An intensive professional development training course
The Complete Course on
Inventory Management
Inventory Management: A to Z of Best Practices
Brochure
Why Choose The Complete Course on Inventory Management Training Course?
Inventory management is a critical function in every organization, directly impacting profitability, operational efficiency, and customer satisfaction. The Complete Course on Inventory Management Training Course provides a comprehensive understanding of inventory management principles and practices, enabling participants to optimize inventory levels, reduce costs, and improve service quality.
This course addresses the challenges and complexities of inventory management, such as balancing cost pressures, reducing inventory investment, and managing stock-keeping units (SKUs) efficiently. Participants will gain practical insights and tools to implement sound inventory management strategies that enhance business results and operational efficiency.
This Training Course Will Feature:
- Strategies to reduce inventory investment while maintaining service levels.
- Tools to improve customer satisfaction and enhance order fulfillment.
- Techniques to lower costs and increase productivity in inventory management.
- Methods to categorize and prioritize stock-keeping units (SKUs) effectively.
- Best practices for aligning inventory management with organizational goals.
What are the Goals?
By the end of this training course, participants will be able to:
- Recognize the importance of inventory and its role in company profitability.
- Implement appropriate methods for managing inventory items.
- Understand and optimize the value chain in inventory management.
- Apply industry best practices to minimize costs and maximize inventory efficiency.
- Choose the most effective inventory management technique for different item types.
Who is this Training Course for?
This Complete Course on Inventory Management Training Course is designed for professionals at all levels who are involved in inventory management or have responsibilities related to stock control and optimization. It will greatly benefit:
- Inventory managers, warehouse supervisors, and materials planners.
- Buyers, procurement officers, and supply chain professionals.
- Finance professionals managing inventory investments.
- Professionals responsible for reducing costs, increasing productivity, and improving customer service levels.
- Anyone involved in the value chain of inventory management.
How will this Training Course be Presented?
This Inventory Management Training Course employs a combination of engaging methodologies to ensure maximum learning, comprehension, and retention. The course includes:
- Interactive discussions to analyze real-world inventory challenges and solutions.
- Case studies to explore practical applications of inventory management principles.
- Group exercises to encourage collaborative problem-solving and skill application.
- Expert-led presentations focusing on industry best practices and actionable strategies.
- Opportunities to reflect on and improve participants' current inventory practices.
By combining theory with practical applications, this course empowers participants to implement effective inventory management strategies that deliver tangible business results.
The Course Content
Day One: Inventory in the Value Chain
- The purpose of inventory in the value chain
- Classification of inventory
- Procedure for eliminating obsolete inventory
- Pareto Law in identifying product Classification
- Location of inventory
- Using Economic Order Quantity on managing inventory order levels
Day Two: Demand Planning
- Basic forecasting methods
- Customer segmentation
- Hierarchy of planning
- Aggregate planning
- Maintenance & Inventory planning meeting
- Master Scheduling
Day Three: Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
Day Four: Inventory Recording
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
Day Five: Performance Measurement
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
The Certificate
- AZTech Certificate of Completion for delegates who attend and complete the training course
In Partnership With
This training course is also part of the 10-day titles:
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