Inventory and Stock Control Management Course

Introduction

The efficient management of inventory and material planning has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line.

Managing Inventory & Stock Control training seminar focuses on all major aspects of inventory planning and stock control. This course emphasis on latest demand planning theories, models and best practices strategies to build competency of participants. It helps participants to learn how to deal with future scenarios to improve customer service whilst achieving optimal inventory level and obtain added value for money.

Learning Objectives

• Improve management of inventories reaching from receiving products to storage and delivering
• See that movement to the end-user is adds value
• Professionally manage the inventory and supply chain and help you to reduce cost, improve customer satisfaction and increase safety and productivity
• Look “outside of the box”
• Understand the appropriate Inventory methods to be applied
• Establish more accurate forecast demands and maximize the degree of service by reducing your inventory with a time-conscious and integrated inventory management process
• Understand objectives of the modern inventory management and stock control
• Insight on demand planning, role of finance, cost implications and customer service
• Formulate inventory classifications, types of demand and various factors affecting the demand
• Applications of forecasting techniques to determine demand and efficient management of lead-time

Target Audience

• Supply Chain Management Professionals
• Demand and Supply planning professionals
• Those New to Managing Inventory and Inventory controllers
• Those Non inventory people who need to gain an awareness of the issues and key drivers of stock control operations
• Logistics, Warehouse and Distribution Professionals

Module 1: Inventory and the Supply Chain

• Inventory Definitions and Importance
• Inventory Flow in the Supply Chain
• The Basic Rules of Successful Supply Chain
• Supply Chain and Inventory Dynamics
• Financial Management and Inventory
• Statistics Application in Inventory Control
• Truths on Inventory Visibility

Module 2: Key Components to Understanding Effective Inventory Control

• End-User Demand Analysis
• Forecasting for Operations and Maintenance
• Understanding Supply Lead Time
• Cost & Benefits Analysis
• Developing Inventory Policies
• The Need for Inventory in Organizations

Module 3: Inventory Mechanics, Methods and Systems

• Basic Mechanics of Inventory Systems
• Establishing Order Quantity
• Implications of Free Stock in Inventory
• Simple Replenishment Methods, for example, Min / Max
• Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
• Requirements Planning Systems, Bills of Material and Inventory Planning
• Class Assignment Inventory Control Methods

Module 4: Establishing Stock Control

• Establishing Stock Checking
• Developing Stock Accuracy
• Stock Tolerances and Approvals
• Stock Reconciliations / Discrepancies
• Identifying Surplus and Obsolescent Stock
• Identifying Different Storage Conditions
• Understanding Stock Coding
• Stock Variety Reductions

Module 5: Understanding Inventory Strategies

• Creating Inventory Policy
• Incoterms and the Supply Chain Rules
• Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI)

Module 6: Inventory Improvements

• Using the Supply Chain
• Using the Theory of Constraints
• Practical Inventory Improvements
• Keys to Reducing Stock Levels
• Model for Planning Inventory

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: [email protected] Tel: +254 721 331 808

Training Venue

The training will be held at our Upskill Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Upskill certificate upon completion of this course.