Effective Inventory Planning and Stock Control

This comprehensive training course examines the renewed emphasis on running organizations leaner, effectively and efficiently. The renewed pressure to reduce cost as well as investment, while maintaining customer service levels is essential in worldclass performance. Inventory Management is still one of the least understood practices in many companies and managers often fail to see the causal link between Inventory Management and good business results.

The purpose of this seminar is to:

• Enable delegates to evaluate current procedures
• Achieve maximum performance in inventory management
• Understand and implement the “world class” tools for managing inventory in the supply chain
• Provides practical skills to eliminate wasteful costs.
• Avoid those internal problems that limit performance.
• Examine how lead time builds up
• Change methods of managing inventory.

Organizational Impact

• Examine the link of inventory in the company supply chain operations and activities
• Analyse the key areas of operation
• Identify and understand key performance indicators
• Succeed in improving operation
• Apply the right cost and service balance
• Gain a competitive advantage

Personal Impact

• How to analyse stock and inventory
• How to make productivity improvements
• Understand the role of inventory in the supply chain
• Balancing cost and service requirements
• A framework for continual improvement
• Best in class practices

By the end of this training course, participants will be able to:

• Learn to improve performance in the stores function
• Consider how to utilize the most modern inventory techniques
• Discover the importance of dynamic supply chain management
• Develop their skills in managing stores and inventory personnel
• Master techniques for dealing with operational challenges
• Plan for export and import logistics
• Appreciate that time is cash
• See that movement to the customer is all that adds value
• Apply the 8 Rules for Effective SCM

This ICL training course is suitable to Those new to managing inventory and those non inventory people who need to gain an awareness of the issues and key drivers of stock control operations Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution Professionals including the following individuals:

• Stock, Warehouse and Logistics/Distribution Professionals

• Personnel involved in export and import logistics

The course will be presented by a competent Professional who has designed successful inventory control measures. Participants will learn by active participation during the programme through the use of exercises, questionnaires, syndicate and group discussion, training videos and practical on-hand application of inventory and stock control tools

Day One:

Inventory and the Supply Chain Competency Description: Warehouses are complicated areas of any business and in order to manage effectively a supervisor requires to appreciate the complexities of the operation.

Topics to be covered

• Inventory management definition Types of stock
• Demand amplifications
• Demand replenishment in networks Managing the flows
• Type I and II supply chains
• The Supply Chain Rules
• Inventory and statistics
• Concept of service level

Inventory Key Concepts

• Key Component: Demand Analysis Key Component: Demand Forecasting
• Key Component: Supply Lead Time Key Component: Cost & Benefits Inventory benefits
• Inventory policies
• Inventory in organizations

Day Two: Inventory Replenishment Methods and Systems

Topics to be covered

• Basic mechanics of inventory systems
• The stock time curve
• Stock components
• Stock investment
• Free stock
• Fixed order quantity systems
• Fixed order time cycle systems
• Requirements planning systems

Day 3 - Stock Control and Checking

Topics to be covered

• Basic mechanics of inventory systems
• The stock time curve
• Stock components
• Stock investment
• Free stock
• Fixed order quantity systems
• Fixed order time cycle systems
• Requirements planning systems

Inventory Performance

Topics to be covered

• Inventory Assessment
• Assessing the stock level
• Models for implementing inventory control Determining stock targets
• Inventory questions
• Inventory KPI’s in warehouses/stores

Day 4 -Inventory Strategies

Topics to be covered

• Push/pull
• Quick response (QR)
• Efficient consumer response (ECR)
• Collaborative planning forecasting and replenishment (CPFR)
• Lean and agile approaches
• Quality Management
• Postponement
• Cross Docking
• Consolidation
• Vendor Managed Inventory (VMI)
• Consignment stocking
• Co Managed Inventory (CMI)
• Direct product profitability (DPP)
• Economic value added (EVA)
• Collaborative supply chains

Inventory Improvements

Topics to be covered

• Using the Supply Chain
• Using the Theory of Constraints
• Practical inventory improvements
• Call offs and Telemetry
• Keys to reducing stock levels
• The 7 Rules for planning inventory
• Model for planning inventory