Inventory Planning and Control

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Inventory Planning and Control

London Corporate Training
Logo London Corporate Training

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Description

  • This course is suitable for procurement; warehouse and supply chain practitioners, commercial management and inventory managers, who are looking to obtain leading edge inventory efficiencies and competitive edge for both themselves and their organisation.

Course objectives

  • To appreciate the impact of inventory upon the profitability of the organisation
  • To effectively record, manage and measure inventory costs
  • To apply category management thinking
  • To understand and apply: MRP, JIT, Kaizen, Kanban strategies
  • To harness data to: manage and influence demand curves, plan effective resource utilization and reduce cost
  • To establish effective inventory management controls
  • To implement …

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Didn't find what you were looking for? See also: Commercial Management, Inventory Management, Planning, Retail (Management), and Building / Construction.

  • This course is suitable for procurement; warehouse and supply chain practitioners, commercial management and inventory managers, who are looking to obtain leading edge inventory efficiencies and competitive edge for both themselves and their organisation.

Course objectives

  • To appreciate the impact of inventory upon the profitability of the organisation
  • To effectively record, manage and measure inventory costs
  • To apply category management thinking
  • To understand and apply: MRP, JIT, Kaizen, Kanban strategies
  • To harness data to: manage and influence demand curves, plan effective resource utilization and reduce cost
  • To establish effective inventory management controls
  • To implement and report on KPI performance
  • To appreciate the importance of audit trails and transparency
  • To apply risk management techniques to inventory management
  • To take away specific action plans to further develop their role and organisational benefit

Course content

Overview of the inventory management function

  • The role and impact of inventory management within the organisation
  • Key objectives and responsibilities of Inventory management specialists
  • The “inventory management compass” – ensuring SMART objectives – historic, current state, future state
  • Combining effective inventory management with excellent customer service – both internal and external
  • Global best practice – including category management methodology

Inventory classification and audit

  • Effectively classifying inventory – strategic v tactical, rotation speed
  • Aligning inventory classifications with organisational and stakeholder needs
  • Ensuring accurate records of inventory
  • The Inventory management roadmap – full end to end process map
  • Establishing effective audit trails and processes

Effective forecasting and peak demand planning

  • Effectively forecasting demand – utilizing supply chain data mining and category management approaches
  • Peak demand planning – seasonalisation, moving average, exponential smoothing
  • Influencing and controlling demand to maximize operational and financial resource efficiency
  • Establishing process controls – including: min max, minimum order quantity, safety/buffer stock control
  • Effective value judgement – cost benefit analysis of volume discount v internal cost/operational impact

Inventory cost reduction techniques

  • Establishing strategic inventory cost reduction – step targeting + continuous improvement
  • Implementing leading edge strategies – MRP, JIT, Kaizen, and Kanban
  • Obsolete and surplus stock management – establishing data driven business cases
  • Establishing key cost reduction enablers within the supply chain – pack sizing, identification criteria, process cost reduction
  • Effectively managing inventory risk

Performance management

  • Establishing key performance metrics – Operational, Financial, Compliance, and Environmental
  • Effective KPI reporting
  • Engaging staff colleagues in progress reporting – including cascading, visuals, team motivation
  • The effective inventory specialist
  • Delegate action planning – participants will create specific departmental and individual action plans to implement the learning outcomes from the course
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There are no frequently asked questions yet. If you have any more questions or need help, contact our customer service.