INTRODUCTION FOR MASTERING INVENTORY EXCELLENCE: AI-DRIVEN STRATEGIES FOR OPTIMAL STOCK MANAGEMENT
This 2-day training covers the fundamentals of inventory optimization, starting with the management of raw materials, work in process (WIP), and finished goods. Participants will explore strategies to effectively control stock levels, minimize delays, and ensure efficient flow through the supply chain. The training also introduces AI tools for inventory decision-making, demonstrating how AI can improve forecasting, automate processes, and optimize stock decisions.
Day 2 focuses on inventory risk management, identifying potential risks, and preventing fraud. Participants will engage in practical exercises and simulations, applying AI tools to real-world inventory scenarios.
COURSE OBJECTIVES
- To equip participants with the knowledge and tools to optimize inventory management across raw materials, work in process (WIP), and finished goods, while integrating AI for smarter decision-making.
OUTCOMES
Upon successful completion of this course, participants will be able to:
- Understand the scope of inventory management, including raw materials, WIP, and finished goods.
- Learn strategies for improving inventory flow, minimizing delays, and preventing stock imbalances.
- Gain insight into the use of AI tools to enhance inventory forecasting and decision-making.
- Be able to identify and mitigate risks and fraud in inventory processes.
TARGET AUDIENCE
- Inventory managers and professionals
- Supply chain and logistics managers
- Operations and warehouse managers
- Procurement specialists
- Business owners involved in inventory control
PREREQUISITE
At least one year of experience in Logistics / Supply Chain Management / Warehousing / Inventory Management
COURSE CONTENT
Day 1:
Scope of Inventory Management
- Overview of raw materials, work in process (WIP), and finished goods
- Importance of managing each category
Raw Materials Inventory Management
- Key strategies to manage raw materials effectively
- Safety stock, lead times, and demand forecasting
Finished Goods Inventory Management
- Stock levels and demand forecasting for finished goods
- Optimizing customer demand and order fulfilment
Using AI for Inventory Optimization
- Introduction to AI tools in inventory management
- Forecasting demand and automating inventory decisions
AI in Inventory Decision-Making (Continued)
- Case studies on AI-driven inventory decisions
- Benefits and challenges of AI in inventory optimization
Q&A and Wrap-Up of Day 1
Day 2:
Inventory Problem-Solving Techniques
- Common inventory challenges & solutions
- Practical exercises on inventory issues
Work in Process (WIP) Inventory Management
- Techniques to track and optimize WIP inventory
- Minimizing WIP delays and improving flow
Risk Management in Inventory Optimization
- Identifying and mitigating inventory risks
- Techniques for preventing overstock and shortages
Fraud & Risk Prevention in Inventory Systems
- Identifying potential fraud in inventory processes
- Techniques for fraud prevention and detection
AI in Inventory Decision-Making: Practical Applications
- Hands-on simulation of AI tools for inventory management
- Real-world applications and benefits of AI
Final Q&A, Feedback & Closing Remarks