INVENTORY MANAGEMENT & STOCK CONTROL (OPERATIONS & EXECUTIVES)

INTRODUCTION FOR INVENTORY MANAGEMENT & STOCK CONTROL (OPERATIONS & EXECUTIVES)

Inventory is a key asset in business that affects cash flow, customer service, and efficiency. This 2-day training program teaches executives and operational staff effective inventory management and stock control. Participants will learn about demand forecasting, inventory optimization, stock replenishment, and loss prevention, along with using technology for better decision-making.

LEARNING OBJECTIVE

1. Understand the core principles of inventory management and stock control.
2. Learn effective techniques to optimize stock levels and reduce waste.
3. Improve inventory accuracy through modern tracking methods.
4. Implement cost-effective stock replenishment strategies.
5. Minimize stock-related risks and enhance operational efficiency.
6. Utilize technology and automation for better inventory control.

LEARNING OUTCOMES

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

• Apply key inventory management concepts to business operations.
• Develop and implement stock control policies to reduce overstock and shortages.
• Optimize warehouse storage for improved accessibility and efficiency.
• Use data analytics and forecasting to maintain optimal stock levels.
• Reduce inventory costs while maintaining service levels.
• Implement digital inventory tracking and automation for accuracy.

WHO SHOULD ATTEND

This course is ideal for:

• Operations Managers & Executives
• Supply Chain & Logistics Professionals
• Procurement & Inventory Managers
• Warehouse & Distribution Professionals
• Retail & Manufacturing Executives
• Business Owners & Entrepreneurs.

METHODOLOGY

The course will utilize a mix of the following methodologies:

• Interactive lectures
• Group discussions
• Case studies
• Practical exercises
• Q&A sessions

COURSE CONTENTS

DAY 1: FOUNDATIONS OF INVENTORY MANAGEMENT

1. Session 1: Introduction to Inventory Management & Stock Control

• The importance of inventory in business success
• Key inventory types: Raw materials, WIP, finished goods
• Common inventory challenges and their impact

2. Session 2: Inventory Classification & Optimization

• ABC analysis for prioritizing stock control
• Economic Order Quantity (EOQ) and reorder point strategies
• Managing slow-moving and obsolete stock

3. Session 3: Demand Forecasting & Stock Replenishment

• Forecasting techniques for accurate stock planning
• Just-in-Time (JIT) vs. Just-in-Case (JIC) inventory strategies
• Safety stock and buffer stock management

4. Session 4: Inventory Tracking & Accuracy Improvement

• Barcode, RFID, and IoT in inventory tracking
• Stock auditing methods: Perpetual vs. periodic inventory systems
• Preventing stock discrepancies and losses

DAY 2: ADVANCED INVENTORY CONTROL STRATEGIES

5. Session 5: Warehouse Management & Storage Optimization

• Layout planning for efficient stock access
• FIFO, LIFO, and FEFO stock rotation methods
• Space-saving techniques and automation solutions

6. Session 6: Cost Management & Inventory Valuation

• Inventory carrying costs and how to reduce them
• FIFO, LIFO, and weighted average costing methods
• Understanding working capital impact on inventory

7. Session 7: Risk Management & Loss Prevention

• Identifying and mitigating stock-related risks
• Preventing theft, damage, and obsolescence
• Supplier risk management for inventory stability

8. Session 8: Technology & Digital Transformation in Inventory Management

• AI, Machine Learning, and predictive analytics in stock control
• Cloud-based inventory management systems
• Future trends in digital inventory management

9. Session 9: Addressing Challenges in Inventory Management & Stock Control

• Identifying and resolving common challenges in inventory management and stock control
• Case studies on overcoming inventory management and stock control challenges

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