planning
KeyTopics:
Types of Inventory and Classification Models
Applications of ABC Ranking
Overview of Inventory Order Cycle
Types of Demand and Various Factors Influencing Demand
Factors Affecting Demand Forecast Accuracy and Measurement
Various Demand Patterns
Understanding Supply Lead Time
DAY 3 - Inventory Systems and Methods
KeyTopics:
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
DAY 4 - Stock Controlling Tools and Techniques
KeyTopics:
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 ect.)
Various Stock Coding Methods
DAY 5 - Inventory Management Best Practices
KeyTopics:
Common Pit Falls in Inventory Management
Techniques of Inventory Control
Inventory Reduction Methods
Stock Disposals (Excess, Obsolete, Expired and Damaged)
Automation (Forecasting, Replenishment, WMS ect)
Continues Improvement
Measuring Inventory Management Performance (KPIs and Setting Targets)
“This course helped me to gain more key factors to improve the maintenance management” – Maintenance Planning and Cost Control
“The course has been able to enhance my knowledge in leadership as a whole which I intend applying on the job” – Essentials of Management & Leadership
“Excellent method on delivering the topics, very clear and specific” – Writing Project Scope and Procurement Statements of Work
“An appraisal of my leadership journey, very practical tips on leadership dynamics and how it will grow me” – Next Generation Leadership
“Learnt how to communicate effectively, it changed my attitude about motivating staff” – Motivational Training for Managers
“I have realised that, for me to become a good manager, I need to apply qualities of a good leader which I lent in this class” – Management & Leadership Skills for the Supervisor-New Manager
“ It was very informative. It provided guidelines & bigger picture of my work of budgeting and cost control” – Effective Budgeting and Cost Control
“I learnt different skills and technique about data analysis technique; those new learnings will help me increase my work efficiency” – Data Analysis Techniques
An excellent probgramme with superb content throughout. This course really Thought provoking with additional references to follow up on. I throughly enjoyed the weekly recommend this to anyone looking to pursure a Non-exec’ role! Go for it! Contact me anytime for further comment.
“It has a great impact in widening and solidate knowledge” – Work – Life Balance
“Help us priorities things in own life, see good things in every obstacle / failure” – Work – Life Balance
“Helped to enhance my communication skills persuasively” – Interpersonal Skills for Managers
“We have learnt new things about communication & interpersonal Skills” – Interpersonal Skills for Managers
“The course has been an eye-opener and a lot of new ideas have been learnt” – Vehicle Fleet Development & Management
“This course has been beneficial and it will be helpful in managing my subordinates” – Fleet Management & Leadership
“This training course is beneficial to me and company” – Vehicle Fleet Development & Management
“I have attended several training programmes, but this one is the best” – Fleet Management & Leadership
