Inventory Management Techniques: Planning, Replenishment and Activities Control (Live Online)

Overview

Optimize your inventory turnover ratio and unlock capital trapped in excess stock through proven inventory management techniques.

Who Should Attend:

Professionals working in factory operations and inventory control, production and manufacturing management, industrial engineering, plant management, materials and purchasing, factory administration, and customer or technical service roles who seek to strengthen their inventory management capabilities.

Modern inventory management techniques deliver substantial outcomes that frequently surpass initial projections. Investigate the most current approaches for inventory management that help reduce costs, increase customer satisfaction, and accelerate inventory circulation. Master how to compress timeframes in the manufacturing and distribution cycle. Learn cutting-edge methods for stockless production and their practical applications.

How You Will Benefit:

Develop approaches to lower inventory spending while improving your ability to respond to customer demands
Master techniques that enhance efficiency in scheduling and shop floor operations
Apply methods to minimize the gap between sales activity and stock replacement cycles
Strengthen your systems for documenting and maintaining accurate records
Enhance how you conduct cycle counts and complete physical inventory procedures

What You Will Cover:

Creating effective inventory control and management frameworks
Determining and implementing ideal inventory quantities
Using demand forecasting and planning models
Inventory planning strategies, including order point approaches, MRP, and MRP II systems
Methods for controlling, tracking, and documenting inventory with precision
Warehouse management and Distribution Resource Planning tools
Approaches to handle unwanted and slow-moving inventory
Methods for analyzing and shortening lead times
Just-in-Time concepts and real-world implementation

Course Outline:

Learning Objectives

Understand Inventory's Strategic Importance and the Processes the Material Management Function Uses to Align with Company Goals Both Internally and Externally
Explore Inventory Management Policies and Procedures That Create the Controls and Financial Reporting Requirements Needed by Organizations
Understand How Materials Managers and Analysts Support Internal Customers and Surpass Their Requirements and Expectations
Learn the Key Competencies of the Materials Management Function, the Information Required to Actively Handle and Manage the Inventory Cycle, Supply Chain Operations, and How to Best Address Customer Demand
Learn to Identify and Assess Factors That Impact the Risk of Supplier Inventory Carrying Costs
Learn About Inventory Trends and Forecasting Models Organizations Use to Estimate Inventory Demand
Learn About the Methods to Organize Inventory Replacement to Meet the Service Standards of the Business and Its Customers
Understand How Inventory Levels Relate to Service Quality and How to Establish the Service Level Your Organization Requires to Achieve Specific Customer Satisfaction Goals
Learn to Establish an Inventory Safety Stock Level That Aligns with Your Organization's Overall Strategy
Learn to Build Information Systems That Support Your Organization's Inventory Management Goals
Learn About Inventory Metrics and How to Monitor Them to Better Control Inventory Performance
Learn to Use Forecasting Methods to Predict Demand and How to Establish Ideal Inventory Quantities to Satisfy Demand
Learn to Plan and Schedule Inventory Replacement to Sustain Manufacturing and Distribution Operations While Improving Profitability and Customer Satisfaction
Learn to Track and Report Inventory to Your Organization's Internal Customers
Learn How to Boost Inventory Accuracy and About Methods to Effectively Maintain Inventory Information
Learn About Demand Forecasting Tools and Methods to Build Materials Managers' Understanding of Customer Needs
Understand How Inventory Movement Affects Supply Chain Productivity
Learn About the Various Approaches to Handle Constraints and Bottlenecks That Slow Inventory and Materials to the Organization
Learn How to Minimize Inventory Waste and Obsolescence Expenses
Learn the Foundations of Just-In-Time and Apply These Concepts Alongside Your Team Members to Improve Inventory Performance in a Realistic Situation

The Strategic Role of Inventory Management

Understand the Purposes of, and the Processes Used for Inventory Management to Support Operations and Meet Customer Requirements
Identify the Typical Competing Goals of Inventory in Organizations and Their Effect on Business Performance
Learn the Key Competencies of the Materials Management Function to Actively Handle, Understand, and Manage the Inventory Cycle and Supply Chain Activities of an Organization
Create an Inventory Management Strategy That Supports the Organization's Strategic Objectives
Learn the Appropriate Metrics for Inventory and Other Related Expenses Across an Organization

Front-End Optimizing of Inventory Levels

Establish the Ideal Inventory Level to Back the Business Strategy of the Organization
Project and Anticipate Inventory Demand
Use Forecasting Models to Determine Demand Quantities
Evaluate the Consequences of "Lean" Approaches and Material Flow Velocity
Build a Safety Stock Quantity to Satisfy Customer Needs That Works with the Customer Service Strategy of the Organization
Figure Safety Stock Using the Mean Absolute Deviation Method

Systems for Inventory Planning and Replenishment

Learn About the Different Types of Replenishment Methods Used in Various Business Environments
Understand How Inventory Behaves and the Effect of Order Quantities on Average Inventory
Learn How Order Quantity and Lead Time Work Together to Impact Inventory Levels
Learn How to Handle Extra and Obsolete Inventory and the Associated Costs to the Organization, and Other Methods to Lower Inventory Spending
Complete a Calculation Exercise for Inventory Replenishment Using the Time-Phased Order Point Method (TCOP)
Complete a Calculation Exercise for Replenishment, Showing the Bill of Materials Decrease Logic and the Materials Requirements Planning (MRP) Technique

Automating Order Processes

See How Costs, Order Quantities, and Inventory Change When Order Costs Are Computerized
Learn About Supplier Managed Inventory Models
Explore the Advantages of Consignment and Stocking Arrangements
Investigate the New Options of Internet-Based Commerce
See How Surplus Inventory Liquidators Can Help
See How a Third-Party Logistics Partner Can Help
Review Web-Based Inventory Information for Buyers and Vendors

Distribution and Service Inventories

Define Physical Distribution, Logistics Management, Supply Chain Operations, and Demand Planning
Define Enterprise Systems for Coordinated Inventory Planning
Learn How to Lower Inventory Carrying Costs Via Warehouse Layout, Design, Efficient Operations, and Inventory Location Systems
Define Distribution Resource Planning (DRP) and Learn How to Apply DRP Methods to Stock Inventory at Distribution Locations
Complete a Calculation Exercise on DRP Requirements for a Realistic Distribution Center to Satisfy Business Needs
Define the Significance and Role of Managing Service Parts

Inventory Accuracy and Audits

Understand the Foundational Requirements for Inventory Operations and Quality
Analyze the Advantages of Physical Inventory Versus Continuous Cycle Counting
Learn the Actions Necessary to Start with Continuous Cycle Counting to Verify Inventory on a Rolling Basis
Learn About the Actions to Take When Performing a Work-in-Progress Inventory Check
Learn How to Use A-B-C Analysis to Find, Recognize, and Manage Common Sources of Discrepancies in Inventory Reporting
Set Reasonable Inventory Accuracy Objectives for Your Organization

Just-In-Time and Inventory Process Improvement