INVENTORY MANAGEMENT TRAINING
RATIONALE
Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of resale (or repair). Inventory management is a science primarily about specifying the shape and percentage of stocked goods. This is required at different locations within a facility or within many locations of a supply network in order to precede the regular and planned course of production and stock of materials. It also involves systems and processes that identify inventory requirements, set targets, provide replenishment techniques, report actual and projected inventory status and handle all functions related to the tracking and management of material.
To most organizations, Inventory Management is one of the more visible and tangible aspects of doing business. It begins with the management of suppliers delivering raw materials, to goods in various levels of completion in the production processes, and management/delivery of finished goods in the distributions channel; until the inventory becomes purchased products. These challenging economic times require a specialized approach in dealing with inventory in order to maximize cash flow, yet maintain a high level of customer service. Therefore, this workshop will help its participants with a comprehensive overview of Inventory Management and a hands-on approach in dealing with inventory challenges.
LEARNING OBJECTIVES:
Personality Assessment Test: We conduct Personality Assessment Test on all our Course participants to help them understand their personality traits and dispositions.
At the end of the programme, participants in addition, should be able to:
- Provide a basic description of the functions of Inventory Management
- Learn various methods of Inventory Management
- Identify real world applications of Inventory Management
- Perform an ABC analysis of inventory
- Learn proactive best practices of Inventory Planning and Management
- Know where inventory planning can fit into, in an organisational chart
- Determine which inventory management system works best for an organisation
- Understand common causes of inventory errors
- Improve inventory record accuracy
COURSE CONTENT
- Basis of Inventory Management
- Key Inventory Management Concepts
- Different types of inventory:
- Resale
- Production
- Maintenance, repairs and operations (MRO)
- Methods of Inventory Management
- Inventory Management Systems
- Costs Associated with Inventory Systems
- Goals of Effective Inventory Management
TARGET AUDIENCE
General Managers, Inventory Managers, Sales Department Managers, Supervisors, Clerks and anyone responsible for ordering, purchasing or managing unit inventory.