Advanced Inventory Planning and Stock Control
Understand fully the key concepts relating to inventory management in terms of both information and physical aspects of control
Who should attend?
- Warehouse Managers
- Procurement and purchasing professionals
- Transport Managers
- Professionals in Logistics Functions
- Warehouse and distribution Managers and Supervisors
- Material handling supervisors
- Operational Managers
- General Managers of SMEs
- Supply chain specialists
Learning Objectives
By the end of the course delegates will be able to:
- Manage the key areas of warehouse operations
- Eliminate wasteful activities/costs
- Describe the materials handling cycle, manual and mechanical handling and accident prevention
- Record, manage and measure inventory costs
- Apply: MRP, JIT, Kaizen, Kanban strategies
- Optimise resource planning and overall efficiency
- Establish effective inventory management controls
- Reduce costs of inventory obsolescence
- Improve record-keeping accuracy
Course Content
Fundamentals of Inventory Management
- Inventory management essentials
- Profit through inventory management
- Inventory management and customer service
- Analysing the requirements
- Setting inventory management parameters
Replenishment Policies and Inventory Planning
- Replenishment or Reordering
- Continuous and periodic reviews
- Order quantity and Order up-to level
- Inventory planning
- Inventory optimisation
Stock Identification and Recording Procedures
- Receipts and issues of stock
- Order quantities and rules
- Stocktaking and different types of stockholding
- Safety stock
- Obsolescence and write-offs – methods and procedures for disposal of surplus and unserviceable items
Inventory Control
- Cost effectivity of stock holding
- Managing and controlling stock
- Just In Time management
- Practical methods of reducing stockholding
- Setting and maintaining the right stock levels
Strategic Management of Inventory and all types of Stock
- Inventory classification and audits – ABC Analysis or the 80/20 rule
- Implementing leading edge strategies – MRP, JIT, Kaizen, and Kanban
- Effective forecasting and peak demand planning
- Inventory cost reduction techniques
- Effectively managing inventory risk
Stock Identification and Recording Procedures
- The role of the warehouse in the modern supply chain
- The organisational structure of a warehouse
- Factors determining the location and number of warehouses
- Warehouse design
- Different types of warehousing
Management strategies involved in creating an efficient warehouse
- Implementing a dynamic warehouse management system
- Enterprise Resource Planning
- On Time Complete and On Time Delivery methods
- Floor loads and floors stocks
- Order fulfilment and fill rates
Managing People, Resources, Performance, Health and Safety
- The role of the warehouse manager
- People management
- Resource planning
- Performance management
- Health and safety
Inventory Improvements and the Supply Chain
- The supply chain and the theory of constraints
- Supply chain process mapping
- Saw tooth curve
- Using the Economic Order Quantity (EOQ) graph to find improvements
- Inventory in the distribution network