Introductory Inventory

Improved management of inventory can provide significant business benefits in cash flow and return on investment. While most will know this to be true, many inventory managers will also know that inventory has the capability of stirring everybody's emotions. This often leads to irrational decisions being made.

This programme provides individuals and teams with an introduction to the concept of inventory management and an appreciation of current best practice thinking. It is an ideal starting point for a company wishing to increase understanding as part of developing a coherent inventory strategy.

Who should participate? This programme is intended for personnel working within or providing non logistics support to an inventory team who would benefit from an overview of the concept and process.

What will they learn? Participants will complete the programme with an understanding of what the supply chain is and why it is important. They will also gain an appreciation of the mechanics of the supply chain, how it works and the measures that can be taken to improve it.

Course Content

. What is Inventory Management?
Inventory in the supply chain
Balancing supply and demand
Managing Inventory Risk

. Why is Inventory Management Important?
Competitive Framework
Financial Impact
Business Planning

. How Inventory Management Works
Analysis of demand
Forecasting
When to order
Order quantities
Order systems

. Measuring Inventory Performance
Stock turns
Stock coverage
Stock investment

. How Inventory can be Improved
Profiling inventory
Reducing stock
Reducing order quantities
Managing inventory risk