BEST PRACTICES IN MANAGING INVENTORY & STOCK CONTROL

Objective:

• Understand the objectives and principles of modern inventory management and stock control
• Gain insight into demand planning, the role of finance, cost implications, and customer service
• Classify inventory, understand different demand types, and identify factors influencing demand
• Apply forecasting techniques to improve demand planning and lead-time management
• Understand modern inventory systems, methods, and their practical applications
• Determine optimum order quantities, safety stock, and reorder points to maximize inventory performance
• Utilize stock control tools and techniques to eliminate waste and improve warehouse efficiency
• Implement inventory management best practices to reduce costs, increase productivity, and improve customer satisfaction
• Measure inventory performance using Key Performance Indicators (KPIs) and continuous improvement strategies

Content:

Inventory Management Overview

• Objectives and importance of inventory management
• Understanding inventory flow within the modern supply chain
• Demand planning and information system considerations
• The role of finance in inventory management and cost implications
• The importance of customer service in effective inventory management

Classification of Inventory and Demand Planning

• Types of inventory and inventory classification models
• Applying ABC inventory analysis
• Understanding the inventory order cycle
• Types of demand and factors influencing demand
• Improving demand forecast accuracy and measurement
• Understanding various demand patterns
• Managing supply lead times effectively

Inventory Systems and Methods

• Overview of inventory systems and management methods
• Inventory holding costs and ordering costs
• Managing free stock and quantity discount implications
• Applying the Economic Order Quantity (EOQ) model
• Simple replenishment methods using minimum and maximum stock levels
• Determining the Reorder Point (ROP)
• Material Requirements Planning (MRP) systems and applications

Stock Controlling Tools and Techniques

• Standard stock movement procedures within the warehouse
• Stock checking, cycle counting, and inventory accuracy
• Stock reconciliation and discrepancy management
• Managing excess, slow-moving, and obsolete inventory
• Inventory valuation and control methods including JIT, FIFO, and LIFO
• Inventory coding and stock identification systems

Inventory Management Best Practices

• Common pitfalls in inventory management and how to avoid them
• Modern inventory control techniques
• Inventory reduction and optimization methods
• Measuring inventory management performance using KPIs
• Setting performance targets and implementing continuous improvement initiatives

For Whom:

• Supply Chain Management Professionals
• Demand Planning and Supply Planning Professionals
• Inventory Controllers and Inventory Officers
• Professionals new to inventory management and stock control
• Non-inventory personnel seeking an understanding of inventory and stock control operations
• Logistics, Warehouse, and Distribution Professionals
• Procurement and Materials Management Professionals