About

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.

Thanks to global sourcing, companies are pressured with shorter lead times, more variable factors and higher carrying costs. To keep costs down, companies need to accurately predict their inventory demands and improve processes to meet monetary and time concerns.

The trend now is to hinge on multi-leveled inventory solutions such as the Enterprise Resource Planning (ERP) that takes care of all parts of the business from purchasing of parts, maintaining of inventories, provision of customer service to tracking of orders to satisfy customers.


Key Learning Objectives
By attending this powerful and practical 2-day course, you’ll learn how to:
• Gather valuable sources of information and enhance your forecasting process
• Determine which inventory management system works best for your organisation
• Eliminate dead stock and get slow-moving inventory out the door
• Keep inventory management costs down and find out why effective logistics management is vital to the company’s competitive advantage
• Quickly and easily forecast your company’s needs better and keep inventory to a minimum
• Create a cycle-counting programme that could eliminate your annual inventory
• Improve operations’ efficiency, reduce waste and meet the challenges of global competition
• Return to your place of work with an action plan you can implement

Who should attend?
This seminar is aimed at those with a medium or higher level of inventory experience, these roles might include:
• Inventory Mangers
• Inventory Controllers
• Purchasing Procurement Mangers
• Buyers
• Managing Directors of Smaller Companies who want an understanding of inventory
• Warehouse Managers
• Logistic Managers
• Supply Chain Managers

Those who are looking at a more introductory course should attend Optimising Warehouse Performance and Inventory for Warehouse Managers

Training methodology
This intensive 2-day master class will combine tutorial sessions and case studies with interactive learning exercises. All attendees will be provided with a workbook and a certificate of completion.

Outline

Course times 9am-5pm – Refreshment breaks and lunch are included

Day 1

Definition, scope and context of inventory management
Understanding what inventory management is within the organisational context and understanding the benefits of managing inventory.
• Inventory Management in the organisational context
• The goal :Minimum inventory investment with maximum productivity
• Demand and Supply
• Financial aspects of inventory
• Benefits of managing inventory

Supply Chain Impacts on Inventory Management
Understanding how inventory levels impact on various areas of the supply chain and recommendations on how to improve and minimise these throughout the supply chain
• Inventory in the supply chain
• Understanding customer requirements
• Lead time
• Holding cost
• Supplier location  v’s customer base
• The global market place

Accurately forecasting stock demand
One of the key issues in inventory management is the accurate and reliable forecasting of future demand for the stock held. This session will determine how much stock you will hold, and how much you will need to meet your customer needs
• Understanding demand behaviour and characteristics of inventory
• Identifying factors influencing demand
• Sales History and customer growth
• Establishing the future needs of your customers
• Forecasting techniques

Inventory holding (How much and when do I re-order)
Understanding inventory holding within various elements of the supply chain, and calculating how much stock and when I should order
• Minimum stock
• Safety stock and service levels
• Re-order points
• EOQ (How much do I order)
• Price break decisions

Day 2

Financial implications
It is important to understand how inventory can effect the business and how you account for inventory
• How inventory effects the financial model – close look at the DuPont chart
• Understanding Inventory as an asset or liability
• Inventory measurements – Inventory turn, weeks of cover
• Budgeting for inventory
• Lifo/Fifo and average costing

Inventory systems
An overview of the various systems that are available and their respective advantages and disadvantages
• ERP systems
• Materials Requirements Planning
• WMS
• JIT
• Common mistakes with inventory systems

Dealing with redundant and Obsolete stock
This is one area that businesses sometimes have problems, specifically with financial decision makers. This session will deal with helping the financial person make the right decision
• What is redundant stock?
• Reasons for not disposing of redundant stock
• Convincing the decision makers to get rid of stock
• Methods of disposal
• Company procedures for identification and action of SLOB stock process

Inventory Performance and accuracy
Inventory accuracy is imperative to ensure that a business has the right inventory level. There are a number of areas within the Supply Chain that can impact inventory accuracy this section identifies these areas and highlights processes to improve accuracy
• Measuring for performance
• Understanding where errors can happen
• Accuracy measurement
• How to improve inventory accuracy
• Stocktakes and cycle counting
• Tracking inventory and storage requirements

Inventory management improvements
This section highlights areas that the students can focus on to reduce the cost of  inventory. The students will go away from the course with an action plan to reduce inventory holding within their respective businesses
• Suppliers
• Purchasing
• Warehousing
• Production
• Students action plan when returning to their place of work

Seminar wrap up

Facilitator

In-house Training