PROGRAMME OVERVIEW
OPTIMIZING INVENTORY MANAGEMENT & STOCK CONTROL
Inventory management and stock control is a critical process within Supply Chain Management (SCM) which ensures continuity of supply of the inventory at the lowest cost. Effective inventory planning will help the SCM team improve the accuracy of forecasts, ensure enough inventory levels at all times, and enhance profitability by optimizing the expenses. The place of control cannot be overemphasized, in ensuring that established plans are met and to take the necessary corrective actions to optimize daily operations.
In this course, many inventory planning theories, models and best practices will be discussed which will assist the participants deal with various future scenarios to ensure continuous flow of the inventory at the least possible cost. It is designed to be practical with case studies.
Who should attend
Inventory Managers, Warehouse Managers, Store Managers, Store Keepers.
Programme Fee
₦ #### Call or Chat +2348096303933 or send a mail to ask@pausefactory.org
Duration
2 Days
Modules can be adjusted to fit your specific training need and timing
Learning Outcomes
After this training, participants will be able to:
- State the objectives of inventory management and list their impact on cost and customer service
- Prepare proper classification of inventory and use best practices for item specification and cataloguing
- Use forecasting techniques to predict demand and better manage lead times
- Compute the optimum ordering quantity and determine safety stocks and reorder points
- Schedule cycle counts, improve inventory record accuracy, and find ways to reduce inventories
- List various techniques to reduce inventory, including Just-in-Time (JIT)
- Identify relevant Key Performance Indicators (KPIs) to measure and improve inventory performance
Module 1: Introduction to inventory management
- Objectives of inventory planning and stock control
- Reasons to hold inventory
- Customer service in inventory management
Module 2: Description and classification of inventory
- Types of inventory
- The inventory ABC classification ranking model
- Uses of the ABC ranking
- Materials specifications and cataloguing
Module 3: Forecasting demand and lead time
- The inventory order cycle
- Dependent versus independent demand
- Factors affecting demand
- Factors impacting demand
- Forecast accuracy
- Demand patterns
- Setting lead time and methods to control it
Module 4: Inventory systems
- Elements of inventory holding and ordering costs
- The Economic Order Quantity (EOQ) model
- Setting safety stocks
- Determining the Reorder Point (ROP)
Module 5: Counting and Controlling Inventory
- Importance of accurate inventory records
- Causes of inaccurate inventory records
- Requirements for accurate inventory records
- Periodic and cycle counting
Module 6: Reducing inventory Investment
- The importance of JIT or pull theory in inventory management to reduce total cost Measuring inventory management performance
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