Efficient inventory management is critical to improving cash flow, enhancing customer service, and maximizing operational efficiency.
This course provides participants with a solid foundation in inventory management principles, strategies, and best practices. It focuses on the effective planning, control, and optimization of inventory across the supply chain. Participants will learn how to minimize costs, avoid stockouts and overstocking, and align inventory levels with organizational objectives and customer demand.
- Inventory Controllers and Analysts
- Supply Chain and Logistics Professionals
- Warehouse and Distribution Managers
- Procurement and Purchasing Officers
- Operations and Production Planners
- Finance and Cost Control Personnel
To build participants’ competencies in planning, managing, and controlling inventory effectively across the organization, with the goal of achieving operational excellence and reducing working capital.
By the end of this course, participants will be able to:
- Understand the role of inventory in the supply chain.
- Identify different types and functions of inventory.
- Apply forecasting methods to optimize inventory levels.
- Determine economic order quantities (EOQ) and reorder points.
- Minimize excess and obsolete inventory.
- Implement inventory reduction strategies without compromising service levels.
- Measure and improve inventory performance using key indicators.
- Introduction to Inventory Management
- What is Inventory?
- Types of Inventory (Raw Materials, WIP, Finished Goods, MRO)
- Strategic Role of Inventory in Supply Chains
- Inventory Planning and Forecasting
- Demand Forecasting Techniques
- Lead Time Considerations
- Aligning Inventory Levels with Demand Patterns
- Inventory Control Techniques
- ABC Analysis and Inventory Categorization
- Safety Stock and Buffer Strategies
- Reorder Point Systems and EOQ Models
- Inventory Optimization Strategies
- Just-in-Time (JIT) Inventory
- Lean Inventory and Kaizen Principles
- Supplier Managed Inventory (SMI)
- Reducing Excess, Slow-moving, and Obsolete Inventory
- Technology and Inventory Systems
- Role of ERP and WMS in Inventory Management
- Barcoding, RFID, and Real-Time Inventory Tracking
- Integrating Inventory Systems with Procurement and Sales
- Inventory Performance Measurement
- Key Metrics: Inventory Turnover, Stock Accuracy, Service Levels
- Inventory Valuation Methods (FIFO, LIFO, Weighted Average)
- Root Cause Analysis for Inventory Issues
- Risk Management and Compliance
- Inventory Risk Identification and Mitigation
- Regulatory and Safety Considerations
- Inventory Auditing and Stocktake Procedures
