PROGRAM DETAILS

Introduction

 Proper management of inventory is essential for organizations to deliver an effective service to their customers whilst not wasting money on excessive inventory to redundant stock. People who are responsible for Inventory Management should understand the contribution to the company profits which are achievable from professionally managed materials and stock holding, as well as the techniques needed to minimize inventory. This seminar will present new and innovative ways of managing inventory.

Learning Objectives

In this program, delegates will learn:

• To determine the potential of proper inventory management in your company
• To fully understand the functionality of the inventory management system
• To see inventory management as a complete, integrated and interrelated system
• The best method to measure inventory management success and how to set realistic, objective, measurable targets
• The essential communication process to facilitate successful inventory management

Target Audience

This program is designed for all personnel involved in inventory management, i.e. inventory planners, financial personnel, procurement personnel, warehouse and operations professionals, and end-users.

Training Methodology

Participants will increase competencies through a variety of instructional methods including exercises, group discussions covering current practices and their relationship to the implementation of new concepts.

Program Content

Day 1 – Inventory Management Defined

• Definition of Inventory
• Objectives of Inventory Management
• The Inventory Management system
• Trade-offs in Inventory Management
• The impact of safety stock
• The benefit of customer segmentation

Day 2 – Inventory Planning

• Distinguishing between dependent & independent demand
• Dealing with excess and obsolete items
• Strategic planning process
• Linking the customer requirement with the Inventory Management plan
• Balancing supply with demand

Day 3 – Turning Planning into Action

• Crafting an appropriate replenishment plan
• Decide on the most advantageous stocking strategy
• Calculating the effect of lead time on your inventory
• Techniques to reduce the overall lead time of items
• Contingency issues

Day 4 – Inventory Implementation Issues

• Physical stock take
• Cycle counting
• Dealing with theft of inventory
• Warehouse solutions
• Dealing with direct charge orders

Day 5 – Managing Inventory

• Inventory Management Matrix (IMM)
• Using IMM Effectively to manage your inventory
• Models for implementing inventory control
• Stratifying your inventory into manageable groups
• Setting appropriate strategies for each group