Inventory management plays a crucial role in operations, as inventory is considered a current asset for any business. However, holding inventory introduces risks, which are an integral part of the cost of carrying inventory. When items are stored in a warehouse, their value can diminish over time. For instance, parts stored for work centers or equipment may lose value, potentially being worth much less than their original purchase price. Furthermore, issues such as excess, obsolete, or poorly managed inventory can significantly impact a company's equity.
This Integrated Inventory Management training course focuses on strategies to help companies minimize costs. Often, businesses overlook the inventory sitting in their warehouses and fail to account for the associated carrying costs. It is vital for businesses to carefully assess these costs and identify opportunities to reduce them, ultimately enhancing the company’s profitability.
The objectives of this Integrated Inventory and Warehouse Management Integrated Inventory and Warehouse Management training course are to:
- Recognize the significance of the Supply Chain
- Equip participants with the skills to evaluate inventory visibility and segmentation approaches
- Investigate stocking level criteria through assignment practices
- Explore various tools used for inventory optimization
- Understand the impact of Contracts and Procurement on inventory
- Realize that minimizing inventory holdings lowers overhead costs, thus improving profitability
- Implement world-class tools for managing inventory within the supply chain
Upon completing the Integrated Inventory and Warehouse Management training course, you will be able to:
- Enhance the management of inventory, covering processes from product receipt to storage and delivery.
- Ensure that product movement to the end-user contributes value.
- Manage inventory and the supply chain effectively, helping to reduce costs, improve customer satisfaction, and boost safety and productivity.
- Think creatively and adopt innovative approaches to inventory management.
- Apply the most suitable inventory management techniques.
- Develop more accurate demand forecasts and optimize service levels by reducing inventory through a timely and integrated inventory management process.
This Energy Integrated Inventory and Warehouse Management training courses will be presented by a competent Professional who has designed successful inventory control measures.
Participants will learn by active participation during the training course through the use of exercises, questionnaires, syndicate and group discussion, training videos and practical on-hand application of inventory and stock control tools.
- Explore the connection between inventory and the company’s supply chain processes and functions.
- Assess crucial operational areas, such as contracts and procurement.
- Recognize and interpret key performance indicators (KPIs).
- Drive improvements in operations.
- Achieve the optimal balance between cost management and service quality.
- Secure a competitive edge in the market.
Participants of the Integrated Inventory and Warehouse Management training course will gain knowledge on:
- Techniques for analyzing stock and inventory effectively
- Approaches to enhancing productivity within inventory management
- The critical role of inventory in the supply chain
- Strategies for balancing cost efficiency with service expectations
- A structured approach for the continuous improvement of contracts and procurement processes
- Industry-leading practices for optimized inventory and warehouse management
This Energy Integrated Inventory and Warehouse Management training course is suitable to a wide range of professionals but will especially benefit:
- Those New to Managing Warehouses or Stores
- Those Non-warehouse people who need to gain an awareness of the issues and key drivers of stock control operations
- Stock Professionals
- Warehouse Operatives and Supervisors
- Distribution Professionals
Day One: Inventory and the Supply Chain
- Inventory Flow in the Supply Chain
- Inventory Definitions and Importance
- The Basic Rules of Successful Supply Chain
- Supply Chain and Inventory Dynamics
- Financial Management, Cash Flow, and Inventory
- Statistics Application in Inventory Control
- Truths 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 Organizations
Day Three: Inventory Mechanics, Methods and Systems
- Basic Mechanics of Inventory Systems
- Establishing Order Quantity
- Implications of Free Stock in Inventory
- Simple Replenishment Methods, for example, Min / Max
- Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL)
- Requirements Planning Systems, Bills of Material, and Inventory Planning
- Class Assignment Inventory Control Methods
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
- Stock Variety Reductions
Day Five: Implementing the Tactical Procurement Decisions
- Supplier involvement
- Value analysis
- Quality Assurance
- Supplier selection
- Supplier rating and ranking
- Contract management
- IT systems and e-Procurement
- Policies and procedures
- Staffing the Procurement Department
