With a proven inventory management system, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases overall customer and user satisfaction.
Concerned with inventory management, stock control, and costs? Within just a few weeks after attending this program, you should be able to identify ways you can maximize your inventory by using the concepts, techniques, practices, and principles you will learn in this insightful program.
This training has been designed to bring you up to full speed on all the important areas of inventory decision making. You will learn the ins and outs of every “three letter” method and technique available to you—ABC, VMI, EPQ, ROP, EOQ, JIT, DRP, MRP, PLS, MAD and MIN-MAX. And you will learn about the newest and best approaches for your type of organization.
The emphasis in this program is on how to plan, implement, and use proven practices that work. There is a strong focus on approaches and principles that will have the most dramatic effect on improving your organization’s service levels, reducing costs and investments associated with inventory, and increasing turnover rate with fewer stockouts.
Inventories play an important role in any organization. In fact, it is not uncommon to have from 10-55% of an organization’s total invested capital in inventories. To make matters worse, approximately 2-15% of such invested capital is often tied up in obsolete, impaired, damaged, and/or excess on-hand inventory. With these facts in mind, you will recognize that well-managed inventories provide a rational approach to operations by facilitating the smooth flow of processes, effectively utilizing facilities, and implementing sound logistics and supply chain management practices.
This training recognizes that forecasts are quite distinct from operational plans, such as production plans, procurement plans, and logistics plans, which are sets of specified managerial actions designed to meet or exceed the sales forecast. The emphasis in this program is on how forecasting involves the proper use of both qualitative and quantitative techniques, within the context of corporate information systems, to meet the myriad needs of different users of sales forecasts and to manage this entire process as it applies to inventory.
What you will learn at inventory management, forecasting, & stock control techniques training?
- Establish an inventory management policy
- Reduce your inventory while improving your customer service
- Balance service and safety stock implications
- Understand inventory flow of costs and carrying inventory
- Better forecast your true inventory needs
- Utilize the ordering and planning philosophies that suit your goals
- Plan and reduce lead-time cycle components
- Attain a higher level of inventory record accuracy
- Select the appropriate way to conduct inventory
This training addresses the “brutal facts” of inventory decision making and should be of lasting career importance to you. It will change the way you apply inventory concepts, systems, policies, principles, and techniques. Your qualified instructor will emphasize the great potential these practices and technologies can have for improving service, cutting costs, boosting productivity, and reducing inventory investment.
Furthermore, you will leave the training with practical answers to these critical questions:
- How can organizations reduce inventory without reducing service?
- How does the A-B-C concept stratify inventory investment through classification of items?
- Why do so few organizations accurately control and measure inventory performance?
- Why do so many organizations have too many stock outs, too much inventory, and too many backorders?
- Why do those inventories which are poorly controlled treat all items alike?
- Why do organizations equate their average number of turns to an industry or product norm rather than goals for certain cost-critical inventory items?
- Why do so few organizations look to their forecasted needs, requirements, or levels of activity to determine their inventory strategies?
Key benefits of attending inventory management, forecasting, & stock control techniques training:
- Specific, tested techniques of good inventory management
- Reduce inventory investment and expense while improving service levels
- The essence of customer service and back-order measures
- Practical guidelines to help you decide whether, and when, to forecast
- Understanding how inventory costs and their flow is critical to your success
- Viewing inventory turnover and its consequential implications properly
- How the operations focus, MPS, and BOM can become crucial to your inventory planning
- A detailed explanation of the major order and planning systems, trends, and inventory control techniques
- What an A-B-C classification system can do for you
- Specific, tested ways to control demand or usage during the replenishment cycle
- Implementing a cycle counting program successfully
- The significance of bar coding applications, sensor devices, label design, and printing guidelines
- Ways to achieve a higher inventory record accuracy
- A detailed explanation of safety stock, lead-time components, and service levels
- Controlling your inventory items selectively through item classification policies
- A discussion of VMI, JIT, MRP, and DRP philosophies and strategies, along with their application and impact
- How to conduct an accurate physical inventory count
- Sixteen physical inventory action steps
- Eight inventory do-and-don’t items
- An eleven step-by-step, general outline for taking a physical inventory
- A simple checklist of potential inventory errors
- Measuring inventory performance accurately
- How to strengthen your inventory planning and strategy mechanism
Who should attend inventory management, forecasting, & stock control techniques training?
This training is for managers, supervisors, and analysts concerned with the planning, management, and control of inventory.
It will be especially valuable to materials managers, storeroom and stockroom supervisors, inventory managers and planners, warehouse and distribution managers, purchasing managers, customer service managers, controllers and comptrollers, and anyone overseeing the inventory investment decision-making function.
It will benefit those with a basic to intermediate level of experience in inventory control and management, warehousing and distribution, purchasing and materials management, or those looking for a refresher from manufacturing, service, distribution, or government sectors.
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