Inventory Accounting and Efficient Warehouse Management

This course will enable Inventory/ Warehouse Management Professionals to understand how to improve the operations of any warehouse by implementing lean operating processes, by intelligently managing inventory, and by establishing a performance management program that ensures continuous improvement. An effective warehousing strategy can be a powerful competitive weapon.

Best-practice warehouses deliver superior customer satisfaction and return on investment by functioning as a tightly integrated part of a company’s value chain. The purpose of this course is to show how to implement all the essential tools for the effective management of warehouses and stores. This module includes how to evaluate procedures and how to improve methods by eliminating wasteful activities and excess costs.

This course aims to help the supply chain professional to understand and apply four (4) major and significant aspects of inventory management: -

• Optimize Inventory Levels
• Build an Inventory Management Plan
• Design and Manage Warehouse Operations
• Increase Accuracy

Rationale

Traceability and Reduce Parts Variety Participants should be able to understand the financial impacts of inventory and the risks in both over and under holding of inventory - the management of inventory, including lead time management, demand planning and interfacing with other functional groups directly and indirectly involved in inventory planning and operations.

They should also be able to understand the importance of effective Warehouse Management in minimizing the cost associated with the storing, moving and transporting goods into and out of the warehouse storage locations; the importance of reconciled physical count balances and system records and most importantly, the efficient, fast, precise and perfectly-timed issuances of the right quality and quantity of stocks to its intended users.

Target Competencies

• Locating, structuring, and operating the warehouse
• Implementing Lean principles in the warehouse
• Crafting an inventory strategy using Stock Keeping Unit (SKU) segmentation
• Role of the warehouse in the value chain
• Creating a metrics program and establishing an executive KPI dashboard

Course Objectives

By the end of this course, participants will be able to:

• Develop an understanding of the role of warehouse in the end-to-end supply chain
• Learn best practices for warehouse operating processes
• Develop an inventory strategy in the warehouse
• Leverage information technology to improve visibility
• Develop a performance management program to and drive positive change

Target Audience

This course will benefit several participants from different parts of the organization including those who have an intermediate knowledge of the supply chain.

This course is suitable to a wide range of professionals but will greatly benefit:

• Warehouse and distribution professionals
• Procurement, buyers and purchasing professionals
• Production and manufacturing professionals
• Logistics professionals
• Supply chain generalists

Course Methodologies 

This course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes discussion and practical lectures leveraging years of hands-on supply chain and warehousing experience across industries. The trainer will use real-world challenges and solutions, exercises and case studies and an extensive course manual.