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.