Inventory management refers to the process of tracking and controlling the amount of goods or products available in the warehouse or store enabling you to succeed in having the right number of units in the right place, at the right time and for the right value or purpose.

Enhanced inventory control leads to improved performance, inventory managers play a key role in controlling and managing materials, products and any other physical merchandise required by the organization. Effective inventory management facilitates improved efficiency, while poor management can bring operations to a grinding halt.

The management of physical assets is critical to the economy of many countries. How we manage assets determines the efficiency of companies and how competitive we are in the world market. Much money is spent annually on maintaining and developing the asset base and providing services to improve Asset Management has become a major competitive market internationally.

Asset Management has been increasingly recognized as the key to improved investment decision making across all sectors, from Oil & Gas, Defence, Aerospace, Manufacturing, Public Transport and Electricity and Water Production & Distribution. Regulators require to develop and present strategic Asset Management Plans aligned with the corporate strategy. The implementation of ‘Good Asset Management Practice’ will contribute in realizing the corporate strategy and it becomes more and more important to prove this by showing results.

Course duration:           10 days

Course Objectives

At the end of this training course, you can:

• Explain what Asset Management is and how it can contribute to the realization of the corporate strategy of your organization
• Understand the content and value of ISO 55000, the international standard on Asset Management
• Apply ‘Good Asset Management Practice’, starting with foundations and building up to best practices that will deliver maximum business benefits
• Assess the current state of Asset Management best practices
• Understanding the importance of inventory & the role it plays in the smooth operation of the organization
• Understanding the appropriate method for managing inventory stock
• Identifying the value chain in inventory management
• Applying best methods to safeguard the investments in inventory management
• Examining the appropriate inventory management technique for each type of goods and products

Who Should Attend?

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

• All professionals involved in managing or participating in Asset Management and Facilities Management processes, including all staff in the Asset Management and Maintenance department, Facilities Management, Building Maintenance, IT, Operations and Finance
• Anyone who wishes to update themselves on Asset Management and how to implement it for the benefit of their organizations
• Inventory control and management, warehousing, logistics, supply chain management and demand and supply planning.

Course Outline

Module 1: Inventory and the Supply Chain

• Inventory Definitions and Importance
• Inventory Flow in the Supply Chain
• The Basic Rules of Successful Supply Chain
• Supply Chain and Inventory Dynamics
• Financial Management and Inventory
• Statistics Application in Inventory Control
• Truths on Inventory Visibility

Module 2: 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 Organizations

Module 3: Inventory Mechanics, Methods and Systems

• Basic Mechanics of Inventory Systems
• Establishing Order Quantity
• Implications of Free Stock in Inventory
• Simple Replenishment Methods, for example, Min / Max
• Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
• Requirements Planning Systems, Bills of Material and Inventory Planning
• Class Assignment Inventory Control Methods

Module 4: Understanding Inventory Strategies

• Creating Inventory Policy
• Incoterms and the Supply Chain Rules
• Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI)

Module 5: Inventory Improvements

• Using the Supply Chain
• Using the Theory of Constraints
• Practical Inventory Improvements
• Keys to Reducing Stock Levels
• Model for Planning Inventory

Module 6: Principals of Asset Management

• Asset Management as a Business Process
• Asset Management Scope and Definitions
• Asset Management Conceptual Model
• Asset Management Strategy and Planning
• Asset Management Roles - about roles, expectations and responsibilities
• ISO 550000 – The International Standard on Asset Management
• Certification Procedure

Module 7: Assessing and Managing Asset Management Risks

• Identification and Assessment of Risk
• Risk in Asset Management
• Significance of Risk
• Risk on Business Level
• Stakeholder Risks
• Risk on Asset Level

Module 8:  Asset Management Policy, Strategy and Planning

• Asset Management Policy
• Developing (Strategic) Asset Management Plan(s)
• Implementing (Strategic) Asset Management Plan(s)
• Long Term Maintenance and Investment Planning
• Information and Configuration Management

Module 9: Managing Asset Lifecycle Decisions and Activities

• Life Cycle of Assets and its Aspect
• Systems Engineering
• RAMS Aspects (Reliability Availability Maintainability Safety)
• Renewal, Disposal and Lifetime Extension
• Sourcing and Outsourcing

Module 10: Financial and Business Impact of Asset Management

• Financial Management – Basics
• Budgeting
• Life Cycle Costing
• The Business Case for Asset Management
• Wrap-up

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement.

Training Venue 

The training will be held at our Upskill Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Upskill certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request.

Terms of Payment: Unless otherwise agreed between the two parties, payment of the course fee should be done 3 working days before commencement of the training to enable us to prepare better

Course Booking

Please use the “book now” or “inquire” buttons on this page to either book your space or make further enquiries.