INVENTORY MANAGEMENT COURSE TRAINING

 

Inventory Management and Stock Control

Inventory management: Traditional distribution channels are indeed changing. As organizations move from mass production and mass distribution to mass customization, creative approaches are needed in the management of warehousing and distribution. The challenge is always present, because different customers may demand different levels of service. Demand often cannot be forecasted, especially if one must deliver customized products exactly where the customer needs them.

Businesses today must understand that they are competing on the basis of time more than on any other factor. The rigors of stores management require that you take action to meet your customers’ demand for faster, more frequent and more reliable deliveries. Your suppliers need to meet increasingly precise inbound schedules. Tomorrow’s customers are more likely to be in another country or continent than they are likely to be from across town, in another state, or in another province.

This intensive and practical training on inventory management will help you stay in touch with the most important new concepts in the warehousing/stores field, allowing you to respond to the ever-changing operational demands created by an ever-expanding global market.

You will not only learn practical ways to improve equipment selection, warehouse layouts, inventory management control, put-away, packing, loading, picking, and receiving, but you will start immediately to identify ways to apply these ideas to your specific environment.

During the class, you will have the chance to develop your own action plan so you can put the seminar to work for you right away. Furthermore, you will soon see how the time-tested techniques from stores operations and inventory management can be used successfully on the job to strengthen the relationship between the overall organization and your warehouse operation.

With a proven inventory management system, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases customer and user satisfaction. Concerned with inventory management, control, and costs? Within just a few weeks after attending this program, you should be able to identify ways you can reduce your inventory by using the concepts, techniques, practices, and principles you will learn in this program

At Inventory and Stock Control management training, you will learn the following:

• How to select an inventory control method that best suits your inventory management goals
• How to identify the precise problems that are most troublesome in your warehouse
• Cost-cutting, productivity improvement, inventory reduction, and cost-effective measures for your warehouse
• The most important concepts in the warehousing/distribution field today and its emerging role
• How to layout your warehouse for good space utilization, material handling compatibility, and optimum efficiency
• Which equipment best suits your particular operations for storage and handling
• Practical techniques for improving your day-to-day warehouse operations
• How to develop a balance between warehouse service level and your customers’ needs
• How to conduct a physical inventory and a cycle count

The specific benefits of attending this inventory management training:

• Measuring warehouse productivity and improving it
• Estimating storage and space requirements accurately
• Practical techniques to manage the critical functions of an effective warehouse
• Selecting the proper equipment for your warehouse
• Choosing efficient storage systems for your warehouse
• Procedures for streamlining the flow of paper and materials to smooth workloads and improve warehouse controls
• Scheduling work to meet volume and costs targets
• Developing specific and realistic guidelines for planning and designing a warehouse
• How to simplify, SIMPLIFY, SIMPLIFY—and increase your warehouse productivity in the process
• Methods for assembling and analyzing the information you need to optimize your warehouse operations
• Increasing the capacity of your warehouse with optimal storage methods
• Balancing your warehouse service level with customers’ requirements
• The importance of focusing on the primary warehouse functions—and continuously improving your results
• How to be aware of the warehouse’s rhythm by determining management techniques for scheduling work and evaluating functional operations
• Order filling and selection techniques that will increase the speed, cut the cost, or reduce travel time
• Specific, proven techniques to reduce your inventory while increasing control and improving customer service

• Ways to achieve a high inventory record and location accuracy
• A practical, selective inventory management control method to determine the vital few and trivial many of your inventory—and what you can cut
• Practical guidelines to help you prepare and conduct an excellent physical inventory
• What a stocking rate is and what impact it can have on inventory levels
• How to use cycle counting to increase your level of inventory accuracy

Special Features and Value-Added Extras

• The ten good warehousing practices
• The Dos and Don’ts of physical inventory management procedures
• Checklists for evaluating receiving, storage planning, productive picking, shipping, and layout and housekeeping
• Customer service metrics—universal and standard product measures
• A 3-page checklist to rate your warehouse security
• Checklists for lift truck maintenance, industrial truck safety, and lift truck buying
• Rack storage comparison, narrow aisle storage system combination, and building cube money and space comparison charts
• Cycle count methodology and procedures
• The seven barcoding primers
• The thirteen tips for designing dock productivity
• Warehouse layout planning and material flow checklist
• Inventory error analysis and stock location methodology comparison charts
• A WMS operations worksheet
• The 6 basic questions of work simplification
• The 4 benefits of warehouse management
• A 6-step approach to conduct your own productivity analysis
• 5 examples and 2 situation studies of warehouse layouts

Who should attend the training?

• Newly appointed as well as experienced supervisors
• Plant, inventory, and materials managers
• Physical distribution and other management personnel
• Store and shipping supervisors
• Managers, supervisors, and data processing personnel interested in increasing the efficiency of warehouse layouts, systems, and operations

Inventory Management Course Content

1. Introduction to Inventory Supply Chain Management

• The Supply Chain Management perspective
• How the process works for both Product and Service sectors in the inventory and stock control business
• Pre Test
• Being customer-focused in the inventory chain

2. Supply Chain Management

• The actual process of the Supply Chain
• Major functions of the Supply Chain
• The Supply Chain Structure
• Supply Chain and Demand Chain
• Supply Chain underlying Principles- the 4Cs
• Dealer Management
• The Bullwhip Phenomenon in inventory

3. Warehousing/Stores Management

• Warehouse/Stores Operations
• Warehouse/Stores Practices and Attributes
• Types of warehousing and Store
• Warehouse Management System
• Warehouse Management Strategies

4. Inventory Stakeholders Management for effective results

• Elements of stakeholders Management
• Stakeholders Analysis
• Stakeholders Planning
• Stakeholders Prioritization techniques

5. Inventory Business process Management

• Inventory Management Planning
• Strategic Alignment for the Inventory Manager

6. Inventory Management detailing technique

• The Work Structure of Inventory Management
• Inventory Planning work conversion method
• Implementation technique

7. Inventory Financial Management

• Inventory Budget Forecasting
• Inventory Budget development structuring
• Inventory Master Budgeting
• Inventory Financial Performance management

8. Stock Control Management tools and techniques

• Introduction
• Objectives
• The opposing view of inventory
• Nature of inventory
• Factors Affecting Inventory
• Nature of inventory
• Factors Affecting Inventory
• Costs in Inventory
• Inventory Categories
• Considerations
• Setting up the Department of inventory management
• Functions of Inventory
• Selective Inventory Control
• Reorder Quantity Methods and EOQ
• Reorder Time Methods
• Stock valuation, planning and control 
• Effective and accurate balancing of stock

9. Costs in Inventory

• Inventory Categories
• Considerations

11. Department of Inventory Management

• Functions of Inventory
• Selective Inventory Control
• Reorder Quantity Methods and EOQ
• Reorder Time Methods

12. Inventory Asset Management

• What Inventory Asset and Asset Management means
• Linking your Asset Management to Facility strategic planning
• Critical Asset ranking
• Understanding Asset failure
• Effective Asset Management Implementation

13. inventory management Resources

• Integrated Stores Facilities Management; Life Cycle Costing; Continuous improvement philosophy
• Stores Facility Condition Indexing
• Interpreting the FCI range in Stores Facility Management
• Real-life situation exercises in FCI
• FCI impacts, Failures and storekeeper’s Morale
• Impact of Stores Asset Management tools on Corrective maintenance and repairs
• Depreciation technique of Stores Facility components

14. Introduction to Electronic Inventory Management and Stock Control in the store

• E- Inventory

• Enterprise Resource Planner usage

• How ERP works in E-Inventory