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Best Practices In Inventory Management

COURSE INFORMATION

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 COINMAC Best Practices in Inventory Management training seminar focuses on all major aspects ofInventory Management. 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 Inventory Management training course, delegates will be able to:

  • Understand objectives of the modern inventory management 
  • 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
  • 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 Inventory Management 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
  • 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)

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