Stores Keeping and Inventory Management

Efficient warehouse operations do the following:

• Understand the strategic importance of stores keeping and inventory management for company profitability.
• Provide timely customer service to production and distribution
• Keep track of items so that they can be found easily and correctly.
• Implement good housekeeping practices.

Course Contents

Day One

The General Guidelines

• Inventory: 
  • Ordering
• Flow of Materials: 
  • Purchased materials
  • Work In Progress (WIP)
• Numbering and classification systems for different stores items 
  • Numeric
  • Combination of numeric and alphabet.
• Stock Control 
  • Stock Classification
  • Stock Counts
  • Stock Accuracy
  • Stock Valuation
  • Safety Stock
  • Stock Keeping
  • Reporting Processes for Stock
  • Processing of Stock-Essence of Timing.

Day Two

• Issuance of materials, FIFO, LIFO, etc.
• Finished Goods: 
  • Distribution Planning
  • Distribution Control
• Stores and related documentation
• Inventory management
• Handling of Returned Goods/Objections.
• Treatment of discrepancies

Day Three

• How to be in control of Inventory Turnover 
  • What is moving, what is not
  • What is to be ordered, marked down, replaced 
• Stores Stock-taking.
• Stores Personnel:
  • Honesty
  • Diligence
  • Accountability
  • Numeric competence
  • Observant
  • Neat/orderly
  • Hard working
  • Good public relations
• Health, Safety and Environment (HSE)
  • Identification and Assessment of Inventory Risks.