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Inventory Management Techniques
Knowledge of Inventory Management is critical for the effective management of procurement and the supply chain, however Inventory it is commonly not understood. Therefore too high levels of inventory are held with attendant increases to costs, product obsolescence etc.
The purpose of this seminar is to enable delegates to evaluate current procedures so that they can change their methods of managing inventory.
The purpose of this seminar is to enable delegates to evaluate current procedures so that they can change their methods of managing inventory.
This course will help you learn how to:
- Appreciate that time is cash
- See that movement to the customer is all that adds value
- Work with all of the supply chain players pays
- Look “outside of the box”
- Apply the 8 Rules for Effective Supply Chain Management
- Expert tutor input using power points
- Delegate discussion and involvement
- Case studies
- Exercises
- Best practice examples
- Supportive comprehensive course manual enabling practical application and reinforcement
- Examine the link of inventory in the company supply chain operations and activities
- Analyse the key areas of operation
- Identify and understand key performance indicators
- Succeed in improving operation
- How to analyse stock and inventory
- How to make productivity improvements
- Understand the role of inventory in the supply chain
- Balancing cost and service requirements
- A framework for continual improvement
- Best in class practices
This seminar aims to enable participants to develop the following competencies:
- Analysing
- Understanding
- Changing
- Improving
- Sharing
- Discussing
- Those new to managing inventory
- Those non inventory people who need to gain an awareness of the issues and key drivers of stock control operations
- Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals
Day 1
Inventory and the Supply Chain
- Inventory management definition
- Types of stock
- Demand amplifications
- Demand replenishment in networks
- Managing the flows
- Type I and II supply chains
- The Supply Chain Rules
- Inventory and statistics
- Concept of service level
Day 2
Inventory Key Concepts
- Key Component: Demand Analysis
- Key Component: Demand Forecasting
- Key Component: Supply Lead Time
- Key Component: Cost & Benefits
- Inventory benefits
- Inventory polices
- Inventory in organizations
Methods and Equipment
Here we specifically look at the lifting, storing and moving equipment available for specific layout options, including:
- Warehouse structures
- Loading bays
- Selecting fork lift trucks
- Selecting racking
- Implications for warehouse layouts
- Operational timings and planning
Day 3
Inventory Replenishment Methods and Systems
- Basic mechanics of inventory systems
- The stock time curve
- Stock components
- Stock investment
- Free stock
- Fixed order quantity systems
- Fixed order time cycle systems
- Requirements planning systems
Stock Control and Checking
- Inventory receipts
- Identifying inventory
- Surplus and obsolescent stock
- Stock control and records
- Stock checking programs
- Reviewing current procedures and polices
Day 4
Inventory Performance
- Inventory Assessment
- Assessing the stock level
- Models for implementing inventory control
- Determining stock targets
- Inventory questions
- Inventory KPI’s in warehouses/stores
Inventory Strategies
- Push/pull
- Quick response (QR)
- Efficient consumer response (ECR)
- Collaborative planning forecasting and replenishment (CPFR)
- Lean and agile approaches
- Quality Management
- Postponement
- Cross Docking
- Consolidation
- Vendor Managed Inventory (VMI)
- Consignment stocking
- Co Managed Inventory (CMI)
- Direct product profitability (DPP)
- Economic value added (EVA)
- Collaborative supply chains
Day 5
Inventory Improvements
- The Supply Chain and the Theory of Constraints
- Practical inventory improvements
- Keys to reducing stock levels
- Rules for planning inventory
- Model for planning inventory
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