Inventory and Stock Control Management Course

Introduction The efficient management of inventory and material planning has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line. Managing Inventory & Stock Control training seminar focuses on all major aspects of inventory planning and stock control. This course emphasis on latest demand planning theories, models and best practices strategies to build competency of participants. It helps participants to learn how to deal with future scenarios to improve customer service whilst achieving optimal inventory level and obtain added value for money. Learning Objectives Improve management of inventories reaching from receiving products to storage and delivering See that movement to the end-user is adds value  Professionally manage the inventory and supply chain and help you to reduce cost, improve customer satisfaction and increase safety and productivity Look “outside of the box” Understand the appropriate Inventory methods to be applied  Establish more accurate forecast demands and maximize the degree of service by reducing your inventory with a time-conscious and integrated inventory management process Understand objectives of the modern inventory management and stock control Insight on demand planning, role of finance, cost implications and customer service Formulate inventory classifications, types of demand and various factors affecting the demand Applications of forecasting techniques to determine demand and efficient management of lead-time Target Audience Supply Chain Management Professionals Demand and Supply planning professionals Those New to Managing Inventory and Inventory controllers Those Non inventory people who need to gain an awareness of the issues and key drivers of stock control operations Logistics, Warehouse and Distribution Professionals 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 & 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: 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 Module 5: Understanding Inventory Strategies Creating Inventory Policy Incoterms and the Supply Chain Rules Understanding Vendor Managed Inventory (VMI) and Co Managed Inventory (CMI) Module 6: 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 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. For further inquiries, please contact us on: Email: training@upskilldevelopment.com Tel: +254 721 331 808 Training Venue  The training will be held at our Upskill Training Centre. We also offer training for a group (at a discount of 10% to 50%) 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.