Inventory Planning & Controls Techniques

OBJECTIVES

• Ability to Set Min/Max and re-order points with little to no direction
• Ability to perform Annual Stock Taking process while maintaining high quality
• Demonstrates ability to apply Practical Inventory Management Tools and mentor others to use them
• Ability to master Item Master Management

WHO SHOULD ATTEND?

• Those New to Managing Warehouses or Stores
• Those Non-warehouse people who need to gain an awareness of the issues and key drivers of stock control operations
• Stock Professionals
• Warehouse Operatives and Supervisors
• Distribution Professionals

COURSE OUTLINE

Day 1: Inventory in the Supply Chain

• Inventory Flow in the Supply Chain
• Inventory Definitions and Importance
• Supply Chain and Inventory Dynamics
• Financial Management, Cash Flow, and Inventory
• Statistics Application in Inventory Control
• Truths on Inventory Visibility

Day 2: Key Components to Understanding Effective Inventory Control

• End-User Demand Analysis
• Forecasting for Operations and Maintenance
• Understanding Supply Lead Time
• Developing Inventory Policies
• The Need for Inventory in Organizations
• Basic Mechanics of Inventory Systems
• Understanding Stock Coding

Day 3: Inventory Mechanics, Methods and Systems

• Establishing Order Quantity
• Implications of Free Stock in Inventory
• Simple Replenishment Methods, for example, Min / Max
• Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
• Requirements Planning Systems, Bills of Material, and Inventory Planning
• Class Assignment Inventory Control Methods

Day 4: Establishing Stock Control

• Establishing Stock Checking
• Developing Stock Accuracy
• Stock Tolerances and Approvals
• Stock Reconciliations / Discrepancies
• Identifying Surplus and Obsolescent Stock
• Identifying Different Storage Conditions
• Stock Variety Reductions

Day 5: Implementing the Tactical Inventory Planning Decisions

• Supplier involvement in managing inventory
• Inventory Value analysis
• Category Management- Kraljics
• Supplier Quality Assurance
• Supplier rating and ranking
• IT systems and e-Procurement
• Policies and procedures