INTRODUCTION FOR INVENTORY MANAGEMENT
Participants of this two-day seminar can expect to acquire the fundamental expertise and information required to efficiently control inventory. It will address cutting-edge technologies, best practices, and tools intended to boost inventory precision, lower costs, and raise the general efficiency of the supply chain.
LEARNING OBJECTIVES
- Understand the fundamentals of inventory management.
- Apply inventory control techniques to optimize stock levels.
- Used data-driven approaches to forecast demand and manage inventory.
- Implement best practices to reduce waste and improve efficiency.
LEARNING OUTCOMES
By the end of this course, participants will be able to:
- Understand key concepts and principles of inventory management.
- Analyze inventory data to make informed decisions.
- Implement strategies to optimize inventory levels.
- Utilize inventory management software and tools effectively.
- Identify and mitigate risks associated with inventory management.
- Develop a framework for continuous improvement in inventory practices
WHO SHOULD ATTEND
This course is ideal for:
- Inventory and warehouse managers
- Supply chain and logistics professionals
- Operations managers
- Procurement and purchasing professionals
- Business owners and entrepreneurs
- Professionals seeking to enhance their inventory management skills.
TRAINING 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
- Introduction to Inventory Management
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- Definitions and Concepts
- Importance of Effective Inventory Management
- Inventory Control Techniques
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- ABC Analysis
- Economic Order Quantity (EOQ)
- Reorder Point (ROP)
- Inventory Metrics and KPIs
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- Inventory turnover ratio
- Days sales of inventory (DSI)
- Risk Management in Inventory
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- Identifying inventory risks
- Strategies for mitigation
- Demand Forecasting Methods
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- Time Series Analysis
- Moving Averages
- Exponential Smoothing
DAY 2: OPTIMIZING INVENTORY AND PERFORMANCE EVALUATION
- Inventory Optimization Strategies
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- Just-In-Time (JIT) Inventory
- Vendor-Managed Inventory (VMI)
- Safety Stock Levels
- Inventory Management Software and Tools
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- Overview of Inventory Management Systems (IMS)
- Using Technology to Streamline Operations
- Handling Excess and Obsolete Inventory
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- Strategies for Reducing Excess Inventory
- Managing Obsolete Stock
- Evaluating Inventory Performance
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- Key Performance Indicators (KPIs)
- Continuous Improvement in Inventory Management
- Technology in Inventory Management
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- Overview of inventory management software
- Benefits of automation
- Continuous Improvement in Inventory Practices
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- Lean inventory principles
- Process mapping and analysis
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