This training focuses on the operational and strategic management of inventories, the role of inventory management and the professionals behind this important organizational function as it directly relates to the improvement of the company’s competitiveness.
It will cover the most important aspects of inventory management from warehouse design and operations through forecasting requirements and parts variety reduction to evaluating inventory practices and building an effective inventory management plan of action.
Key Learning Objectives
At the end of the programme, participants will be able to:
- Develop skills in the field of control for various functions and responsibilities in the stores.
- Understand the activities and operations of an efficient store;
- Learn the different techniques used to control stock while maintaining a high standard of safety and hygiene in the store.
- Understand the importance of a reconciled physical count balances and system records and most importantly, the efficient, fast, precise and perfectly-timed issuances of the right quality and quantity of stocks to its intended users.
Course Content
Introduction: Review of the Fundamentals
- What is Inventory Management – Working Capital Cycle
- Why is Inventory Management important
- Why keep Inventory
- How much Inventory to Keep
- The Financial Implications of Holding Inventory – Inventory Carrying Cost – Effect on Financial
- The Cost of not holding enough Inventory
- The Role of the Inventory Manager
- Exercises / Practical Application to Workplace
Setting the Stage for Effective Inventory Management
- Introduction to Effective Inventory Management
- Inventory Management and the Supply Chain Strategy
- Demand Forecasting
- Lead time Management
- Exercises / Practical Application to Work / Questions and Answers
- Understanding SAP Fundamentals and Terminology
Inventory Planning
- Introduction to Inventory Planning
- Service Level Policies – OTIF
- Inventory Categorization Techniques – ABC Analysis – Fast and Slow Moving, Excess, Obsolete and Defective Stocks
- Traceability and Variety Reduction
- Inventory Coding Systems
- The Inventory Management Plan
- Group Discussion / Practical Application to Work
Inventory Operations
- Introduction to Inventory Operations
- Monitoring Movements – Inventory Accuracy
- Measuring and Valuation of Inventory
- Receipt and Issuance of Inventory
- Systems to Replenish Inventory
- How Much to Order – EOQ,
- When to Place an Order – ROP, JIT
- Exercises / Practical Application to Work
Warehouse Planning and Systems
- Introduction to Warehouse Planning and Systems
- Warehouse Location and Acquisition Options
- Warehouse Design
- Warehouse Layout
- Materials Handling and Equipment
- Warehouse Operations
- Record Keeping and Communication
- Perpetual Systems/Continuous Review Systems
- International Quality Standards
- Physical Inventory and Cycle Counting
- Exercises / Practical Application to Work
Target Participants:
- Store keepers
- Inventory managers
- Staff of Admin department
- Procurement officers
- Supply Chain Managers
