Effective Inventory Management is a vital element of Supply Chain management and effectively underpins both financial revenue streams for the organisation as well as ensuring that projects are completed on time. Additionally, effective inventory management determines organisational cash flow. Too much or ob-solete inventory consumes cash resources that could be put to better use by the organisation operationally or to fund strategic initiatives. Too little and project delays and customer service levels suffer.
Who should attend?
Business Owners / Managing Directors
Supply Chain Managers
Buyers / Senior Buyers
Operations Managers & Directors
PLUS anyone who is responsible for / involved in Inventory Management & Control, or anticipates be-ing involved with Inventory Management & Control in the future
Training Course Content
DAY 1 Understand the Role & impact of Inventory
Operational Impacts of Inventory upon the organisation.
Financial impacts of Inventory upon the Profit & Loss Account & Balance sheet.
Impacts of Inventory upon taxation
Classifying Inventory types.
Inventory Management within effective Supply Chain Management - key dynamics and critical success factors
Overview of key inventory strategies - min max, safety stock, economic order quantity (EOQ)
DAY 2 Delivering Optimal Inventory levels
Understanding “Push Pull” Dynamics
The importance of demand forecasting
Engaging with stakeholders
Calculating & Optimising min/max strategies
Reducing inventory levels
MTBF Replenishment model
Inventory management & MRP Systems
Identifying & Managing “Drag” Inventory
Identifying & managing slow moving inve
Understanding the impact of nett book value
Identifying & managing obsolete inventory
Slow moving inventory correction
Obsolete inventory disposal strategies
The Inventory Management toolkit
DAY 3 Understanding Safety Stock
Defining Safety stock levels within a global sourcing environment
Defining Safety stock levels within local/regional sourcing environments
Setting safety stock levels in a mixed sourcing environment
Establishing inventory risk quotients
Instructor led and facilitated Business Simulation where delegates will test a range of inventory strategies whilst meeting the demands of their Operational, User and finance teams within a safe environment utilising their learning from the course.
DAY 4 Control & Custody of inventory
Understand the holding cost of inventory
Inventory identification & SKU Systems
Effective inventory record keeping
Managing stock takes from mission critical to consumables
Inventory asset security
Use of Smart tagging systems - including RFID, smart chips & barcode
Vendor managed inventory controls
JIT inventory management
Key Performance Indicators (KPI’s) and Service Levels
Key inventory metrics
Selecting Effective Inventory KPI’s
Selecting Appropriate Service Levels - internal and external
Effective Inventory reporting to the organisation
DAY 5 The future of Inventory Management
New and emerging technologies
Blockchain and inventory management
Case study review & analysis - Coca-Cola & Amazon
The programme will include a series of group exercises, a business simulation and case studies with a high level of delegate interaction.