Inventory & Stock Control Management

About the Course

Inventory is a current asset to a firm; carrying inventory comes with a definite level of risk; this risk is a component of the cost of maintaining inventory. While a company stocks items in the warehouse, there is a constant risk of dropping actual value during the storage phase. Suppose a company stored parts for their work centre or equipment. In that case, the elements in the warehouse could be worth far less than the price initially paid. Any losses, excess, obsolete, and mismanaged inventory means a decrease in the company's equity. Once the companies are looking to reduce expenses, a great many times, they disregard the inventory sitting in their warehouses and the cost of moving that inventory.

This Inventory & Stock Control Management training course emphasizes the tools and techniques when the organisation is looking to reduce costs. They sometimes ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is vital for businesses to cautiously scrutinise all the costs of maintaining inventory and resolve where they can make modifications to reduce that cost and assist with their bottom line.

Core Objectives

The delegates will achieve the following objectives:

• Improving management of inventories from receiving products to storage
• Analysing the movement to the end-user adds value 
• Managing the inventory to help you to reduce costs and improve customer satisfaction
• Understanding the appropriate Inventory theories used
• Establishing an accurate forecast to maximise the degree of service

Training Approach

The delegates will increase competencies through various instructional methods, including a lecture, cases/exercises, reviewing published articles, checklists, and group discussions covering current practices and their relationship to implementing new concepts.

They will be encouraged to bring real delinquent examples for discussion on a confidential basis and share their experiences of particular issues in their company or industry.

The Attendees

Likewise, it will be valuable to the professionals but not limited to the following:

• Inventory and Stock Professionals
• Supply Chain, Logistics, Warehouse, and Distribution Experts
• Those new to Managing Inventory
• Those non-inventory people who need to gain an awareness of the issues and key drivers of stock control operations

Daily Discussion

DAY ONE: INVENTORY MANAGEMENT

• Inventory Definitions and Importance
• Inventory flow in the Supply Chain
• Inventory Dynamics
• Financial Management and Inventory
• Statistics Application in Inventory Control
• Technological Tools on Inventory Visibility

DAY TWO: KEY COMPONENTS TO UNDERSTANDING EFFECTIVE INVENTORY CONTROL

• End-User Demand Analysis
• Forecasting for Operations and Maintenance
• Understanding Supply Lead Time
• Cost & Benefits Analysis
• Developing Inventory Policies
• The need for Inventory in Organisations

DAY THREE: INVENTORY MECHANICS, METHODS, AND SYSTEMS

• Essential Mechanics of Inventory Systems
• Creating Order Quantity
• Implications of Free Stock in Inventory
• Simple Replenishment Techniques
• Replenishment Methods, Reorder Point, and Reorder Level (ROP/ROL)
• Requirements Planning Systems, Bills of Material, and Inventory Planning

DAY FOUR: 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
• Understanding Stock Coding

DAY FIVE: UNDERSTANDING INVENTORY STRATEGIES

• The Role of Stock Committee
• Understanding Critical Stock
• Establishing the use of Squirrel Stores
• Understanding Vendor Managed Inventory (VMI) and Co-Managed Inventory (CMI)
• Developing the need for Consignment Stocking
• Telemetry