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Inventory and Store Management

Inventory and Store Management Training

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