Training on Inventory and Stock Control Management

The performance and cost of the supply chain are significantly influenced by the effective management of inventory and material planning. Low customer order fulfillment rates and high inventory carrying costs are the results of poor inventory management. A certain amount of commercial risk is involved with carrying inventories. Excess, obsolete, and mismanaged inventory will reduce the company's equity. Businesses must assess their inventory carrying costs and find ways to cut them to boost their bottom line.

This training course on managing inventory and stock control focuses on all key facets of inventory planning and stock management. The emphasis of this training is on-demand planning theories, models, and best practices tactics to increase participant competency.

Target Participants

This course is ideal for inventory, stock, supply chain, logistics, warehouse and distribution professionals, project managers, finance staff, operational staff, government officials, and any other professionals who want to build their skills in supply chain management.

What You Will Learn

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

• Improve management of inventories from receiving products to storage and delivering
• Identify and understand key performance indicators
• Develop an inventory strategy in the warehouse
• Establish more accurate forecast demands and maximize the degree of service by reducing inventory with a time-conscious and integrated inventory management process
• Manage the inventory and supply chain effectively to reduce cost, improve customer satisfaction and increase safety and productivity

Course Outline

Inventory and the Supply Chain 

• Inventory flow in the supply chain
• Inventory definitions and importance
• The basic rules of a successful supply chain
• Supply chain and inventory dynamics
• Financial management, cash flow, and inventory
• Statistics application in inventory control
• Truths on inventory visibility

Key Components to Understanding Effective Inventory Control

• End-user demand analysis
• Forecasting for operations and maintenance
• Understanding supply lead time
• Cost and benefits analysis
• Developing inventory policies
• The need for inventory in an organization

Inventory Methods and Systems 

• Basic mechanics of inventory systems
• Establishing order quantity
• Implications of free stock in inventory
• Replenishment methods, reorder point, and reorder level (ROP / ROL)
• Requirements for planning systems, bills of material, and inventory planning
• Inventory control methods

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

Understanding Inventory Strategies

• Creating inventory policy
• Incoterms and the supply chain rules
• Understanding vendor-managed inventory (VMI) and co-managed inventory (CMI)

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 is delivered by our seasoned trainers who have vast experience as expert professionals in their respective fields of practice. The course is taught through a mix of practical activities, theory, group work, and case studies.

Training manuals and additional reference materials are provided to the participants.

Certification

Upon successful completion of this course, participants will be issued a certificate.

Tailor-Made Course

We can also do this as a tailor-made course to meet organization-wide training needs. A training needs assessment will be done on the training participants to collect data on the existing skills, knowledge gaps, training expectations, and tailor-made needs.