Description

Advanced Inventory Management will simplify the mystique of inventory management, It removes the  uncertainty that most inventory managers have between meeting customer  expectation while at the same time optimising inventory levels to please stakeholders.

All participants will create their own action plan to go back into the workplace with and the tools to make a real difference!

New Skills you will learn

• How to Enhance your forecasting process
• How to determine which inventory management system works best for your organisation
• How to Eliminate dead stock and get slow-moving inventory out the door
• Keeping inventory management costs down and find out why effective logistics management is vital to the company’s competitive advantage
• How to create a cycle-counting programme that could eliminate your annual inventory
• Improving operations’ efficiency, reduce waste and meet the challenges of global competition

Who should attend?

This training course is aimed at those with a medium or higher level of inventory experience, these roles might include:

• Inventory Managers
• Inventory Controllers
• Purchasing Procurement Managers
• Buyers
• Managing Directors of Smaller Companies who want an understanding of inventory
• Warehouse Managers
• Logistic Managers
• Supply Chain Managers

COURSE OUTLINE

Understanding materials forecasting and inventory management

• Definition and scope of inventory management
• Business conditions and financial implications of inventory
• Inventory in the supply chain including the effects such as the ‘Bull Whip’ principle
• Planning versus Forecasting
• Delivery promise

Current demand systems

• Dependent demand systems
• MRP
• Sesonal volume prediction
• Problems that can occur with MRP systems
• Re-order point
• Economic Order Quantity (EOQ)
• Periodic review systems
• Kanban

Fundamental key steps in managing inventory

• ACB classification
• Utilising pareto
• Different ways to classify inventory
• Service levels
• Safety stocks
• Redundant stock and it's removal

Inventory management and performance measuring tools

• Inventory measurements
• Common events that create inventory inaccuracy
• Cycle counts
• Net variances versus absolute variances
• Aids to improve inventory accuracy
• Barcoding

Forecasting

• Understanding demand behaviour and characteristics of inventory
• Forecasting techniques
• Sales & operations planning
• Evaluating forecasting accuracy
• Understanding forecasts and managing key relationships within the supplier customer cycle

Forecasting models and systems

• Various models to consider
• ERP systems

Considerations for supply chain strategy for inventory

• Inventory focus
• Who is responsible in the business?
• Different views of inventory
• Strategic inventory decisions

Financial implications

• Inventory velocity: turns ratio
• Carrying cost (inc. effect on margin, implications if slow moving stock)

Inventory reduction

• A series of steps to be outlined for course participants to follow

Improvement plans for inventory management

• Root Cause Analysis methods
• KPI creation and management
• 5S