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Inventory Management in the Supply Chain

Knowledge of Inventory is critical for the effective management for organisations that are involved in procurement, construction, production / manufacturing and distribution / retail operations. Inventory is however commonly not understood. A substantial amount of the company’s capital is tied up in stock.The amount of capital tied up can be affected dramatically by the level of competence in inventory management. The costs associated with the holding of stock can be very high.Therefore often too high levels of inventory can be held with attendant increases to costs, product obsolescence etc. The successful management of inventory is dependent on the establishment and application of policies, methods and techniques.The objective of inventory management is to match supply and demand patterns and to maintain a balance between the costs and the benefits of holding stock.Participants will be provided with templates and checklists and will gain familiarity with their use through facilitated hands-on exercises that reinforce the learning objectives and enable you to:- Evaluate the inventory management process- Analyse the demand and supply process to their category product/services- Develop meaningful performance indicators for analysing the inventory investment- Develop action plans for improving inventory performance in terms of cost, compressed time, and forecasting

Turning 'Theory' into 'Practice'?

This intensive program is designed to address the key strategic considerations for the application and implementation of integrated inventory management practices.The focus will be on developing appropriate inventory and supply chain strategies.This inventory programme addresses the key elements of inventory excellence.The programme describes the essentials of inventory management and how they assist in the formulation of appropriate policies. This will incorporate the use of latest business process models and their relationship with segmentation and demand planning.At the end of the programme each participant will be able to develop their own integrated inventory strategy using latest tools and techniques.

Who should attend?

This course is designed for all  Inventory Managers in the private, public and service sectors, procurement, supply chain, logistics, and materials managers and directors who wish to broaden and update their skills and knowledge. Supply chain personnel who need to understand the impact of inventory and supply chain decisions upon their company’s performance.  

Key areas to be covered in the programme and documentation

§   Introduction and overview

§   Essential Elements of Inventory Management

§   Inventory & The Supply Chain Perspective

§   Inventory Selection and Analysis

§   Working Capital

§   Provisioning

§   Stock-Out Prevention

§   Types of Storage

§   Supplier Capability

§   Storage of Goods

§   Cost of Holding Stock

§   Protection of Stock, Security and Safety

§   Obsolescence

§   Issuing of Stock

§   Warehouse & Distribution

§   Location Systems & Audit

§   Stock-Checking & Audits

§   Handling Rejections

§   Lead Time Implications

§   Rush Orders

§   Demand & Supply Planning

§   Inventory Planning

§   Inventory Policy & Control

§   Arriving at Stock Levels

§   Inventory Selection

§   Service Levels

§   Accuracy

§   Write Offs

§   Inventory Control Systems

§   Re-Order Point

§   Coverage Analysis

§   Scheduled Requirements

§   Programmed Ordering

§   JIT & Zero Inventory Policy

§   Stockist Agreements

§   Consignment Stock

§   EOQ

§   ABC Analysis

§   K Factor
§   Forecasting & Planning
§   Considerations for Logistics & Distribution
§   Lead Time
§   Inventory Decisions
 §  Category Management
§   Moving To World Class
§ Developing Inventory Strategies

Benefits to you

• Gain new insights into how the application of integrated inventory and supply chain thinking can transform the competitiveness of your supply chains and your business
• Appreciate the approaches that can be applied to integrating, inventory, logistics and warehousing in a manufacturing and 3PL context
• Increase your understanding of costs, contractual risks and financial performance
• Review the latest thinking on inventory planning and execution of the integrated concept
• Create your own inventory strategy incorporating world class benchmarking criteria
• Appreciation of how competitive advantage can be achieved through an integrated inventory approach
• Understanding of the impact of enhanced inventory performance on the overall profitability of the organisation
- Ability to address the management of suppliers and inventory risks
• Recognition of the value of working to an end to end supply chain
• A focused approach to implementing a cohesive inventory strategy

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

This course is currently only available as an in-house option. For more information, and a quote, contact our team on +44 (0)20 3002 3057, or by email at ProfessionalTraining@iihc.org

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution

 


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or dzingim@marcusevansuk.com

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or training@marcusevanscz.com

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dzingim@marcusevansuk.com - Marketing Manager EMEA - Professional Training


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Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac